Can mobile banking services boost up overall revenues?

Financial institutions that look for novel ways to enhance customer service have found a fitting platform that takes the form of mobile banking services. The mobile channel has provided immense opportunities for banks to get closer to customers, and to win the confidence of customers through well-built services. Most importantly, mobile banking services serve well to boost up revenues, where banks can create a swell in their bottom line.

Expand coverage and distribution

By introducing services built on mobile banking, banks are better placed to go beyond certain geographical limits and expand their reach. Moreover, financial institutions gain the ability to up-sell as well as cross-sell products to current customers by affording such services. With the ability to expand coverage and distribution, banks are at an advantage to enhance business operations and their bottom line as well.

Gain mileage out of customer analytics

There is another opportunity waiting in the wings for the financial institution that provides mobile banking service. Banks gain useful analytics data that throw light on purchases made by customers and on places where customers buy items, among other valuable details. Such valuable customer analytics data work in favor of financial institutions that can sharpen their abilities to bring new customers under their fold.  With useful data, banks can enhance customer service, decision-making capabilities and lure more customers to improve their bottom line.

Provide complimentary services, real-time access

Banks that build mobile banking solutions are not only paving the path for convenient banking but are also adopting the right strategy to introduce other facilities through such solutions. While banks offer services built on mobile banking, they help customers to make a comparison of options at a point and at a time they plan to make their purchase. In addition to this facility, banks are at an advantage to afford complimentary services, as that of financing options and insurance quotes, as when they provide such services. Financial institutions can make use of this opportunity to romp in customers and create a swell in their bottom line.

Roll out marketing campaigns
Financial institutions gain the ability to tailor marketing campaigns that produce heartwarming results when they afford services built out of mobile banking. Through mobile banking service, financial institutions could select a specific purchase point and guide customers to make use of temporary line increases. There are other ways that can be put to diligent use to lure customer attention and to increase the overall revenue.

With several advantages afforded by mobile banking services, banks are ideally placed to register an increase in their revenues.

Are banking software solutions future-ready?

As we move into an era where technology could make all the difference to banking, financial institutions need to look into important aspects before coming up with ideal banking software solutions. In essence, banks ought to be well prepared to weather future storms, and well equipped to override future challenges to afford convenient banking for customers.

But, before gearing up to introduce banking software solutions that are future-ready, financial institutions ought to devote their focal attention on important parameters that can produce a great impact on such futuristic solutions. How do we know if mobile banking solutions are future-ready?

Channeling resources

As there is a great change in the way customers look at banking transactions, the future will drive financial institutions to unveil consistent and real-time data at all times. In short, the ways and means adopted by banks to channel resources could go a long way in impacting mobile banking solutions, where financial institutions ought to take note of this feature before coming up with ideal solutions.

As the foresight leads us to a stage where banks would be carrying out sales and services through any channel, where customers could get the transaction initiated in one channel and get that consummated in another, deep thought on these possibilities guides a bank to introduce ideal solutions that cater to the needs of customers.

Risk tolerance

There is a gradual change in the way customers look at risk tolerance, which is another significant factor that can impact banking solutions on the whole. Needless to say, financial institutions should go the extra mile to understand the real needs of customers before introducing solutions that can really meet the exact requirements of customers.

Customer-driven innovation

Handling customer expectations and restoring trust are factors that could produce a resounding impact on the way financial institutions could use their technology investment for better purpose. In essence, banks will have to introduce customer-driven innovations by way of novel solutions in order to be future-ready and surpass the expectations of customers at every stage.

Security and privacy

As technology is producing far-reaching changes with each passing day, a cashless world is not very far away. Though technology could aid financial institutions to introduce solutions that promote convenient banking, there are factors that demand the attention of banks. Institutions will have to find proper answers for privacy and security concerns arising out of such improvements, where solutions that address such concerns will come in handy for banks to handle future challenges in a better way.

While there is a need to introduce futuristic banking software solutions, banks ought to look into important parameters to bring out novel solutions that meet the demands of customers.

Are there ways to classify mobile banking services?

Financial institutions turn their attention to banking software solutions to tap the potential of mobile devices in their quest to enhance overall business. In the present scenario, when mobile devices have become a way of life, banks are keener to use this platform to afford suitable services to earn customer appreciation and romp in more customers in the process. Moreover, financial institutions go all out to afford mobile banking services that encompass a great variety to enable easy banking service in the process.

