When last did you see a long queue in the bank at the cash counter? You might not remember, probably. Thanks to mobile banking, now it has become way easier to carry out a majority of transactions in the comfort of your home.

The Internet is ubiquitous, and technology has made it feasible to install banking apps on smartphones. Just set a password that you know only to access your bank account.

It has come a long way, but it became widely popular after the pandemic breakout when everyone was forced to limit the use of cash. Mobile apps have introduced a lot of conveniences.

Whether it is simply transferring money from one account to another or applying for a loan, you can do everything in the comfort of your house. Now you do not need to wait until your bank opens. Mobile apps provide round-the-clock service.

More and more have shifted to the use of mobile apps as they provide comfort. Whether it is about opening an account or paying off a bill, you can do it at any time from anywhere.

How mobile apps have transformed the financial industry in a better way

There are so many ways how mobile apps are transforming the financial industry in a better way:

• Better security

There has been a steep rise in the rate of cybercrime. Cybercriminals are coming up with new and advanced hacking ways to steal data and money. Financial security is extremely important nowadays.

Banks are trying to provide a safe world for transactions, so you do not lose your personal data and hard-earned money. Mobile apps are way safer than online banking as they involve tighter security. For instance, biometrics is one of the best things about mobile devices.

Now, if you have access to your account, you will need to use biometrics that no one can see, like unlocking the app from your eyes scan, your fingerprints etc. Mobile apps provide advanced security.

• Lowering operational expenses

Undoubtedly, banks can cut back operational expenses by ensuring the maximum use of mobile apps. Whether it is about opening a bank account or issuing a bank statement, you can do it online, which means no paperwork.

It can save money on operation overheads. It also helps whittle down the maintenance cost. As mobile apps limit the use of ATM withdrawals, online transactions are way cheaper.

• Added revenue streams

Mobile apps have improved the relationship between banks and customers. As they provide a lot of convenience to people, it has become easier for banks to do business.

In times gone by, traditional methods for investing, borrowing money, opening an account, and buying fixed deposits were so complicated that they put off many people.

Now people can do all these things in the comfort of their homes, so they are quicker to decide if they should buy a fixed deposit or open a retirement fund account.

Another benefit is that people find mobile apps extremely safe. This is why people are keen on working with banks.

• Better customer service

If you are to decide which bank you should have your account opened at, you see the customer experience. You do proper research to check what people have to say about the bank.

Nowadays, it has become more important for banks to ensure that they provide better customer service to their clients. One of the biggest benefits of mobile apps is that they provide round-the-clock service.

You can get the answer immediately if you have any queries or doubts. The round-the-clock service has helped banks improve customer experience.

You will get all information in one place so you can better compare different types of financial products. You can use major banking services online without visiting your branch.

• Direct lending has become better

Banks are not just using mobile apps but direct lenders as well. This mobile app has introduced online lending. There are so many financial products that just online lenders provide, not banks.

Online lending is extremely convenient. Online lenders do not just provide different types of financial products, but they do have their own mobile apps.

For instance, if you are to take out bad credit loans in Ireland, you can apply for these loans online. Now you do not need to go to the location of an online lender.

You can fill in the application form through their website or apps. You can choose an auto-debit option, so you do not have to be worried about payments. The instalment will automatically be debited from your account.

You will get a record of all money transactions in one place, so you will have a complete idea of how much money went into interest payments, principal amount, late payment fees, default fees, early repayment charges, monthly fees, and processing fees.

In fact, online platforms have taken the lending business to new heights. Banks are still rigid when it comes to lending money. They do not provide emergency loans, nor do they provide loans to bad credit borrowers.

However, online lenders have taken a bolder approach to help people tide over during financial emergencies. They decided to go to extra lengths to help bad credit borrowers as well.

Online lenders use advanced algorithms to assess your application because you may need a quick injection of cash during emergencies. They rely on AI to make a lending decision to approve the application for payday loans in Ireland.

• Better communication with in-app notifications

Mobile apps have made it possible for financial institutions to improve their communication. Push and in-app notifications help people know about the latest financial products.

For instance, lenders can update about reduced interest rates during the festive season. They can communicate about a new financial product. In brief, financial institutions can improve their reputation.

Customers are more likely to stay updated about revised interest rates and other important things they should know. Though financial institutions can communicate with emails and text messages, people are more likely to pay attention to push in-pp notifications.

• Faster and fewer chances of errors

The financial world has become more digitalized after the introduction of mobile apps. Now, AI does most of the tasks automatically, so there is hardly any possibility of errors.

In fact, when assessing loan application forms, banks and online lenders now use AI to make decisions.

The bottom line

There is a lot more to be changed in the financial world. Every year new changes are introduced to make financial products better. Mobile apps have undoubtedly paved the way for better communication, increased revenues, lower cost, and convenience.

It is going to be exciting to see how the industry is about to change in the future. Financial services have been growing digitally for a long time, and these changes sound to be better.