Operating on sharp lines and thin edges, the Banking & Finance sector has come a long way to be one of the most advanced sectors.
But, what is mobile banking and how it works?
Mobile learning is one of the many areas the Banking sector has excelled in. The recent numbers divulged by Gartner reveal that the number of smartphone sales has gone high. Till 2020, 1.9 billion people will be shopping by mobiles. It is a method by which banks can make use of mobile technology.
In such a scenario, the banking industry is also aiming to retain the customers through ‘Branchless banking’, i.e. banking through mobile learning!
Let’s look up about the importance of mobile banking and how the mobile learning affects the loan & credit sector. Here are a few advantages of mobile banking:
1) The concept of ‘tap & pay’ is a great attraction to people living in areas with no to minimal access to traditional banking system, i.e. the ‘Real’ banks. Making purchases, paying the bills and availing credits can become as simple as ABC. Where the underdeveloped areas face lack of capital & resources and the cost of living is too less, the recruitment of staff and constructing the banks is just an added cost which is avoidable because of mobile banking.
2) Mobile learning means one can learn anything in limited time. You do not need to practically attend a financial seminar or be aware of the weekly economic report. The easily mobile devices will give all the information & also the portfolio enhancement courses like calculus & disaster management.
3) It is easy to create video storyboards through which the customers can understand the banking sector and the related features and opportunities. Now, these videos can be used to create engagement in various ways. From recruitment of the employees in a bank to training them, the video storyboards can be helpful as they are created at a relatively low budget than other training methods. To advertise the services to a customer, videos are an impactful way as they deliver the message in the least amount of time. The lucrative part is that every user has a mobile device like a smartphone, laptop, tablet, etc. This way, even the most dreariest & intricate concepts of banking are well received by the target audience which also helps in marketing.
4) The digitalization of our workplaces is a benefit to the customers and the workers. The employees can replace their desktops with mobile devices meaning they can tackle problems even while they are on breaks in emergency situations. The website & mobile application integration has made things so smooth that a user can log into his/her bank account from any mobile device of the world. These are the latest features of mobile banking. This also limits the possibility of fraudulent cases since the tightened security in mobile devices is optimized in a tactful manner that requires multi-step & gesture identification.
Quality mobile banking is an easily adaptable method & one of the key benefits of financial services industry.