What is Mobile Banking?
Technology is a driving force in the global age and is taking over in every way. Mobile devices such as smartphones and tablets are being employed alongside personal computers, and even replacing them in some applications. Banks are increasingly investing in mobility, by enabling the mobile web and mobile app channels for online banking, and by providing new mobile payment services. Mobile banking or digital banking is a new way of banking, as it makes it easier for consumers to access their finances, even from rural/remote areas.
There are many benefits of mobile banking for businesses including saving time, having instant validity of a purchase, transferring money, paying bills, and having access to bank statements 24-hours a day. Digital banking is taking up the roles of branch employees and serving customers.
Read much more about mobile banking on the links given below:
Mobile banking refers to the use of a mobile device to carry out financial transactions. The service is provided by some financial institutions, especially banks. Explore more info on the same, click here.
Why Mobile-banking is the future
Mobile banking has a significant impact on your business's costs, cash flow, and ability to attract, serve and retain customers now and in the future. Here's a look at why mobile banking is the future and how its continued evolution will impact your business. Read more, click here.
Coronavirus crisis and Mobile Banking
The use of Digital Banking was in practice for the past several years. The use of mobile banking apps was growing quickly as consumers look for ways to easily access their financial information while sitting back at home. The trend was setting its foot in the market when Coronavirus showed-up and allowed digital banking to expand its wings more widely.
According to Fidelity National Information Services (FIS), April saw a 200% jump in new mobile banking registrations, while mobile banking traffic rose 85%. The sharp uptick was due to the coronavirus lockdown, which resulted in many bank branches being closed. Also, people said that it is less likely for them to return to branches post-coronavirus crisis, indicating the shift to online is probably going to stick.
Read below that how the digital/mobile banking rose during the coronavirus crisis:
The coronavirus crisis mobile banking surge is a shift that's likely to stick
Digital banking isn’t new, but with the coronavirus pandemic, young and old Americans suddenly flocked to online and mobile banking en masse.
Evolution of the use of mobile banking in the context of the Covid-19 crisis in Spain, France, Italy
Study of the evolution of the use of mobile banking applications in 16 major retail banks in France, Italy, Spain and the UK, during the first weeks of the Covid-19 crisis. Read more, click here.
The risk involved in digital banking usage
Together with security worries, the general public is often worried about making online transactions. Only recently have more and more people become accustomed to shopping online. The time it took for it to enter the mainstream shows how tentative the public is when it comes to joining technological revolutions like online banking.
The increase in cybercrime cases has also invoked a sense of fear in the public and people resist switching over to digital banking.
Click on the following links to know about the risks involved in digital banking:
The dangers of digital banking
Digital banking requires consumers and businesses to be connected. And with that come cyber risks.It is not a simple task to build internal security efficiencies properly, especially in big organizations such as banks; Read more, click here.
Risks of e-Banking
Electronic banking offers a lot of benefits to individual customers, businesses, and banks. However, one should not ignore the risks associated with virtual banking either.
COVID-19: Move to Digital Banking Highlights IP Risks
As financial institutions continue to invest in digital strategies and more intangible assets are added to their balance sheets, they need to effectively protect themselves by reassessing their risks, quantifying associated costs, and exploring effective IP insurance solutions.
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Contributor: Amrita Sinha
Amrita is in the field of media. She has a deep inclination towards writing and public speaking. She has the aim of removing the stereotypical mindset of society. She loves to read and photography is her passion.