Covid pandemic has proved itself the most catastrophic event of the 21st century till now. The world has never seen such carnage in recent times. It not only damaged the humans but also sabotaged the economy globally.
But to tackle this situation technology has helped a lot. When it comes to banking services mobile banking proved itself as a boon for the economy. With the advent of this covid pandemic, digital dependency has increased exponentially. The financial sector especially after the rise of the pandemic has seen a major boost in mobile banking and related services.
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Now we will read through the following points on how mobile banking has evolved as a game changer for us.
Here are points :
1. More business online
Most of the countries come under the threat of the covid virus. So most of the governments declared a lockdown to ensure public safety. A total lockdown mitigated the risk of the spread of the deadly virus but almost crumbled the business globally. Businesses around the world are compelled by the covid challenges to adopt the digital ecosystem. With the adoption of digital infrastructure, the services become online. Whereas mobile banking apps provide efficient backups to businesses. It enabled the business owners to pay and get the payment digitally. Therefore it makes the adoption of business into the digital platforms by providing the financial channels online. All the services are well regulated by the mobile banking app and services.
2. Get instant services
The major change we saw in the service sector where the end result is very surprising. The whole world is moving at a very fast pace with the changes in technology. So the services around us are rapidly changing with time. With the adoption of mobile banking services during the pandemic, we saw a huge shift in the delivery and the whole time taken for different services around us. Covid has forced people to get the services instantly with minimum contact. Payment of services such as food delivery, shopping grocery items, paying utility bills instantly with the mobile banking apps comes very handily for the common people. People scan the seller’s QR code and make an instant payment to the store owners. While we can pay the individuals such as street vendors very easily without carrying any cash. Using the mobile banking app we can perform the payment within a few seconds.
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3. Snappy financial services
The rigorous improvements in mobile applications and banking services have significantly improved financial services. Nowadays most financial services are turned online. Some of the important financial services such as loans, insurance, buying stocks, etc see a tremendous change in their functioning. Now all the process is turned digital using sophisticated technology. within a few minutes, we can buy insurance for ourselves such as health insurance, term life insurance, critical illness insurance, etc.
Buying automobile insurance is also snappier using the company or banking applications. Therefore the rise of covid changed the working approach of mobile banking.
4. Transfer of funds
Using mobile banking apps on smartphones has never been so easy. The popularity of smartphones and a massive reduction in their price is directly proportional to the popularity of mobile banking apps. The usage of the QR payments system as well as payment using the mobile number brought radical changes in the transaction of funds. The frequency has increased exponentially from small to large transactions people use smartphone banking apps. It solved the issue of transferring funds as well as payment of money around us contactless. Even in the pandemic because of banking applications we saw the uninterrupted flow of money.
Thanks to the mobile banking applications which evolved and backed humans in their hard times. Therefore it proved as a game changer tool in the unfortunate time of the pandemic.