Therefore, it’s not a surprise that even industries like banking perceived historically as lagging behind in terms of innovation, invest more and more in mobile apps and mobile banking.
Although mobile banking is a rather new area in the financial market, it’s quickly gaining popularity. Mobile banking has grown rapidly over the last decade. As of 2021, there are an estimated 169.3 million mobile banking users in the United States, of whom nearly 80% said that mobile banking was their preferred way to access their accounts.
1. A sense of control
With a mobile banking app, you can check your current account’s balance or transaction history anytime anywhere. Thanks to analytical features included in many apps, you can easily control your expenses and get to know exactly how much you spend on food, entertainment, trips, etc. No wonder, according to the recent report by Entersekt, 20% of Americans use a mobile banking app daily. Keeping track of your money has never been easier. Pretty convenient, huh? (and a little bit addictive for that matter)
2. Paying bills on time
Are you still worried about paying all your bills on time? With most mobile banking apps, it’s not an issue anymore. They can send you a notification about the upcoming deadline to make a payment or even pay your bills for you automagically. Now, all you have to worry about is making sure your current account balance or credit card limit is high enough 😉
3. Saving money
As banks and fintechs compete with each other to offer you the best mobile experience, they more and more often give you access to very attractive deals accessible exclusively through the mobile app. No matter if it means a higher interest rate on your savings account or a special discount to your favorite store, you can save a significant amount of money simply by using a mobile banking app.
4. Saving time
Can you imagine that in order to send a simple money transfer you have to go to your bank’s branch and spend there one hour or more in the queue? Well, this was the sad reality of the financial industry no longer than 20-30 years ago… Thanks to mobile banking you no longer have to waste time waiting for your turn in your bank’s branch. Just take your smartphone, tap the screen a couple of times, and… that’s it.
5. Financial education
Last but not least, using mobile banking apps may lead to a better understanding of financial products and services. This was one of the main conclusions of CNBC article. As the article states: Nearly 1 in 4 students in the U.S. has access to personal finance education in 2022. When asked about the benefits of mobile banking, 38% of Americans said that they feel more knowledgeable about the services offered by their banks.
How will the future of mobile banking look like?
All of the benefits mentioned above make the future of mobile banking look really bright. But what exactly will it look like? You can take a guess by learning more about the country that is one of the global leaders in terms of mobile banking and financial innovations: Poland. It’s the home country for IKO mobile app, which was twice in a row named the best mobile banking app by British Retail Banker International magazine.
In order to learn more about what’s going on in the Polish mobile banking industry, you can take a look at how we built a corporate banking app in 7 months.
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