Banking Gets With The Times

0
894

The days of planning a visit to your nearest bank branch and waiting in those long lines for your turn is changing. The ongoing global pandemic with its requirement of social distancing and stringent hygiene safety has led to people wishing to visit bank branches even less. This is the reason why banks are placing even more importance on their ebanking facilities and helping customers go digital.

Having a mobile banking app has become of the utmost importance for banks around the world. A digital banking app allows customers to access the majority of banking needs straight from their mobile phone or tablet, especially in terms of personal banking. This means fewer people needing to come into a bank branch, allowing these banks to concentrate their resources and employees on other issues.

An efficient banking app should allow users the most basic but important banking features to monitor their bank balance, transactions, monthly statements and transfer funds. However to truly adapt to the digital age these apps must also have supplementary features like applying for a credit card, pay credit card and utility bills, apply for a loan and report a stolen card but most importantly allow customers to contact the bank’s customer service very easily. The best part about a banking app is that it allows their users round the clock access rather than depending on a bank branch’s operating hours.

People have usually been hesitant to take their banking activities online due to security concerns and the possibility of their accounts getting hacked. However that is not the case, since bankings apps are some of the safest out there with banks spending considerable amounts of resources to enhance their security. It is extremely common for bank apps to have multi- factor authentications like one-time generated passwords, fingerprint and facial recognition for most online activities like logging in or conducting any banking activities. Banking apps also have end-to-end encryption to ensure their customers’ data is secure. Lastly by offering real time alerts in the form of emails and text messages, app users are informed every time there is any activity on their bank account. Thus if they notice any action that they have not initiated, they can immediately contact the bank, getting their card blocked and reporting any suspicious activity.

In conclusion, an online banking app not only makes the customers life easier but also a bank’s. By avoiding adopting this increasingly popular form of banking, customers are missing out. Being able to monitor their bank account, transfer money or pay their bills from the comfort of their home, banks should encourage their customers to do their banking online.