Digital Development has deeply penetrated our lives and all areas of businesses. Retail, Financial Services, Healthcare Manufacturing and many others. But how did it impact business growth?
Let’s discuss the digital development in the business sector, such as Financial Services and its significance in the business growth.
Not long ago, almost all financial institutions adopted and integrated into its operational activities Mobile Banking. Besides the all-well-known-benefits such as convenience, 24/7 accessibility to your data and time saving, Mobile Banking brings much more to the table:
Expanded Customer Base
Mobile banking allows banks to reach customers who do not have an access to the branches, therefore providing increased accessibility to everyone, of course with the Internet connection and mobile device.
Mobile banking also attracts Younger Customers. Young customers are a tech-oriented client base. They prefer mobile banking much more over the physical branches. Hence mobile banking helps to attract a younger demographic.
Enhanced Customer Engagement and Retention
Mobile banking apps can offer customer-tailored financial advice, product recommendations, and targeted promotions based on client behavior and preferences.
New Revenue Streams
Data collected, by the way of Enhanced customer engagement, helps to identify services in need and offer them through mobile banking apps, such as insurance, investment products, and premium account features, generating new revenue streams.
Mobile banking apps are also a way to create new collaborations and partnerships. Collaborating with fintech companies and other service providers can create new opportunities for revenue through integrated services and cross-selling.
Cost Reduction
Since customers choose Mobile banking over physical branches- there is no need in the big amount of branches, As a result, branch associated costs such as staff, common expenses, utilities are avoided.
Mobile banking also provides automation of services reducing need of human intervention in such services as account inquiries, transfers, and bill payments
Improved Data Collection and Analytics
Mobile banking apps generate crucial data on customer behavior, preferences and transaction patterns and help build targeted promotions (See point 2 Enhanced Customer Engagement and Retention) and understand your client to further improve and enhance product and make it client-tailored. This will lead to better customer experiences and increased profitability.
Enhanced Security
Mobile banking apps provide enhanced security, by incorporating advanced security features such as biometrics, multi-factor authentication, and encryption to protect customer data and transactions.
Mobile banking platforms use up-to-date analytics and machine learning to detect and prevent fraudulent activities.
Increased Customer Trust and Loyalty
Mobile banking apps help build transparency and communication – two viral factors in business growth. Mobile banking apps can provide real-time alerts and updates, providing better customer experience and satisfaction.
Customers can easily provide feedback and receive support through mobile banking platforms, leading to improved customer service and loyalty.
