“It starts to be economic to bank the very poorest. Not with branches or ATMs, but simply with the cellphone. Because there is strong demand for banking among the poor, and because the poor can, in fact, be a profitable customer base, entrepreneurs in developing countries are doing exciting work.”
– Bill Gates to The Verge, discussing mobile banking.
Today, the world is right in the palms of our hands. Yes, you read that right. Over the past several years, smartphones have evolved to become capable of connecting you to people from around the world, Australia to Canada and Russia to Buenos Aires, and every place in between. It was only a matter of time before banks caught up.
Mobile banking is transforming the way people save, invest, and manage their money. Mobile banking can be used for all the same tasks that you would complete at a bank branch or on a desktop or laptop computer, such as checking account balances, transferring money from one account to another, finding an ATM, paying bills, setting up alerts, and viewing account statements.
However, what makes it better than traditional banking methods is that in addition to these basic features, mobile banking services include direct deposit of checks using the camera on your device, paying bills, sending money to another person half a world away, transferring credit card balances, conducting investment transactions, and making instant payments. One massive advantage is the convenience. Mobile banking services can be accessed anytime and anywhere and that is why it is here to stay.
With these advancements in technology, mobile banking platforms can incorporate artificial intelligence and machine learning tactics, further expanding the possibilities. AI integration can now enable mobile banking platforms to act as personal financial advisors, telling you where you have spent too much, where you could save, and how to explore investment opportunities.
“This is only going to get bigger, in our opinion,” said Teresa A. Epperson, a partner at Mercatus, a Boston company that advises banks and financial institutions.
With the help of mobile banking, you not only gain complete control of your finances, but you can also automate and ease financial pressures. For example, setting reminders to pay bills helps you avoiding paying steep late fees. Setting recurring bill payments helps you focus your brain space on more important matters rather than keeping up with due dates.
Mobile banking is not only changing consumer expectations but also shifting consumer demographics and disrupting the industry with fintech startups. While mobile banking is changing, it is also becoming more adaptable and user-friendly and is here to stay.
Download whitepaper on The World Is Mobile and So Are Its Banks