The past years, rise of new information and communication technologies and the widespread use of Internet have led to major changes in the way people access to banking services and use them. Whilst face-to- face meetings and letters used to be the main tools, they have been replaced by telephone and now online use. With telephone banking, customers could request operators in call centers to have them perform certain transactions outside standard working hours. Despite the undeniable progress towards ease of banking business, such a structure requires huge investments. Thanks to Internet, remote transactions are now possible around the clock from anywhere. And with everything going mobile, a mobile banking solution is mandatory as part of the company’s business strategy.
The functionality of a mobile banking solution
Mobile phones are now almost ubiquitous. More than just an additional communication channel, it has become an essential and extremely efficient tool to interact with customers. Most people have their phone with them and switched on perhaps 24 hours a day and there is no faster way to make contact. Furthermore, it works with a wide range of devices.
At a basic level, a mobile banking solution operates on this level. Messages can be sent concerning balance account levels, for example, when user defined limits have been reached. This sort of user-managed communication is called 'pull' messaging. Banks may also 'push' messages to clients, perhaps warning that an overdraft limit has been reached or simply sending marketing messages.
As a matter of fact, on the competitive banking market and in today’s highly connected world, consumers expect any kind of supplier – including their bank – to provide personalized services and value-add offers. The mobile allows real-time sending of commercial information on any financial product they might need based on their habits, recent transactions and localization. This possibility of convenient and instant access to tailored and relevant data is highly appreciated by customers and ensures their satisfaction and retention. It also enhances the bank’s sales efficiency and marketing/communication campaign ROI.
A sophisticated mobile banking solution from SAB
These sorts of messaging communications are certainly useful but a comprehensive approach to a mobile banking solution can achieve much more. At SAB for example, our mobile banking solution allows customers in remote areas with no access to ATM machines or branches to make cash withdrawals at approved outlets. These transactions are initiated and authenticated via SMS messaging. Clients can also make balance enquiries and receive SMS mini statements. The SAB mobile banking solution also empowers users to make account to account money transfers and also move money between private individuals. The solution also allows for payment of bills. This makes banking clients now move more quickly, as well as make banks more agile and have more competitive edge over rivals. What’s more, all transactions and SMS messaging have a full audit trail to enhance security. With the worldwide growth of smartphones and new technologies like mobile payments via near field communications, a solid mobile banking solution is a key part of any multi-channel access strategy.
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