Mobile Banking: A New Era in Smartphone Finance Management

Banks, trying to be closer to customers, are developing special applications for mobile devices. As a result, both parties remain in the black: organizations strengthen their connection with the target audience, and users receive a fast and comfortable financial service. What is mobile banking and how does it work?

In simple terms: what is mobile banking?

This is an application installed on your phone or tablet to access your bank account. To start working in the system, the client needs to download the program on the device and log in.

The application requires an internet connection to function properly. If the Internet connection is unstable or unavailable, banks can use SMS-messaging.

The main function of mobile banking is to provide the user with 24-hour access to information about the state of the account and transactions related to it, for example: topping up the balance, viewing credit history, and receiving receipts.

Let's take a closer look at the benefits of mobile banking applications.

Benefits of mobile banking for customers

Banking on the phone offers many advantages. Let's take a look at four of them.

Huge functionality

Customers do not need to stand in queues, go to the bank to transfer a large amount or apply for a loan. In addition, it is possible to connect auto payments for utilities and receive notifications of any transactions on your account. All actions with personal finances and communication with the support service are carried out instantly from a smartphone.

Reduced commission

Compared to direct banking through physical branches, mobile banking offers lower commissions. Often financial institutions offer customers free transactions between partner banks.

Ease of use

Online banking applications are quite simple and intuitive. Most services have similar functionality, section names, buttons, so even a technologically inexperienced client can get used to them.

Quick response

What is mobile banking? This is a way to save your time and nerves. If you have any difficulties, chats with live operators work in the applications. This allows you to resolve urgent financial issues at any time.

However, this system has some disadvantages as well. First of all, they are associated with an increased risk of possible unauthorized access to the application, for example, in case of loss of the phone.

The main task of financial institutions is the reliable protection of access to user data, including at the stages of transmission and storage in online banking. In particular, a popular way to secure the client is API verification. It is a method for implementing two-factor authentication for users and transactions via SMS messages.

Do you want to ensure the reliable protection of your online banking? Consider Implementing Decision Telecom's Verify API Service.