What seems like just a few years ago, banks, teller liners, and teller the drive-through lanes were jam packed with customers; especially when it was pay day. The banks customers had no choice but to wait in those long lines if they wanted to be able to cash their paychecks, but those days are long gone. Again, we find ourselves asking the question, well what really changed? People are still going to work and still getting paychecks. So, why are the teller lines so much shorter? Welcome to our new mobile world where people need bank tellers less and less thanks to banks introducing their mobile applications.
The Mobile Banking App
The mobile banking apps are almost completely capable to doing any type of transaction. Some of these apps are so high tech that the user of the app can deposit funds through mobile check deposit, transfer funds from account to account (even if the accounts are at different banks), person to person transfers, and even set up automatic payments for specific bills through bill payment options. These applications can do all of this and it is completely secure for the consumers. So, now you can really see why those long teller lines and drive-through lanes are so much shorter. People can basically do all their transactions right from their mobile phone anywhere and anytime. According to the article, What do people really want in mobile banking?, as long as the mobile banking app is secure, user friendly, and allows the user to customize the app to their preferences, it is going to be a hit.
Good or Bad for Business?
Because the mobile banking applications have allowed us to bank anywhere and anytime, the majority of banks have adopted this technology in order to stay competitive with each other. Although the branch transaction counts are decreasing because the world is becoming more mobile, the mobile banking apps are good for business. The applications provides consumers and businesses with flexibility. For instance, if someone cannot get to the bank within normal banking hours to deposit a check, they have the ability to take a photo of the check with their Smartphone and deposit it into their account electronically. No bank necessary (even if it is on a Sunday)! These apps provide more convenience for bank customers, and the more that is offered to them through the mobile application, the more loyal they will become. According to Borris Shiklo in his Forbes article, Mobile Banking: Exploring Trends For Market Leadership, mobile banking customers actually bring in more revenue than branch only customers, which was proven in several different cases.
Mobile banking applications have set the bar really high. So, now when someone is searching for a new bank, they are looking to give their business to the bank that gives them the best experience, and that includes their mobile banking experience as well. Here are some of the best mobile banking applications. Check them out and see which one of them suits you and your banking needs.
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