The technology of mobile banking has made our lives extremely easy. All the common banking operations such as balance check, money transfer from one account to another, scheduling of bill payment etc. have become possible through mobile applications, eliminating the need to pay visit to the bank or the ATM. Today, one can send and receive money at any hour of the day. The technology of IMPS has made this possible.
Moreover, the latest technology of UPI has made money transfer easier, faster and more secured. Needless to say, almost every commercial and retail bank has developed mobile banking applications for their customers and the scope of banking features available in these applications is increasing every day.
The greatest aspect of the new features being developed to enhance the functions of any mobile banking application is personalization. The banks are constantly trying to develop their mobile applications in a way that the customers can access them in a personalized manner. Personalizing the mobile accounts also allows the banks to provide better mobile banking solutions as all the features would appear to the customer according to his or her personal expectations.
For example, if the customer wants to access the services in his or her mother language, it can be done just by changing the language settings in the application. Again, the customer can also select what all features of the application should appear in the home page and arrange them according to his or her need.
Another feature being developed in mobile banking applications is video assistance. This feature is still in its nascent stage, but given the fast pace of improvement in technology, the day is not far when banks would be able to interact with their customers through videos. Customers would be able to seek help and assistance from banking experts through video calling facilitated by the application itself.
The experience of banking has improved for people who are not much into mobile phone usage too. Since the beginning of the current decade, almost every bank has gone through digital transformation with the installation of open banking architecture. Banking functions have become very convenient and fast. Unlike earlier, a bank customer is no more required to visit his or her home branch when needed. All a customer has to do is visit any branch of the bank in any part of the country and state his or her account number to the banker. Open banking architecture has made it possible to conduct banking functions from anywhere.
