Top 5 Advantages of mobile banking

There are serveral advantages of mobile banking in the banking industry from easy account access to money transfer, on this post, i will give the very best of them.

Banks have adopted the mobile banking as a means of providing faster financial services or support to its customers, and I tell you that it is the best in this modern banking Era.

Mobile banking paved way for faster and convenient means of banking to bank customers, and right now in 2020, every bank customer make use of it.

We talked about the atm being good to the society but i tell you that it just all about cash withdrawal, as mobile banking is the easiest and most convenient way of performing banking transactions.

I don’t see any reason why you as a bank customer isn’t making use of it cause every bank engages in mobile banking through the use of ussd code or the mobile app.

The very major advantage mobile banking have against online banking is that you can bank offline on your phone, be it smartphone or just a mobile phone.

Before going into the advantages of mobile banking, let’s know what is all about.

What is Mobile Banking

Mobile banking is a method or means, through which we perform bank transactions on our mobile phone without the need of internet or going to the bank.

In Nigeria, since 2015, banks have adapted to mobile banking and right now in 2021, every bank have its own banking code or mobile app.

Have you ever thought of transferring money from your account to another person right inside your home, sitting on your couch, or checking account balance, requesting for statement, atm, creating a bank account etc.

This is what mobile banking is all about, using your phone to enjoy banking services right inside your house, office, eatery etc at your convenient.

So let’s look at the advantages of mobile banking we have;

Advantages Of Mobile Banking

Advantages of mobile banking

1. Fastest means of banking

One major advantages of mobile banking is that it provides fastest means of banking to bank customers, for example money transfer.

When you transfer money from your account to another person, within few seconds, the receiver receives the money compared to when you go to the bank to deposit the money.

However, this can be done through the bank ussd code for money transfer, which doesn’t require internet connection, or through the bank mobile app.

Both methods are very much convenient in terms of money transfer.

The receiver receives the money within a stipulated time frame of five seconds to fifteen minutes.

When you check your account balance, number or request for a statement of account, within seconds it will be displayed to you.

Days are gone when you call your account manager to request for your account number, account balance or statement of account.

All these are made easy through the use of your bank mobile banking app or ussd code.

2. Most convenient way of banking

With mobile banking, you can open a bank account, transfer money, check account balance, request for atm, change atm pin, pay bills, buy airtime or internet data etc any where any time as it is 24/7 avaliable to you.

This thus makes mobile banking the most convenient means of banking in 2020 and reason why you should get yourself enrolled to it.

It pains me a lot to see people going to the atm for money transfer, whilst they can use their phone and do it right inside their home or anywhere within few minutes.

3. Encourages Cashless economy

One major advantages of mobile banking that i love so much is that it encourages cashless economy in the society.

Cashless economy is being encouraged in most countries, and by 2022, i’m sure most countries of the world will adopt it.

It has a disadvantage, but when you look at the advantage, you know the cashless economy is really good.

Since you can transfer money from your bank account to another bank account, it makes people less privilege to carry money about thereby creating cashless society in a country.

4. 24/7 Avaliable (advantages of mobile banking)

Mobile banking does not have opening or hours as it is 24/7 avaliable to all bank customers.

This is what i like about this banking services, it is always available to use, both in the day or night, weekdays or weekends.

Unless your bank is having network issues will make mobile banking not to work.

During weekdays or weekends, you can make use of it especially for money transfer, pay utilities bills or purchase airtime or internet data.

5. Encourages people to open a bank account

Since the introduction of mobile banking, there is an increase of people creating or opening account especially with the easy and fastest means of banking it offers.

Buying of airtime or data made easy, paying of utilities or rent made easy and also money transfer.

Don’t miss: Joint savings account definition: pros and cons

That’s the number i have on the advantages of mobile banking, don’t forget to share this post thanks.

Leave a Comment