Comparing the current way of doing businesses with how they were operated about a decade ago can tell much that th rise in technology has brought about so many changes in business. Gauging from the current situation and how fast the technology is changing is evident that in five years from now the business will not be run the same way. This has not left the banking industry behind. Gone are the days when we had to go to the branch to do any sort of transaction; from checking the balance to transfer of funds. All these services can now be done from the comfort of your sitting room thanks to the improvement in technology that has given birth to the mobile banking.
According to research carried out, the number of people currently using mobile banking is higher than people who own smart phones and as much as the numbers are continuing to grow, it shows that in the near future, there will be no customers in the banking halls. Fnbnorcal.com is one of the most successful banks that has embraced the use of mobile banking in their services. The key point her is that you ought to show value to your customers
One of the major reasons behind the increase in the number of customers using mobile banking is because of its efficiency. There are a number of customers that have been reluctant in using these services the main reason being slow adoption of the use of mobile banking in accessing the bank services and there are still a large percentage of customers who are really concerned about the status of their security.
The future of the mobile banking: The use of mobile banking, as well as the mobile payments, has been slowly and steadily increasing. This has been due to the fact that a lot of customers want to experience the digital convenience. This reason shifted from the good feeling of owning new technology. Despite the convenience that is brought by themobile banking experience, there are still people who are not willing to try it out. The banking industry has seen significant market shift to become larger banking organizations that provide the customers with improved applications than the growth the banks experienced when penetrating the market.
It is now the banks role to ensure that they educate the staff as well as employees on the advantages of using the mobile banking channel. This will go a long way in saving a lot of costs as well as increase the revenue. For the smaller companies, it is also advisable that they should concentrate on developing mobile applications in order to avoid any shift in the market share of the digital consumers.