Impact,Mobility,The,Banking,In communication Impact Of Mobility On The Banking Industry

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The mega trend of mobility has had a game changing impact on almost all verticals. One major shake up that ithas caused is in a vertical that in its steadfast approach to its business, ishard to shake: the banking industry. With mobile banking growing at a fast paceamong US consumers, there is a major shift in the way financial transactionsare executed today. Just like electronic banking replaced tellers, and onlinebanking took away the need to visit the bank, mobile banking has put the powerto carry the power of managing their accounts in the pocket of the customer. There are some key factors that have lead to theexplosion of mobility adoption in the financial sector. These factors aregenerally applicable to most other verticals too: Proliferationof mobile applications: The shift towards mobile becoming thecompute platform of choice for the populace is fueled by the strong applicationecosystem, which allows them to accomplish so much on the go. It was a matterof time before they started asking the same from their banks. And the banksdelivered.  Fastpaced lifestyle:  The highly competitive world todayhas left people with little time and patience. People want less cumbersome, andfast execution of their transactions. Valueadded services: The features of smart devices like geolocation allow for enhanced services like locating the nearest ATM, and checkscanning. These features make the customers stick with them. Now lets explore the impact of mobilization on theindustry. Customerexperience- From a customer’s perspective, managingmoney while ‘on the go’ provide them greater customer satisfaction. It offershigh convenience and comfort value since their bank is in their pocket, andtravels with them. Mobility offers the flexibility of anytime, anywhereaccess.  It saves the time and fuelbecause now the customers can check account balance, pay bills, transfer fundsfrom one account to another, receive email/text alerts, and make a checkdeposit by taking a picture of the check without having to visit to their localbranch. Moreover, mobile banking is safer than internet banking.It offers security by adding a secured password that prevents unsolicited orunauthorized access to your account even if the mobile device is stolen ormisplaced. Thereby, reducing the risk of fraud. Further, browsing through a mobileoptimized site offers a pleasant and faster experience for the users Operationalefficiency- Mobility in banks is not just a tool toconnect and reach customers but also a tool to connect within theorganizations. It empowers the workforce and enables them to manage Day to dayoperations such as approving payments, checking balances, viewing  reports, managing corporate accounts etc. throughthe mobile device. Mobility has streamlined the banking process which hasreduced costs and increased productivity Corporatebanks – The biggest benefit of mobilization of businessfunctions is that it allows your business to reach out to potential customersand influencers in areas where you don’t even have a location. Banks can growtheir presence to remote locations just by having an ATM, through the power ofmobility. The deterrent of not having a branch is no longer the cause of nothaving a local customer base.  Another important impact is that the reputation of thefinancial organization can soar just because they have delivered a great mobileproduct. Even banks with not the best of customer service have seen an increasein popularity because their smartphone application was wondrous. But be aware –it is a double-edged sword. If it can make you, it can break you too, if youfail to live up to the customers’ expectations.  Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi;}