November 25

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Mobile & Online Banking Benefits and Features

What is Internet Banking

In the digital age, banks strive to move their services closer to users and hence to the Internet. With banking services literally in their customers’ pockets, banks broaden the range of clients and their options, increase their loyalty, and strengthen service.

Internet banking is a way of remote banking that involves servicing accounts and providing bank services through a browser interface, bank-client, or an app.

Online banking and mobile banking are the main ways to get remote banking services.

Learning the Similarities and Differences of Mobile and Online Banking

The process of digitalization of the banking sector is booming: the number of people mastering mobile and online banking is growing. According to a study by Statista, the share of banking clients who use online banking services increased from 32% to 93% between 2007 and 2022.

Similarities

Both online and mobile banking involve receiving banking services via the Internet without visiting a physical bank office. They have many similarities.

Logging In and Personal Account

Both online and mobile banking offer users the option of creating a Personal Account for easy service access.

A personal account serves as an analog of a bank account. It allows a client to access all the services a financial institution offers. Here the client can request account statements and get information on deposits, loans, etc. Also, a customer can open a deposit or apply for a loan and convert currencies.

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Security

For security purposes, the bank service providers offer various methods of authentication: phone number registration, bank card number registration, confirmation by email, fingerprint, or face ID. In addition, if the card is lost or fraud is suspected, the user can independently block the card via remote access and then contact the bank with a request to change the old card or open a new one.

Machine learning technologies also allow the bank to track suspicious activity on the card and restrict it independently or notify the owner of the possible hacking threat.

Remote Usage

To use mobile or online banking services, customers can be out of the bank’s location. In addition, it allows remote access to make payments even while abroad, 24/7.

Account Monitoring

Any card transaction is saved in the system, and clients can always go back to the previous payments, even if they were made months or years ago. In addition, having a digital wallet makes it easy to track where the money has gone, what it has been used for, and how much money is left. For many clients, it is a convenient way to control their income and expenses.

Easy Transactions

Money transactions in online banking are made at the moment of a click, regardless of the time of day or day of the week. Clients can transfer funds from card to card and to other people’s cards, mobile phone numbers, and other bank accounts.

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Convenient Payment

Many mobile or online banking providers offer clients to make payments for goods and services. For example, banks interact with municipal providers and submit invoices for resources consumed through an interface that clients can pay using their computer or smartphone.

Low Fees

Many banks offer their clients a reduced transfer fee. It is done to ease the burden on physical bank branches and attract more auditory to their digital services.

Additional Features

Thanks to the development of Open APIs, banks can integrate third-party services into their applications. These services interest users and expand the bank’s capabilities, attracting a new loyal audience.

Customer Service

Online banking empowers banks to serve clients better. Customer support works around the clock and is automated by introducing chatbots, virtual assistants, AI, and ML technologies. Big Data analysis allows banks to monitor and improve the customer experience, enhancing the quality of services and developing the trends demanded by customers.

Distinctions

A growing number of mature people prefer innovative technologies understanding their benefits. Gradually, users of remote banking channels are opting for mobile banking.

According to IT experts in banking, the use of mobile banking is still more secure than online banking. Various reasons explain this.

In most modern smartphones, security is far superior to laptops and desktops. Smartphones have integrated cryptographic hardware that protects data. Internet banking uses two-factor identification when logging into a personal account, which means it sends a text message with the password to a phone.

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Mobile devices boast the most robust protection of personal information, and banks, developing this service, pay attention to improving security. It includes fingerprint and face scanning of the phone owner and voice recognition to help counteract unauthorized access to the information.

Innovative Technologies in Online Banking

Financial institutions strive to implement new technologies in online and mobile banking to meet market expectations and compete at a high level. As a result, we can trace the main trends in banking software development:

Artificial Intelligence

AI is already trusted with scoring, record of transactions, accountability and management, monitoring of fraud, as it permits faster decision-making and does so more accurately and cheaply than humans. In addition, AI can understand and anticipate human desires on the basis of given data. When the client opens the mobile app, he or she will see helpful suggestions for action.

Robots and virtual assistants perform routine and time-consuming tasks without human intervention accurately and quickly.

Out-of-Bank Services

Technological trends are giving businesses new tools to meet customer needs outside the banking system. Filling the mobile channel with non-banking services, such as accounting, billing, financial analytics, shopping, and ticket booking, expands the financial ecosystem and attracts new players and new sources of revenue.

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Customer Centricity

Internet banking aims to reduce users’ cognitive load. The technology aims to tell them about the innovations in a clear and accessible way through onboarding, to offer the most relevant functions and information at the moment, and to provide the ability to manage their mobile application with both visual interpellation and the help of voice.

Instant availability of services, the ability to resolve an issue 24/7, and secure transactions are clients’ primary requirements in 2022. The best experience a user has encountered somewhere sets the level of expectation for the rest of the products.

Benefits of Online Banking for Business

Digital solutions for businesses integrated with an automated banking system result in various benefits.

Digital Leadership

With digital offerings, businesses can add value for customers.

24/7 Access

Allows business customers to make payments from anywhere worldwide, even after hours.

Time Savings

Ready checks and bills, statements, reports, and document templates provided by online banking significantly reduce the amount of manual work.

Increased Customer Satisfaction

Convenient digital self-service tools drive customer retention.

Increased Profit

Using multiple payment channels improves the customer experience and increases customer loyalty, keeping them returning.

Empowerment

Businesses can expand their capabilities by using an off-the-shelf bank service code built into their own.

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