The emergence of mobile banking apps has led to innumerable changes in the financial services sector.
For financial institutions, they have been able to create tailored experiences for their users that tie into individuals’ needs and aspirations.
Users, on the other hand, have been able to access a world of secure, instant transactions that allows them to do everything from paying for dates to taking care of the electricity bill.
These are, however, only some of the many benefits brought about by banking apps.
Control
An underrated benefit of mobile banking apps is the full control it grants a user over their finances and spending.
With Co-operative Bank’s MCo-op Cash app, for example, one is able to make deposits, send money, apply for loans, buy airtime, withdraw funds at an agent or ATM, buy, sell and transfer shares in addition to a myriad of other functions.
The convenience of mobile banking applications is displayed in aspects including being able to instantly access your balance and being able to easily pay utility and other bills from the comfort of your home
Accessibility
An important advantage of mobile banking apps is the 24/7 accessibility they offer users.
For the Co-operative Bank, one simply has to dial the USSD code *667# or access the MCo-op Cash app to have their finances at their fingertips.
This aspect ensures that your needs are not tied to bank branches’ opening and closing times as you can easily access most key operations at any time.
The accessibility offered by these apps in terms of allowing one to make important transactions is unmatched.
Expense Tracking
For individuals looking to save or track their expenses, mobile apps offer a great avenue to keep up with it all.
Advanced features in mobile banking apps incorporate expense tracking through mobile alerts, advice and other aspects meant to allow the user to keep track of their finances and optimise their expenditure in line with their goals.
One is able to access a clear record of their transactions with little fuss, allowing them to make decisions that best suit them.
Minimizes Errors
A great, underrated benefit of mobile banking apps is that they offer less room to make errors.
With intuitive design and confirmatory messages before any transaction goes through, it is much more difficult to make errors that could cost you.
One is also easily able to access updated logs of their transactions and get in touch with customer care representatives for assistance if need be.
PaperlessÂ
With mobile banking apps, you don’t have to worry about how to manage endless forms, receipts and other paper documents.
All your transactions are paperless, ensuring you also play a part in protecting the environment.
It also makes it difficult to lose or misplace crucial documents or information that you might need.
