The rise in the use of smartphones is revolutionizing the financial institutions. From self-service banking to digital banking, mobile banking has become increasingly important to how millions of people and businesses all over the world are conducting business today.
More so, with an increase in custom mobile banking applications, businesses can now integrate mobile banking platforms that suit their needs best. These applications not only help to cut business costs and expedite access to cash flow but also help you to serve your customers better.
This article highlights a few reasons why your business needs mobile banking in 2020.
What is Mobile Banking?
It’s impossible to over-stress how most customers value the ability to make payments on the go. Mobile banking makes this possible. It is a platform that allows users to make deposits and receive payments using their mobile devices.
A mobile banking app allows users to deposit checks, view their bank balances, receive transactions and related alerts on the phone without the need to visit a bank.
Ideally, mobile banking simplifies your financial activities, allowing you to save on time and resources when completing any payments. This makes it a win-win for you and your customers. A business that doesnt adopt mobile banking will likely face the following challenges and inconveniences:
- Customers taking longer to make payments
- Low sales volume
- Unaccounted company expenses
- Cash flow management challenges
- Inefficiency and low productivity in your business
Benefits of Mobile Banking to Your Customers
Your customers are only interested in getting their goods and services as easily and conveniently as possible. Having a mobile banking app contributes to this objective significantly.
First, an effective mobile banking app will give your customers a simpler and secure platform to make and validate payments.
Secondly, having a mobile app simplifies transactions for your customers. They can easily order and pay for your services or products right from their mobile devices.
Additionally, mobile banking gives your customers greater transparency and fast turnaround time. Today, your customers can easily tell if they are making payments to the right business. Moreover, mobile banking comes with features to stop any transactions in case the customer sends a payment to the wrong business.
Overly, mobile banking is a great win for business as far as the convenience and ease of making payments are concerned.
7 Advantages of Mobile Banking for Your Business
Businesses are continuously adopting mobile banking to make it easy for customers to make payments for goods and services. However, this isn’t the only reason why your business should embrace mobile banking.
Here are a few more advantages of mobile banking for your business:
Managing your daily transactions is not only easy with mobile banking but also cost-effective. You can make transactions anytime without having to visit a bank.
Mobile banking has improved the working relationship between financial institutions and business owners. Even better, the process of finding funding for small businesses has been simplified greatly.
With a mobile banking system, you have quick access to your money and can easily use various banking services and products from your associated financial institution to grow your business.
Real-Time Information when Someone Transacts
Traditionally, you had to go to the bank to know that someone has sent you money in your account. Mobile banking has done away with such trips. You get your account updates in real time. Besides, you get a personalized notification to your mobile every time a change or update occurs.
The customized alerts ease your business operations and keep you updated with your business’s expenses and revenue.
A Platform to Connect with Your Customers
The adoption of mobile banking has changed many aspects of customer service. Given that nearly 3 billion people own smartphones, mobile banking has significantly improved customer service.
With a mobile app, your customers can carry out transactions throughout out the day. You don’t have to worry that it is past working time and that there are no employees to serve them. With a compatible mobile device, your customers can easily access and pay for your products or services.
Grow Your Business
Mobile banking enhances customer satisfaction. Your customers can pay for your services or products without having to go to the bank. A report by SalesForce indicated that how you treat a customer influences their buying experiences and behavior.
The growing number of smartphone users makes mobile banking platforms a must-have for businesses hoping to grow their sales volume. For instance, 39% of all e-commerce sales done in Black Friday 2019 – over $2.9b were from smartphone purchases
Similarly, the Domino’s Pizza recorded a 28% boost in their profits before tax after adopting an ordering and delivery app. Customers are more willing to order from the app compared to calling the store directly.
The demand for your brand is likely to grow if the customers are pleased with the buying experience. Having a mobile app that seamlessly integrates with your responsive website will not only enhance the buyer experience but also boost sales.
Eases Your Cash Flow Management
Most businesses find it challenging to manage their cash flow. Mobile banking can help business owners in simplifying their management of money.
Mobile banking makes it easy for you to deposit money into your account as well as receive payments much faster. Additionally, you can budget your money anywhere and anytime through a mobile banking app.
Monitor Your Transactions
Mobile banking offers you a great platform to review all the transactions done through your business accounts and company cards. You can also customize it so that any amount spent from your credit or debit cards reflects on the platform.
It can also provide detailed information on the transactions and list of the items the money was spent on. Such real-time updates make it easy for you and the finance team to account for and control company expenses.
No single business out there isn’t taking advantage of technological growth. After all, technology has proved an important element for business growth and scalability.
Mobile banking is a great way to improve efficiency in your processes and boost productivity. For instance, it breaks down geographical barriers, which enables customers to make payments for your services without having to come to your premise.
Get a Custom Mobile Banking App to Grow and Scale Your Business
There is no denying that mobile banking is the future of making and receiving payments. This is especially the case considering the growing number of smartphone users. Customers are looking for convenience and security when making payments, and there is no better way to guarantee such than with a customized mobile banking app.
Rather than get a pre-made mobile app, or even subscribe to an online system, that may not align with your business processes and needs, the most appropriate way to ensure that your business payments are seamless, secure, and convenient is with a custom mobile banking system.
According to this article, custom-made mobile banking apps have a lot of advantages over online banking systems. Apart from the convenience, they fit better to your business processes and needs. This is especially the case if the platform is developed with your customer needs and challenges in mind.
Such considerations ensure you get a mobile banking platform that addresses your customer’s pain points and guarantees efficiency and productivity in your business.