With mobile banking in place, see how financial institutions can cut costs tremendously
Post-Covid India looks a lot different from its predecessor. Once a cash-rich, thriving economy, India is now a technologically-enabled economy fueled by a cashless ecosystem.
Thanks to government initiatives like UPI, an estimated 70% of Indian online adults with a bank account do their banking on a mobile application or website using their smartphone.
Surely, it is a clear window for banks to convert into a digital outlet simply through a strategic mobile banking solution. Unfortunately, however, the timeframe for being a tech-first bank has trickled down exponentially over the last few years.
Aggressive competition coupled with a lack of know-how disables the possibility of a clear foresight. But on the other hand, building the right technological stack for a centralized architecture that governs all the processes of a bank in record time makes it an impossible task in itself.
This is where centralized loan origination and loan management solutions come into play. These systems streamline operations and enable a successful mobile banking strategy.
Mobile Banking: The Next Frontier?
Mobile banking is undoubtedly the next-generation banking methodology. Here is a list of benefits describing how mobile banking could help beat the competition in its space.
Unparalleled Availability
Unlike traditional banking infrastructure/branches, mobile banking allows banks to serve their customers all the time. One can access funds, take a loan or check one balance anytime, all through the comfort of the home.
This unparalleled availability differentiates mobile banking from traditional models. Unlike traditional banking models that require customers to visit a physical branch during specific hours, mobile banking is available 24/7, allowing customers to manage their accounts from anywhere, at any time.
The ability to perform transactions, check balances, and receive notifications on the go has made mobile banking a game-changer, setting it apart from traditional banking models. This unparalleled availability has enabled customers to take complete control of their finances, making mobile banking a vital component of the modern banking landscape.
Help Banks Cut Costs
Traditional banking strictly bound customers with paper-based transactions. These traditional solutions elongate different banking processes for the customers and increase the cost overheads of a bank.
However, with mobile baking in place, banks and other similar financial institutions cut costs tremendously and narrow down the time of a particular task with a simple intuitive interface.
Better ROI than Traditional Counterparts
Studies on mobile banking users revealed that an average banking institution could generate incremental revenues and reduce attrition rate by an average of 15% by simply increasing mobile banking adoption rates.
The study also found that an engaged mobile banking consumer can help in:
Using a higher number of services
Increased loyalty with a preferred banking partner
An increased amount of transactions
Concluding Remarks
These factors mentioned above make mobile banking customers turn into better customers with more transactions. It also helps banks in all aspects and hence having the right mobile banking inclusion strategy in place is a win-win for banks.
Ready to take banking experiences to the next level? Embrace the convenience and efficiency of mobile banking today! With more transactions and better customer engagement, mobile banking is a win-win for both customers and banks.
Don't miss out on the benefits - talk to us about implementing the right mobile banking inclusion strategy for your institution.