Mobile Banking in the Pandemic Era: Why is it So Important?
The pandemic has had a catastrophic impact on almost every industry in the world. The banking industry is just one example of an industry that has been impacted. Although the banking industry has remained open to customers as an essential business during the pandemic, it has still experienced a permanent change that may have ultimately expedited customer adoption of digital e.g., mobile banking.
Research has shown that since the start of 2019, there has been a huge increase in the number of people using mobile banking, particularly among young adults. In fact, evidence suggests that over 50% of baby-boomers and millennials now use their mobile phones for banking purposes. This figure even outperforms the number of people making purchases from their smartphones. If you want to know more about mobile banking and why it is more important than ever, then keep reading below:
What is Mobile Banking?
Mobile banking is a service offered by banks and other financial companies. It allows their customers to do their banking through mobile devices such as laptop computers and mobile phones. This includes things like money transfers and making transactions.
Why is Mobile Banking Useful During a Pandemic?
A pandemic is one of the most serious health concerns we can experience. However, money matters do not stop because of a pandemic. Here are some of the main reasons why mobile banking is useful during a pandemic:
- Allows people to observe social distancing rules – these rules are put in place to limit the spread of the disease.
- Allows people and businesses to manage their money – mobile banking apps allow businesses and customers to send and receive money online.
- Lets people pay bills on time – lots of mobile banks allow customers to pay bills using their service. This is not only beneficial to consumers who like to keep their bills up to date, but also to businesses. Businesses that want to remain successful will need to stay on top of their bills and invoices. An insightful revenue platform can help you to do this. It can help you to create clear and accurate invoices as well as improve customer satisfaction.
- Banks are closed – although banks are an essential business most banks are closed to customers.
Mobile Banking in COVID-19 times
The pandemic has caused a huge increase in the number of people turning to technology and it has spurred an increase in mobile banking adoption. This trend is likely to continue in the future, which means that financial institutions will have to work hard to meet this new demand.
This offers financial institutions a huge window of opportunity to develop mobile apps that allow clients to handle all of their financial requirements. However, they need to keep all of their customers in mind when building these apps.
Financial services companies are used to creating apps for their Generation Z customers. However, the COVID-19 pandemic has also pushed older generations to use digital banking. Thanks to this, financial institutions have had to change their applications so that they cater to all of their customer’s needs. Financial institutions have had to build an age-friendly banking system that is secure, user friendly, fast, and efficient.
For many of us, mobile banking is an essential service, even without a pandemic. However, over the last few months, thanks to the COVID-19 pandemic, we have seen a huge increase in the number of people turning to mobile banking. And this demand is unlikely to end anytime soon as COVID-19 is still wreaking havoc in countries all around the world.