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 and bill payments, conduct stock market trading, and much more.
Therefore, financial institutions have now developed mobile applications for consumers to make transactions at their convenience. 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 financial activities.
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 balance, making loan repayments, and much more through your fingertips.
A huge advantage of going mobile is the immediate access to services. Conventionally, you had to make visits to 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 at your own convenience. Many banks and Non-Banking Financial Companies (NBFCs) like Capital First are now offering mobile applications to provide greater accessibility to users.
Security is an important aspect to be considered while conducting transactions over the Internet. 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 any fraudulent practices, like the unauthorized transfer of money.
It is this financial technology, also known as fintech, that is creating huge competition among financiers. With the growth of smartphone sales 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, thereby saving a great deal of time and effort.