Mobile Apps Are The Future Of Banking

Post by Sharat on March 14, 2018 · Under banking · Comments Off on Mobile Apps Are The Future Of Banking 

Across the world people are taking to mobile banking in droves and Australia is no different. A rising number of Aussies are using mobile banking apps to manage their money and if you happen to be one of them, then it appears that you are much more likely to recommend your bank to friends and family. According to a recent survey undertaken by Roy Morgan, more than two-thirds of people polled said they would probably recommend a bank after using its mobile app. This is way more than people who visit branches or bank by phone.

Good for banks and customers alike

Whilst ordinary Australians are driving the trend towards mobile banking, the survey results suggest this trend could be good for the banks as well. Because Australians love their smartphones so much, they are willing to switch banks if the app that is being offered delivers a more seamless payment experience or the banking app itself is better. What this means for lenders is they need to stay ahead of the curve when it comes to the mobile banking experience if they wish to retain existing customers and attract new ones.

Banks investing heavily in mobile

Experts say Australian banks are already acutely aware of this and as a result have made significant investments in mobile technology because clearly the world is changing at an incredibly rapid pace. This means the mobile banking experience will continue to improve substantially as banks seek to keep pace with new trends and maintain customer loyalty. The near future is quite exciting with technology such as biometric payments changing the way we handle everyday transactions. There is no need to wait for such technologies to be implemented and Aussies can jump right in now.

Smaller online banks dominate

Smaller online lenders in Australia tend to dominate deposit taking but also invest quite a bit in developing ground-breaking mobile technology beating the big banks hands down. UBank is frequently cited as being the best savings banks because of its product range. Not only does UBank offer great interest rates but it has a fantastic technology franchise that is designed to maximise customer savings which can all be managed through a mobile device.

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