Nowadays, many financial institutions employ both SMS and mobile apps to keep their consumers informed of account activity, as well as to send out warnings about probable fraud, as well as to update and maintain service delivery.
As an illustration, consider a text message from a bank informing customers that their ATMs or mobile apps will be unavailable during a specific time period due to system maintenance, or a confirmation text from the bank informing customers that a transfer was successfully completed by the client using the mobile app
Services for mobile banking may be divided into the following categories:
- Obtaining access to account information
Clients can view their account balances and statements by requesting a mini account statement, review transactional and account history, keep track of their term deposits, review and view loan or credit card statements, access investment statements (equity or mutual funds), and, in some cases, manage their insurance policies.
Transactions are the second kind of transaction.
In order for clients to transfer funds between accounts at the same institution or other institutions, perform self-account transfers, pay third parties (such as bill payments), and make purchases in collaboration with other applications or prepaid service providers, they must first open an account at the institution where they wish to transfer funds.
Investments are number three.
Investment management services allow customers to manage their investment portfolios or to have a real-time picture of their investment portfolios via the use of computer software (term-deposits, etc.)
- Providers of assistance
Clients may use support services to check on the progress of their loan or credit facility requests, to follow up on their card requests, and to find ATMs.
- Information and news
Content services give financial news as well as the most recent offerings from the bank or financial institution.
Mobile Banking Is Critical to Your Business
Consumers will be able to access financial services from almost any location thanks to mobile banking. Small businesses and their owners are now able to save time by using mobile apps to process payments and even receive monies from customers straight to their mobile phone numbers. Among small and medium-sized businesses, it is especially popular (SMEs).
Banks are able to reduce their operating expenses while still providing excellent customer service thanks to mobile banking technologies. A bank’s app enables any customer to request a service, such as establishing an account, or even the ability to arrange debit orders or other payments through an application, allowing transaction volumes to expand, ultimately resulting in increased revenue for the organisation.
If you would like to enjoy these benefits too, you can simply log on to your bank’s mobile banking app malaysia to sign up now!