Przemysław Pala
Andrzej Puczyk
The widespread adoption of mobile banking services is a testament to the transformative power of technology in the financial industry. With an ever-increasing number of people relying on their smartphones and tablets for everyday tasks, it’s no surprise that internet banking has become a popular choice for managing personal finances.
Asia is a global leader in terms of mobile banking penetration rate, being home to some of the best-scoring countries – South Korea (82%), India (74%), and China (68%). Latin America also boasts a high percentage of people who process banking matters via smartphone or tablet – 74% in Brazil and 70% in Mexico.
In Europe, the number of people who use mobile applications as their preferred method for accessing their bank accounts, transferring funds, paying bills, and monitoring their financial activities ranges between 50% and 75%.
As banks and fintech companies continue to innovate and enhance their mobile offerings, the appeal of banking apps is set to grow even further. This article explores the reasons behind the rise of mobile banking, its benefits, and the future of this rapidly evolving sector.
Top benefits of mobile banking services
At the start of 2024, the number of unique mobile users exceeded 5.6 billion. This means that today more than 69% of the global population uses a mobile phone as the main gateway to various digital services, including mobile banking operations. In fact, online banking is the third most popular activity for smartphone users.
The surge in mobile app popularity can be attributed to their convenience, ease of use, and ability to provide personalized customer service tailored to individual preferences and needs. As a result, financial brands compete heavily with each other to offer their clients the most innovative mobile banking features and the best mobile banking experience.
This technology race has fueled innovation in mobile app development, leading to a wide range of features that enhance user experience and streamline banking processes. Let’s delve deeper into the top 5 reasons that make mobile banking so popular.
Reason#1: Sense of control
Modern mobile banking solutions allow customers to check their account balance or transaction history anytime, anywhere. Thanks to analytical features included in many apps, users can easily control their expenses and know exactly how much they spend on food, entertainment, trips, etc. Additionally, they often provide personalized financial insights and budgeting tools to help users better manage their finances and achieve their savings goals.
Reason#2: Paying bills on time
Many people worry about paying their monthly bills on time. However, with mobile banking, this is no longer an issue. Mobile banking applications can send users notifications about upcoming due dates and even allow for automatic recurring payments to be set up, ensuring bills are paid promptly without any missed deadlines.
Reason#3: Special offers
To encourage clients to use their services, banks and fintech companies are offering exclusive deals and attractive incentives accessible only through their mobile apps. These special offers range from higher interest rates on savings accounts to substantial discounts at popular retailers.
Reason#4: Financial education
Using mobile banking apps may lead to a better understanding of financial products and services. When asked about the benefits of mobile banking, 38% of Americans said that they feel more knowledgeable about the services offered by their banks.
Reason#5: Contactless payments
Mobile banking services enable people to make payments on the go from their mobile devices. The banking apps allow users to securely store their debit card information, facilitating quick and secure payments. With card details readily available, users can quickly transfer funds between their accounts or to other recipients without the hassle of manually entering lengthy account numbers each time.
Moreover, customers don’t need to carry their physical debit cards anymore. They can pay for products and services through contactless payment terminals, scan QR codes, or use online money transfer services directly through the mobile app.
The future of mobile banking
Mobile banking has revolutionized the financial industry, offering unparalleled convenience and accessibility for customers to manage their finances on the go. With all the possibilities and benefits of mobile banking apps the future of this technology looks incredibly promising. As more people embrace the convenience and advantages it can offer, mobile banking is going to bring further advancements, transforming the way we interact with financial services.
To catch a glimpse of what lies ahead, one can look to Poland, a global leader in mobile banking innovations. It’s the home country for the IKO mobile app, which has been named the best mobile banking app by British Retail Banker International magazine for two consecutive years. This accolade is a testament to the country’s commitment to pushing the boundaries of mobile banking and setting the stage for what’s to come.
Neontri is at the forefront of this mobile banking revolution, offering cutting-edge mobile apps development services for banks and financial institutions. Our solutions empower banks to offer their customers the ultimate online banking experience, helping them stay ahead of the curve in this rapidly evolving landscape.
Ready to make your mark in the mobile banking sector? Explore our case studies and find out how Neontri has become the reliable partner for institutions looking to gain a strong market foothold.
