Latest news with #mobilebanking
Bloomberg
2 days ago
- Business
- Bloomberg
Monzo Profit Soars as British Challenger Bank Boosts Lending
Monzo Bank Ltd. said its profit quadrupled last year with a burgeoning loan book lifting revenue, as the mobile bank works toward an eventual stock market debut. The British lender posted a pretax profit of £60.4 million ($81.8 million) for the year through March compared to £15.4 million profit in the 13 months prior, with revenue jumping to £1.2 billion from £880 million.
Finextra
3 days ago
- Business
- Finextra
How Mobile Banking Is Revolutionizing Customer Service: By Nikunj Gundaniya
With technology, customers have evolved so much that they don't like to wait. They expect fast, flexible, and reliable services, especially when it comes to money. Traditional banking just can't keep up with their pace anymore. That's where mobile banking steps in. Today, the way of offering banking has changed. It's about creating meaningful customer experiences. You need to offer more than transactions; you need to offer control, comfort, and confidence to your customers. When you do that, you win your customers' loyalty. And This blog helps you see how mobile banking software transforms customer service. You'll understand what your customers want in your mobile banking app, how to serve them better, and how to stay ahead of the curve. Let's dive in. The rise of mobile banking in customer service Mobile banking has moved from being a nice-to-have to a must-have. It reshapes how customers interact with banks, which makes services more accessible and convenient. From convenience to necessity According to Statista, over 2.5 billion people will use mobile banking apps globally by 2024. That number keeps rising. Your customers are tech-savvy and mobile-savvy today. So they expect to get only the best in value. Why? Because mobile banking gives your customers freedom. They no longer need to visit a branch or wait in line. They open your app and get things done. Mobile banking has become the default way people manage their money. If your bank or financial institution doesn't offer this, you risk losing relevance. Meeting modern customer expectations Today's customers want speed, control, and simplicity. They don't want to fill out forms or wait for approvals. With mobile banking solutions, you let them open accounts, send money, pay bills, and track spending within seconds. You meet them where they are: on their phones. And when you do that, you build stronger relationships. Real-time access is changing customer interactions Customers love it when they can do things instantly. Mobile banking solutions make that possible. It makes banking feel personal, fast, and easy. 24/7 Availability builds trust and satisfaction When your services are available 24/7, your customers feel empowered. They don't need to visit a branch to check balances or send money. They can do it anytime, even in the middle of the night. This access builds trust. Your customers know they're in control, and they don't have to depend on anyone else. Faster transactions, lower frustration Speed is everything. With mobile banking, your customers don't wait days for payments to clear or queries to be answered. You provide instant transfers, quick bill payments, and in-app support. That means fewer complaints and more satisfaction. Faster service leads to happier users, and happier users stick around. Personalized experiences create stronger relationships You already know that one-size-fits-all doesn't work. Your customers expect you to know them and respond to their needs. Data-driven insights for smarter banking Your mobile banking solution collects valuable data. These data act as very valuable tools for you to understand your customers better and improve your products accordingly. Suggest savings plans based on their spending. Alert them when bills are due. Recommend the right credit card or loan. That kind of personalization feels like care. It deepens trust and builds loyalty. Push notifications keep customers informed A simple push notification can do wonders. It reminds your customer of a payment. It alerts them to a transaction. It also shows them you're looking out for their money. And keeping them informed gives them peace of mind. Transparent, real-time communication makes your customers feel secure and valued. Expanding financial inclusion through mobile channels Mobile banking doesn't just make life easier. It brings more people into the banking system. Reaching the unbanked with mobile solutions Millions of people still lack access to traditional banking. But most of them own smartphones. This is an extraordinary opportunity for your business. With an intuitive mobile banking app, you can tap this market effectively. You can help them open accounts, save money, and access services no matter where they live. This can help you break barriers and create more financial inclusion. Agency banking supported by mobile platforms You can also serve customers through agents using mobile devices. With agency banking, your representatives can open accounts, accept deposits, and assist customers right from remote locations. This model reduces your costs and extends your reach. Mobile banking makes it scalable and seamless. Security and transparency drive customer confidence Your customers care deeply about security. They want to know their money is safe and that they can track every rupee, dollar, or euro. Advanced authentication measures Mobile banking apps now come with robust security features. You can offer biometric logins, OTPs, and two-factor authentication. These features protect your users and reduce fraud risks. And the best part? They do it without slowing down the experience. Real-time monitoring and digital receipts When your customers receive instant transaction updates and digital receipts, they feel secure. They don't need to wonder if a payment went through or where their money went. They can check it right in the app. This further displays your transparency, it further builds trust, and trust keeps customers coming back. Staying ahead: future trends in mobile banking software Mobile banking keeps evolving. To stay competitive, you need to offer more than just basic features. Voice banking and chatbot evolution Many customers now prefer voice commands over taps. You can integrate voice assistants into your mobile banking app to offer a hands-free experience. Because nowadays, chatbots are also getting smarter. They don't just answer questions. They solve problems, guide users, and offer support 24/7. These tools improve customer service without adding support staff. AI-powered virtual assistants for customer care Imagine this: your app reminds a user about a recurring bill before they forget. Or it offers insights based on recent spending habits. These proactive features turn your app into more than just a tool. It becomes a financial partner. Conclusion Mobile banking is no longer a trend. It has become the future of offering the best customer service in banking. It gives your users speed, access, personalization, and confidence. And it helps you serve more people more efficiently. If you want to boost loyalty, cut costs, and stay ahead, mobile banking is the way forward. Choose the right mobile banking solution. And enhance your customer experience in banking. Give your customers the experience they expect.
