Pros And Cons Of Mobile App Banking
Friday, November 6, 2020, 6:00 AM | Leave Comment
Mobile banking refers to banking services like payment transactions, checking account balance, and transferring funds through mobiles or other devices.
Smartphones and the internet have made our lives more straightforward, and customers no longer have to stand long queues to withdraw or transfer money.
Carina Softlabs Inc. is a mobile app development company that designs apps to give them a better outlook with modern technologies and make them user-friendly.
They have experienced and skilled professionals to develop mobile banking apps for easy, safe and secure transactions.
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Pros
Mobile banking has been a blessing to both customers as well as to the bank staff.
- User-friendly:
Transactions are now easy to make in the world of the internet with only a few clicks. Customers no longer have to worry about changes as the exact amount is credited or debited in the bank accounts. - Eco-friendly:
Customers can now receive all the necessary information or bank statements on their mobiles in the form of emails and text messages. Hence, the need for paper has reduced significantly. - Availability:
Mobile banking is available to customers 24*7, even on national holidays and weekends, when banks remain closed. This is an added benefit as customers no longer have to worry for transactions if they do not have cash available in emergencies. They can find ATMs, check their account balance, or perform transactions right from the comfort of their home. - Regular updates:
Mobile banking apps send regular updates to their customers regarding any transactions and their account balance. They also make them aware of any cyber crimes happening around to keep their money safe. - Reward points:
Mobile banking apps provide customers with loyalty points for logging in through the app. This keeps them satisfied and helps to increase the customer base.
Cons
However, despite all its benefits, there have been a few negatives as well.
- Security:
It fails to provide security, as several online theft cases have been occurred by asking the account details over the phone. The number of cybercrime has increased massively. Authentication through OTP is a solution to the problem. - Internet issues:
Sometimes due to connectivity problems, transactions do not occur, which causes inconvenience to many. If there is no quick fix in the network issues, users have to wait long to complete the transactions. - Compatibility issues:
Banking apps are not supported on some mobile devices, while some banks do not have mobile banking services. - High costs:
Mobile banking can only be accessed on smartphones or tablets, which cannot be afforded by all. The mobile app development company also has to spend a fortune in order to gain access to all the data and devices supported by the mobile banking network.
Conclusion
Mobile banking is the beginning of a new era. With advancements in technology, the internet, and mobile devices have reached every corner of the country. Society has accepted the cashless system as the way going forward, and thus mobile app development companies have started investing in this regard.
Customers should also be aware of the various cyber thefts and should not provide any account information to anyone on the phone.
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