Mobile Banking in The Future of Business

Mobile banking refers to accessing and executing all kinds of financial transactions through your bank, using your mobile device. This service is provided by the majority of the global financial institutions and in particular the banks. This option enables clients of various banks to log into their accounts and fulfil several different transactions depending on the available options.

What You Can Do with Mobile Banking

According to an online source, 79% of smartphone users have utilized online mobile banking to make purchases in the past six months, and by the end of 2021, there will be on average 7 billion mobile banking users globally.

The typical options provided to clients by the bank include making transfers to and from the system, accessing bank statements, investing, support services, scheduling direct debits, opening an account, making payments, and more.

Through the use of specific apps and SMS services, banks can keep their clients informed of their account activities, as well as help keep it secure from any fraud. The above are the common services provided by banks, and other possibilities with mobile banking can include:

• Depositing a Check
• Performing Credit and Debit card transactions
• Checking account balances
• Viewing bank statements
• Transfer money between your accounts
• Pay Bills Online

and more.

Importance and Benefits of Mobile Banking

No matter where you are in the world, mobile banking allows you to easily access your account and its services through the touch of a button. The importance of this availability cannot be stressed enough. Both businesses, as well as business owners, can save a lot of time and costs by making use of these applications when receiving funds as well as processing payments directly to their clients.

Small to medium-sized businesses (SMEs) are particularly at an advantage of using this possibility. They can cut costs while keeping their clients satisfied. The opportunity of mobile banking allows for both small and large transactions which can help drive business growth. The quick results and convenience one can get through this type of digital banking are unsurpassed.

Tips on Opening A Mobile Bank Account

In keeping with the digital age, the majority of the banks now offer mobile banking services. More so now than ever before – mobile phone use takes up the major part of anyone’s day. Amongst customers, it is the most widely used device for the sake of simplicity and convenience.

Ask your bank if they have an app that offers this solution. It is as easy as downloading the banks' application and using it. Don’t have a business bank account yet? Make sure to choose one properly.

Some banks need you to register for their banking app, accessible through a mobile app store, depending on whether your phone has an Android operating system or iOS. The most common app stores that exist are Google Play or Amazon.

Steps to Installing a Mobile Banking Application

To access these, you can do one of the following:

• If you have an Android device, open the Google Play store.
• If you have an iOS device, open the Apple App Store.
• Then search for your financial institution or bank's name and you should see an option, and you click to install the app on your phone.
• Once done, it would save the shortcut icon on your phone's home page.
• You click on the icon to open it up and it may prompt you to log into the application.

You’re done! It is always a good idea to also add a 2-step verification as a security precaution, so anytime you need to access the app it will send you a verification code on your mobile-first, to let you in, so that it can validate that it is you logging in and not anyone else.

This accessibility is a win-win for both the banks as well as their customers. It makes things quicker and easier to access plus you may end up using more of the institution's services and products that you may never have noticed when logging in from your desktop or visiting the bank. Mobile banking has become the future of business and is here to stay.