Mobile banking may very well be synonymous with regular banking in today’s digital age, shifting into a world where technology is seamlessly integrated into our everyday lives.
Mobile banking is any service provided by a bank or financial institution using a mobile device such as a smartphone or tablet.
Mobile banking enables financial transactions to be conducted anywhere, anytime. It is usually available on a 24-hour basis. Services can include everything from fraud or usage activity notifications from a bank to a client’s cell phone to bill payments and sending money abroad.
One of the many benefits of mobile banking is that it reduces costs while increasing efficiency by eliminating non-cash withdrawal and deposit transactions typically done in person. For example, many mobile banking apps allow remote deposits using the device’s camera to digitally transmit cheques, which can save on administration fees for both the bank and the customer.
There are infinite banking possibilities with the advent of mobile. If you’re a small bank that hasn’t yet jumped on board, let us share a secret: Digital onboarding is a low-hanging fruit that can transform your bank from yesterday into tomorrow.
It’s all about making a strong first impression.
Financial institutions, including credit unions and banks, know that a strong first touchpoint onboarding experience is crucial to customer satisfaction. Digital onboarding is the seamless end-to-end customer-centric application process allowing for an individual or business to become a fully-fledged user.
Statistics show that banks in North America who provide a seamless, frictionless, fast, and convenient onboarding experience are 70% more likely to retain that individual customer for life. Addressing growing customer demands for speed, efficiency, and overall experience, digital onboarding with mobile banking could give you infinite arms into the North American market.
Start with digital onboarding.
Going digital can be a daunting task, especially for small banks. That’s why starting at the beginning, with onboarding, is a great first step to an overall transformation. Keep in mind that designing and developing your new mobile banking system will be a challenging task, not suited for just anyone. Often times regulations and rules must be met, depending on where in the world your business operates. Items, such as identification tick-boxes, risk reviews, and occupational dependencies, must also be understood accurately from a strict UI and developer point of view.
Most FIs will choose to outsource the digital transformation, focusing instead on streamlining their bank’s internal processes to ensure they have the foundations to support digital onboarding and mobile banking. Then, they’ll work with professionals to deliver the best and safest digital solution.
Mobile banking may seem like a formidable future, but it’s quickly becoming the norm of user expectations. If you haven’t already begun your digital transformation, will you?
Interested in beginning your digital journey? Speak to one of our digital strategists for more information about how you can get started.