Just like netflix throws in around 10 movies or tv series every week, same way almost every other week, we witness different industries launching new mobile applications and why not ? The connection that every single industry made with smartphones today is uncanny. We can look at almost every domain and discern how people have moulded ‘ mobile applications’ to there needs. Everything evolved over time and with it the activties of people. At first, people made their connections in person, did business in person, engaged with each other in person. Then came the telecommunication services, linking people through voice. Finally came the internet and with it it the balck screens. Computers and mobile phones has since revolutionised the way we connected with people.
I’ll ask a few questions to which I already know the answer to but they’ll do the job of stating my point more clearly. Are you a smartphone user ? Yes, you are. Do you use your smartphone more than 4 hours in a day ? Obviously.As much as the phone memory allows, do you have various apps to suit your various needs on your smartphone ? Ofcourse you do.
Here are some fun facts. We use more than 3 apps in form of social media, just for the sake of being connected to people. We use 2-3 different applications to stream movies and tv shows, more than 2 apps for travlling around, around 1-2 apps for streaming music and have 10 more for knowing the weather, one for a religious calender, 2 for the news etc. A few taps orders groceries, books our tickets, arrange our travels, organises our calenders. It’s no joke that mobile traffic has replaced desktop traffic in the recent years. All these application are trying is to make the consumer experience better, easier and accessible. For speaking on the behalf of almost every single person, the process of getting work done at the bank or any of these agencies is nothing short of the kind of headaches we get from our monday blues.
It’s a no brainer that the financial sector is also trying out new ways to use the medium of smartphones for making the consumer experience better.
So, I guess the only question left is how mobile applications actually help in people doing that ?
User Experience
It completly eliminates the tiring expedition of travelling to the colourless and slow moving life of banks. One cannot waltz into a bank whenever they see fit. We can be at home doing all the work through our smartphones. Since its open 24*7, one doesnt have to plan every hour of the day according to the lunch time of its employees. It gives us the liberty to have access anytime and anywhere.
Customer Service
Just like in examinations there are a set of instructions provided at the beginning, the online mobile baanking ad financing have a set of FAQs for every person to solve there queries. If they face some other problem, people are availble at their beck and call. This give a personalised touch to the whole online experince.
Reduces Cost
The operational costs are immensly heavy. We have all read in our 4th standrad enviornmental scinnce books that resources are limited but we never realised the weight of the topic till we grow up. The recent industrial ‘ shift ‘ of providing a tangible experince to moving towards paperless and online economy has been phenomenal. This move removed operational costs, resources, energy and most importantly money.
Enhanced Security
Some conservatives might like to believe that the old systems were more secure and technology did make things easeir yet have complicated things than ever more. There is nothing wrong with that. Others on the other hand are just influenced by serials like crime petrol and savdhaan india.
But is it really true ? All the reliable institutions use phone to phone enscryptions which defends as well as protects the privacy, identity and the financial information. To make everything stress free, they don’t fill our minds with empty promises but gurantee us the security. Now smartphones are way too smart, they contain face to face recgnition, irius scanners, bimoetric data and what not.
Additional Streams and Revenue
Since so many mediums are already connected to the online mobile banking services, the consumers which they have in common are provided more services than others. For example, people using paytm, google pay, amazon pay get various discounts in other services if they use these applications. So the benefits are doubled since it becomes efficient as well as simple.
Connecting mobile applications and Collecting Agencies is capable of doing everyone some good and provide convenience too.
Loan Lending Apps
Through this, agencies can easily track the customers. Features like PTP tracking, follow up tracking, real-time customer information, address locator saves the lenders from many deliquencies. It dampens the rate of non performing loans ( NPLs ). It removes such scenarios from the whole process.
Seamless Loan Servicing
This isn’t like before when a customer borrows a loan and consider themselves out of the equation. But now, from the time the loan is provided till every last penny isn’t returned, everyone stays connected which leaves the consumer as well as the lender with a wholesome experience.
Reduces all kinds of Expenses
Having a mobile application for such a services reduces so many overhead costs which doesn’t leave you bleeding out of yours pockets. An application simplifies the process. It notifies the minimum requirements, saves so many trips.