At a time when mobile banking service has become the in thing, customers perform various banking transactions through such services without having to spend extra time and energy to accomplish such tasks. There are various types of mobile services that have been built to cater to specific needs of customers. More importantly, these services can be differentiated as they get classified and fall under specific categories. Are there ways to classify mobile banking services?

While banking software solutions introduces mobile services to customers, the services get classified depending on the type of needs that prompt such services. By taking such needs into account, mobile services from financial institutions can be classified under three important service heads.

Push services

One of the prime head of mobile services gets recognized as push services. This type of service arises out of a financial institution’s need to send specific information to customers by tapping the potential of the mobile device. Moreover, such information that is sent through mobile services are based on specific set of rules, where financial institutions are prompted to send alerts to various customers to announce some important message to customers. The alert could take several forms, as that of check book alert, check bounce alert, and channel alerts among other alerts that get sent to customers.

Pull services

Another significant category pertaining to mobile services rendered by financial institutions allude to pull services. In this type of service, a customer initiates the action where the customer is keen to extract information or service from banks. Pull services encompass a wide variety that includes the need to make balance enquiry, carry out fund transfer, obtain bank statement, and gather information on the past bank transactions among other needs.

Request services

Needless to say, request services happen to be another important category pertaining to mobile services. In this type of service, banks render services to cater to several requests made by customers. Request from customers include various forms, where customers place a request for check books and account statement among other requests.

While banks render mobile banking services to afford convenience banking, the services get classified according to the need that pushes banks to render such mobile services to meet specific customer needs.

California Bank & Trust - Comes with new improvements to CBT mobile banking app

Its really a good news for customers of California Bank and Trust (CB&T)

The news is they have now comes with some good improvements to CBT Mobile banking apps. 

They announced that, the bank's customers who are using personal accounts now can use "Bill Payment" feature from their mobile devices anywhere and anytime.

Also, they have introduced business mobile banking for business account holders.

As a result, it enables CBT personal and business account holders now can securely access the mobile banking services such as deposit, loan, credit card accounts, line-of-credit and more from their mobile devices.

With the use of CBT personal or business banking applications, account holders can able to get access to their business and personal banking account, review transactions, fund transfer, search activity, find bank branches and ATM locations and more activities from their mobile devices.

I am sure California Bank and Trust will get maximum customer adoption and provide good user experience to their banking.

I hope, these enhancements will be the good foundation for customers to have safe and convenient access to their bank accounts. I hope CBT mobile banking customer will enjoy the mobile banking.

Four prime reasons that push banks to provide mobile banking services

Mobile devices have not only defined communications pertaining to this age but have also impacted several other fields in a great way. Banking is an area that has tapped into the potential of mobile devices, where financial institutions take measures to provide unparalleled mobile services to capture the imaginations of customers. Mobile banking services has become the in thing for banks to attract the attention of customers, and with it, create a swell in the customer base.

Financial institutions invest faith on the abilities of mobile banking software providers to introduce novel mobile banking services, which happen to be a surefire way to gain customer’s confidence. There are prime reasons that push financial institutions to go in for these services, which also bring about a great change in the way a bank functions to afford top notch customer services. What are the four prime reasons that drive financial institutions to opt for mobile services?

Defend business

Mobile payments have become the most sought after payment option for online shoppers and others who make payments through online medium. In such a scenario, several sources have come forward to enable easy mobile payment option and these sources encroach on financial institution’s payments business. In order to defend its business, financial institutions go all out to introduce novel measures to afford easy mobile payment facilities for customers and gain ground in this niche. To thwart the challenges posed by non-bank rivals, financial institutions are keen to make use of mobile banking service to increase their payments business.

Generate big revenue

Payments business is one of the significant business areas pertaining to banks, where financial institutions make the most of opportunities to excel in this business. Mobile service is one of the novel ways to enhance payments business, which is also the ideal way to generate big revenue. By increasing mobile payments business, banks are at an advantage to increase their revenues.

Interact with customers

As financial institutions look to adopt effective measures to make banking easy for customers, they are also pushed to establish communication with customers to interact with them. This is the only way to gain customer’s confidence, where banks tend to make use of mobile services to interact with customers and to get closer to them.

Gain competitive edge

As banks look for ways and means to get closer to customers, they bring out novel measures to attract the attention of customers. In this competitive age, mobile services allow banks to gain that much needed competitive edge and to romp in more customers in the process.

