Why Banking Is Embracing Mobiles?
During the pandemic, the word “mobile banking” become our daily life partner, especially as lockdown spread across the world.
The word does not mean unique technologies but is used commonly to discuss different ways of using your cell phone for various banking activities, such as balance checks, funds transfer, and payments.
Some mobile customers use text messages to deposit, some through their smartphone browsers via their bank’s online banking Web site and others via banking apps that are designed for their cell phones.
How Many Users Use Mobile Banking Services In UAE?
87% of UAE. adults have a cell phone and 52% have the Internet; the technology is generally referred to as the Smartphone.
Mobile phones who cannot access the internet will use text messages, but the study notes that smartphone users would use banking apps even more often than people of non-internet telephones.
48% of smartphone users used mobile banking services, but the average number of cellphone banking users is 30%. This figure, in reality, has increased from 18% at the end of 2020.
Another 10% of mobile users have replied that they are likely to start in 2021, signaling that the trend will continue.
How Mobiles Become Banking Tools?
Since mobility was embraced, banks had spent enormously and in timely digitalization of their networks. The internet’s arrival encouraged banks to set up websites to provide such services as cash balance inquiries, check inquiries, money deposit status, account upgrades, etc.
Banks kept customers updated on cell phones via the Short Messaging Service service. Money notices have been communicated via SMS in their account or transaction warnings.
These are already there. The customer had only to register with the bank his cell telephone number.
Features Of Mobile Banking
Security
Security and fraud controls are the number one thing that smartphone applications have to have. Banks can choose a mobile platform to ensure that all normal Internet banking security features, including multifactor authenticity and 128 bit SSL encryption are enforced during login service. When the program is locked, the banking session should also end automatically.
Interface Experience
Consumers are used to communicating with multiple kinds of smartphone apps, from sports to online journals.
It is critical that financial institutions choose a product that is intuitive to customers and easy to use while selecting a mobile banking program.
Large buttons and complete screen menus are good for the graphical user interface with minimal scrolling specifications.
From the best online trading account to e-statements, consumers like to have everything on mobiles.
Fund Transactions
Fund transactions are another crucial aspect of a mobile banking app that users predict. The opportunity to easily and safely move money between accounts is a feature that Community banks should be certain to deliver to their clients.
Some people do not use their main financial institution as a community bank and would find it appealing if funds are distributed to deposits of other institutions. Community banks will try to win over these clients and become their main financial entity
Conclusion
The movement towards mobile banking seems obvious to us and will continue to grow as technology provides for even better safety and smooth, easy-to-use financial management applications. If you are a cellular customer who does not use mobile banking, you should contact your bank for information on its choices and how to start!
