Page 23 - Banking Finance September 2023

ARTICLE

FEATURES THAT

CAN MAKE

MOBILE BANKING

APP EXPERIENCE

EXCEPTIONAL

Rise of Mobile Banking the primary reasons for the development of modern banking
in India. Owing to technology-based innovation, banks across
As an alternative channel, the mobile phone is playing a
sectors have made a move beyond conventional banking and
significant role in the remote interaction between
have innovated with digital products integrated with any-
consumers and financial institutions. In India, the increased
time and anywhere accessibility features.
penetration of mobile banking is also coupled with the ever-
increasing competition between private and public sector
India presently has 600 million plus smartphone users, and
banks promoting a gamut of digital banking products,
as more basic phone users are migrating to smartphones
aggressively. The reason is, apart from a functional mobile
number is expected to grow. Even though 5G smartphones
app, consumers are demanding a multifunctional financial
have been making news in the market, they accounted for
tool that is convenient to manage financial decisions.
just one-third of the market in 2022. As per counterpoint
Research many consumers would like to upgrade to 5G
As per the report jointly released by Deloitte and CII, titled
network from their existing 4G network. Increased
"Banking on the Future - VISION 2020", concerning
penetration of mobile phones can help banks in their
"technology-based banking", the electronic fund transfer
financial inclusion plans. Digital channels will not only help
system and the limitless ability of information technology are
banks in retaining existing customers but also in attracting
new generation tech savvy customers.
About the author
Mobile Banking- Types and facilities
Abhishek Singh
Manager (Research), available
State Bank Staff College,
Almost all banks in India and across the world have adopted
Begumpet, Hyderabad
the mobile banking approach to reach and engage
BANKING FINANCE | SEPTEMBER | 2023 | 23