There are four prime reasons that push banks to provide mobile banking services, which not only pave the way for convenient banking service but also help banks to enhance their bottom line.

Would mobile banking solutions undergo great changes

With each passing day, financial institutions are introducing novel measures to woo customers and romp in more customers in the process. Customers have gained prominence in this age, as they decide upon when, how and where to make interactions with the bank to carry out all transactions. In their efforts to cater to customer demands, banks come out with ideal mobile banking solutions that capture the imaginations of customers.

While making use of banking software solutions built by reputed banking software companies, banks tend to get closer to customers and allow customers to make the best use of convenient banking service.  As great technological advancements define this present age, banking software companies never miss out on an opportunity to use the most modern technologies to introduce groundbreaking banking software solutions. With financial institutions increasing their mobile banking efforts, significant changes in mobile banking solutions await customers. Would there be great changes to such mobile solutions unveiled by financial institutions?

Younger crowd

There is a shift in the focus offered by financial institutions, where banks are now keen to attract younger customers with relevant banking solutions. This shift in the trend is sure to produce a sea change in the way mobile solutions get built for customers. Mobile apps will rule the roost; as such mobile applications that cater to the younger customers who look for convenient methods to view account balances, conduct transactions, and transfer funds among the banking transactions tend to create ripples in the market. Technologically advanced solutions that would set the trend for novel banking solutions will be lapped up by financial institutions that aspire to make a mark in this niche.

NFC technology

Needless to say, NFC or that of Near-field technology is gaining popularity with each passing day. Financial institutions would be looking to tap the potentials of NFC to build solutions that find the nod of approval from customers. Mobile payments would be made simpler with the introduction of NFC technology, as shopping with Smartphones would also be made easy with the aid of this technology. NFC technology is another major change that is waiting to take the mobile banking world by storm.

Digital wallets

Digital wallets happen to be another mode that is gaining grounds in the mobile banking niche. Primarily digital wallets get used by online merchants for handling online payments, where customers make use of this mode to make payments through Smartphones. This is a mode that can impact the mobile solutions introduced by banks, and this mode will be lapped by financial institutions to make it easy for customers to use online payments.

Mobile banking solutions can undergo great changes, with the trends making a great impact on the solutions built to afford convenient banking for customers.

Four channels of Mobile banking services

As financial institutions are tapping the potentials of mobile devices to reach more customers, mobile banking services have assumed greater significance in the recent past. There is a great shift in the trend, where customers are making use of their mobile devices to make use of the anywhere, anytime service unveiled by banks. With such mobile banking solutions, banks are in a better position to offer an extensive service range that makes it easy for customers to perform banking transactions.

By seeking the services rendered by banking software companies, banks are well placed to introduce novel mobile banking services. Most importantly, these services get deployed on one of the four channels that get used for this purpose. The channels get recognized as the SMS, IVR, WAP and Standalone Mobile Application Clients.

IVR

The IVR or the Interactive Voice Response is one of the channels on which mobile banking solutions get deployed. This service gets operated by way of pre-specified numbers that the financial institutions promote amid their customers. In this operation, stored electronic message greets a customer where a menu comprising of many options can be put to use by the customer. The Interactive Voice Response Service comes with some limitations and is also a costly option when compared to the other channels.

SMS

While banks seek the services of banking software companies to build ideal solutions, SMS is one of the preferred channels on which the service gets deployed. In this type of service, SMS gets used for providing mobile application based banking. Customers are able to get information about the account balance details through this service, and SMS gets used by financial institutions to offer enquiry based banking services. SMS, as of now, is not considered to be a popular platform for transaction based services.

WAP

The Wireless Access Protocol utilizes a concept that is akin to the one utilized in Internet banking. In this case, WAP sites are maintained by banks, where customers make use of WAP compatible browser to access such sites, with the help of mobile phones. With this type of service, banks are in a better position to afford secured and reliable services to customers. There is also the possibility of accessing transaction and enquiry based services as well as complex transactions that take the form of trading pertaining to securities.

Standalone Mobile Application

Standalone Mobile Applications are held as the best option for providing complex banking transactions. In this case, mobile applications clients ought to get downloaded on that of the device pertaining to the customer. Moreover, applications get customized to suit the mobile phone on which its gets operated.

By offering mobile banking services on four major platforms, banks aim to make it easy for the customer to conduct their banking transactions.