The functions of a smartphone have developed over the past years. Earlier, phones were used for the basic purpose of connecting with people. Nowadays, an array of functions can be carried out through a phone. Individuals use their smartphones to make online purchases, bill payments, conduct stock market trading, and more.
Therefore, financial institutions have now developed mobile applications for consumers to make transactions conveniently. Users may, therefore, access their accounts anytime and anywhere.
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The recent news of demonetization has further led to an increase in the demand for mobile financial services. Following are three reasons to go mobile while conducting your economic activities.
Easy-to-use
Consumers are now switching from traditional means to mobile applications primarily because these are easy to use. Mobile applications allow you to perform tasks like applying for a loan, checking account balances, making loan repayments, and much more through your fingertips.
Accessible
A huge advantage of going mobile is the immediate access to services. Conventionally, you had to visit the branch only during the branch timings. With mobile finance apps, you may conduct transactions from the comfort of your home and access your account conveniently. Many banks and Non-Banking Financial Companies (NBFCs) like Capital First are now offering mobile applications to provide greater accessibility to users.
Secure
Security is an important aspect to consider while conducting Internet transactions. Most financial institutions offer a high level of security through their apps. Such apps have push notification services that notify you whenever your account is active. This feature helps eliminate fraudulent practices, like the unauthorized transfer of money.
This financial technology, also known as fintech, is creating huge competition among financiers. With smartphone sales growth over the years, people switching from traditional means to mobile applications are slated to increase further. You, too, may take advantage of highly secured mobile applications and conduct financial transactions, saving much time and effort.
