Technology has made man more demanding of ease. That’s why developers always try bringing in newer apps that are more convenient to use. One such example is the mobile banking apps that have brought the world of banking closer to us.
These apps have made it easier for us to do our financial tasks. Read on to know more about how these apps are taking over the world.
The Increasing Popularity of Banking Apps
Reportedly, mobile banking apps will become the most used financial channel for people in a year or two. Many people believe that these apps will take full control over conventional banking by the end of this decade.
Studies say that the current ratio of mobile banking app users in most developed countries is 40%. This number is expected to increase to 70% by 2025. Business Insider’s 2019 mobile banking survey revealed that newer generations are more inclined towards using banking apps. 89% of the survey participants showed their preference for mobile apps over conventional banking. Out of this 89%, around 97% were millennials.
Mobile bankingis paperless and environment friendly. This is one of the reasons why many people are advocating in their favor in the modern world. The outbreak of the COVID pandemic has also increased the importance of mobile banking apps. The WHO’s advice on reducing the use of paper currency and practicing social distancing has made people realize the need to carry out their financial activities via phones.
The benefits of mobile banking are enough to lead one to expect a bright future for these apps. There has been a constant rise in the number of mobile banking users in the past few years. Overall, the world around us is becoming more and more dependent on these apps.
All these factors have led to a massive rise in mobile banking’s popularity and guarantee its further fame.
How Are These Banking Apps Giving Us More Control On Our Banking?
Mobile banking apps offer more than just financial transactions and cash deposits. With the wide range of features and assistance options that these come with, there’s no reason that people wouldn’t want to use them.
Using banking apps, we can check our remaining balance, get instant bank statements, pay bills, contact our bank’s customer care, order checks, get a new account opened, and do so much more.
People are using mobile banking apps for a number of reasons. Today, most of the tasks performed through these apps would never get done unless you visited the bank around 10 times. These apps have made banking personalized and faster. Hence, they make their users feel like they have better control of their accounts.
These apps have lessened the need to visit the bank every month, which would be especially challenging if you could not take out time during official banking hours. There’s no need to worry about the location or timing because everything is literally in the palm of your hands!
Are Banking Apps Safe?
There wouldn’t have been so much rage about these applications had they not been safe. Mobile banking apps are generally safe for conscious users who are careful of their privacy and security. Different economic forums also pass rankings of these apps and rate your banks according to their application’s interface security. If you’re using a reliable banking app like that of Bank Al Etihad
, there’s a high chance of your mobile banking being 100% secure.
Mobile banking apps are here to stay and will become more common in the future. Resorting to these today can be beneficial and may save you from a lot of troublesome financial activities in the future.