As the world today is becoming more digitalized, the majority of people began to distance themselves from physical documents and hard drive to complete or store their works while moving towards technological instruments such as advanced smartphones, laptop, wireless internet and applications. Banking applications is no exception towards this shift. With technology, credit cards and mobile banking are now shaping the society’s spending. Therefore, it is important to understand what really influenced people to embrace a cashless system. To illustrate that, three significant factors of mobile banking will be discussed here which include convenience, safety and extra benefits or rewards.
Before going deeper into the beneficial aspects of the cashless system, let’s first take a look at what a mobile banking actually is and the way it works. According to BetterBanks (2020), mobile banking refers to the use of smartphones or tablets in order to access and make transactions either through applications or the bank websites. In simple words, people can receive updates, pay bills, and transferring money by themselves through their own devices rather than actually going to the bank.
Because of its self-managing trait, mobile banking is perceived by the majority of population as a very convenience tool. Before the adoption of mobile banking, people must going directly to the bank to complete their transactions either transferring or making a deposit. Even though the transactions are made more accurately, it required a lot of waiting times. Thus, with mobile banking, people can save some times and make the transactions with just a few clicks. In addition, banks have specific hours which limited the options and times for people to complete their works. However, people now have 24/7 to complete their transaction. On top of that, with current banking application, people can easily keep track with their flow of money while at the same times, organizing and optimizing their money. Not only that, it is convenient because people can access to the data everywhere as long as the mobile devices are connected to the internet (Wisneiwski, 2020)
Another essential aspect of this mobile banking that capture the public’s interest is good security. By making transactions with traditional way, people need to carry cash with them everywhere which makes them more expose to unexpected circumstances like robbery. However, by adopting the use of mobile banking, banks are the ones who guard your assets and review all of the transactions. For instance, if you are transferring money that is over the limited amount, the bank will send you a code to verify and prove that the transaction is indeed made by the owner. Furthermore, extra benefits and rewards such as discounts and prizes are also considered as important in terms of attracting people to shift from traditional practice of money to purchase towards a cashless system of mobile banking as well (Wisneiwski, 2020)
Since mobile banking provides diverse traits of convenience, safety and extra benefits or rewards, it can be seen that the world society now is more embracing and leaning towards the cashless system. Plus, the nation’s productivity has also increased following by the adoption of this mobile banking as well.
References:
BetterBanks. (2020). What Is Mobile Banking? Retrieved February 10, 2020 from BetterBanks: https://www.betterbanks.com/what-mobile-banking
Mfoundry. (2020, August 31). What is Mobile Banking? Retrieved February 20, 2020 from Youtube: https://www.youtube.com/watch?v=z8lq2Ptswsc
Wisniewski, M. (2020, January 31). 5 key benefits of mobile banking in 2020. Retrieved February 20, 2020 from Bankrate: https://www.bankrate.com/banking/checking/benefits-of-mobile-banking/
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