Sky News
27-05-2025
- Business
- Sky News
Met Police urge public to protect their phones from fraudsters - as victim shares experience
Police are urging the public to take steps to protect their devices and finances. The Metropolitan Police said its officers have responded to a number of cases of organised gangs gaining access to victims' mobile banking and financial apps. In some cases, the gangs have cleared their victims' accounts and taken out loans. The Met said there would be increased patrols in hotspot areas, with a recent two-week crackdown on this type of offending having resulted in 292 arrests across London. Kush Chaudary had his phone stolen by a group of men outside a bar in the Soho area of the city on 9 September 2023. The group started speaking to Mr Chaudary and waited for him to unlock his phone before they took it from him. "With my phone unlocked, they targeted anything they could gain immediate access to including my bank and crypto accounts," he said. 'Exposed and vulnerable' Within minutes, the gang had changed his passcode, transferred £5,000 from his crypto wallet and stole several thousands more from his bank accounts. They also took out fraudulent loans of £22,000 and spent around £8,000 on designer clothes and electrical products using Apple Pay. "Seeing that unfold in front of my eyes was difficult. This was hard-earned savings I had that was being spent by strangers and I felt very exposed and vulnerable as I didn't know when it would stop," Mr Chaudary added. The gang behind Mr Chaudary's theft was convicted and jailed after a Met investigation. Its members stole a total of £225,000 in central London between December 2022 and November 2023. Jacob Raki, 23, was jailed for 33 months for six counts of handling stolen goods, two counts of attempted fraud and one count of robbery; Joseph Serry-Kamal, 19, was jailed for 24 months for one count of robbery; and Herman Solomon, 33, was jailed for 31 weeks for handling stolen goods and fraud. Smon Tecle, 27, received a suspended sentence for one count of theft and two counts of fraud. The Met Police are urging people to follow three steps to protect their phones - to turn on "stolen device" or "anti-theft" features on their mobile, use strong separate passwords, and watch out for people looking over them when using their phone. Detective Sergeant Isabella Grotto said the Met had "stepped up its work to prevent and tackle phone theft in London". "By intensifying our efforts we are catching more perpetrators, but we know it's still a serious problem and I encourage everyone to take these simple steps which could help prevent significant financial loss and fraud," she added.
Mail & Guardian
15-05-2025
- Business
- Mail & Guardian
Digital promise, rural reality: SA's digital banking revolution reflects innovation and inequality
The architecture of banking in Africa has long mirrored broader economic and political patterns — from indigenous exchange systems to colonial capitalism. The architecture of banking in Africa has long mirrored broader economic and political patterns — from indigenous exchange systems to colonial capitalism. In South Africa, banking developed in line with British institutions, prioritising urban elites and marginalising rural communities. Today, while South Africa's banking infrastructure increasingly resembles global systems, the evolution of South African banks were early movers in mobile banking innovation, a space where African entrepreneurs have set global precedents. Yet customer inclusion in these systems only began to deepen when macroeconomic policy shifted in the late 20th century to support broader entrepreneurial participation. The emergence of the Despite numerous studies on mobile banking and consumer trends, such as When banking was introduced during South Africa's colonial period, institutions like the Eastern Province Bank (1838) were designed to serve the urban elite, excluding rural communities who relied on informal financial practices based on trust and communal exchange. The establishment of the South African Reserve Bank in 1921, and the local money market in 1925, aimed to reduce financial dependence on London but, by then, the system had already ossified into an oligopoly that favoured a select few. This exclusion created Digital banking is often promoted as a panacea for inclusion but the reality is more complex. Digital literacy in rural communities remains low and Adoption of financial technologies is shaped by two key determinants: perceived cost and For many South Africans, especially those in under-resourced areas, the hidden costs of fintech — data usage, smartphone access and travel to network zones — are prohibitively high. This economic reality is often overlooked in national strategies that promote digitisation without addressing affordability. In parallel, trust in financial institutions remains fragile. High-profile scandals like the collapse of VBS Mutual Bank have devastated rural municipalities and eroded public faith in financial systems. Consequently, digital-only banks are met with justified scepticism. A study by the Reserve Bank highlights that trust influences customer satisfaction more than any other factor. Where trust is low, customers are reluctant to use digital tools, regardless of their availability or utility. The digital divide is not solely about infrastructure — it encompasses access, digital skills and usability. While fintech firms and mobile network operators have introduced innovative services, rural communities continue to be marginalised due to The Technology Acceptance Model, developed by Fred Davis, suggests that adoption depends on user attitudes shaped by perceived usefulness and ease of use. In rural contexts, both of these are constrained. Without targeted interventions, 4IR could widen existing gaps rather than bridge them. To build an inclusive digital financial system, banks must shift from urban-centric design to contextual innovation that addresses rural realities. For instance, There is a need for The Reserve Bank and other institutions should invest in digital literacy initiatives that are localised and culturally grounded. Community champions, radio programmes and multi-lingual mobile content can improve understanding and trust in digital platforms. A blend of digital and face-to-face services is essential. Mobile banking vans, community banking agents and public wi-fi hubs could provide transitional access to digital services. The government and private stakeholders must subsidise infrastructure development in rural areas, including solar-powered connectivity and affordable smartphones. As more people go digital, robust mechanisms must be in place to protect users from fraud, ensure data privacy and offer redress — especially in areas where legal The promise of 4IR in South Africa's financial sector lies not in copying global models but in creating innovative, adaptive systems that reflect local needs. If the banking system is to be truly inclusive, it must be built from the margins inward — not the other way around. Only by confronting historical legacies, socio-cultural realities and infrastructural inequalities can South Africa create a financial future where no community is left behind. Nomzamo Netshivhale is a research associate with the 4IR and Digital Policy Research Unit at the University of Johannesburg. Her work focuses on financial technology and the impact of the Fourth Industrial Revolution on banking systems in South Africa.
Zawya
13-05-2025
- Business
- Zawya
BankDhofar unveils ‘Bank on Wheels' to bring branch-level services directly to customers
MUSCAT: In a groundbreaking step toward enhancing accessibility and convenience, BankDhofar has launched its innovative 'Bank on Wheels' initiative a fully equipped mobile banking branch that brings financial services directly to customers, wherever they are. This customer-centric service reflects the bank's commitment to delivering inclusive, personalized, and technologically advanced banking experiences across the Sultanate of Oman. The eye-catching, custom-designed mobile van decked out in BankDhofar's signature brand colours is set to traverse both urban centres and rural communities, bridging the distance between customers and essential financial services. Designed as a one-stop mobile branch, the Bank on Wheels initiative marks a major leap in customer engagement and financial inclusion. Built for accessibility, the van is purpose-designed to reach remote villages, underserved neighborhoods, and high-density city zones alike. It ensures that people without easy access to traditional branches — such as the elderly, those with mobility challenges, or customers in distant regions can benefit from reliable, face-to-face banking services. Inside, customers will be able to complete a wide range of transactions, including deposits, account openings, loan applications, and financial consultations, all handled by BankDhofar staff trained to provide a seamless experience. The van is fitted with advanced digital systems that replicate the technological capabilities of a modern brick-and-mortar branch. Secure digital terminals, biometric authentication, and integration with mobile banking platforms allow real-time processing of services. The vehicle is also equipped with constant connectivity via Wi-Fi and encrypted communications, ensuring live access to account data and smooth transaction handling. Designed with comfort and privacy in mind, the van's interior features a welcoming, climate-controlled atmosphere, complete with seating areas and private consultation spaces that allow customers to interact with bank personnel confidentially and comfortably. The mobile branch is also fully accessible for people with disabilities, reinforcing BankDhofar's commitment to inclusivity. By bringing the bank to the people, BankDhofar not only expands its service footprint but also deepens its role as a community-focused financial partner. The Bank on Wheels initiative exemplifies BankDhofar's broader vision to build a more inclusive, empowered, and financially literate society through innovative service delivery and grassroots engagement. It is yet another demonstration of how the bank is leading by example in transforming accessibility into opportunity for every citizen.
