Mobile Banking for the co-operative segment in 2021

Mobile Banking for the co-operative segment in India:

Mobile banking users and transactions are growing by leaps and bounds in India. The growing use of smartphones and initiatives such as media promotion and mobile banking training programs have fueled this growing trend.

 Most of this market is owned by public banks (PSBs) and private sector banks such as ICICI Bank, SBI, IDBI, HDFC, Axis Bank, etc.

The most important factors in this trend are: –

• Change of attitude and acceptance of mobile banking. The younger generation is more open to the latest technologies. Even middle-aged groups still do not use banking services for payments and transfers.

• Great savings in transaction costs for the bank

• Smartphone availability is now available at Rs. These types of available devices have expanded the user base for mobile banking applications.

• Security banks have introduced many secure mobile banking platforms that have increased user confidence.

• NPCI initiatives.

Collaborative Banking and Mobile Banking

While some of the top cooperating banks are now launching their mobile banking apps, most other banks still have a lot to do.

 Collaborating banks will quickly follow their go-to-market (GTM) strategies related to mobile banking. PSBs and private banks, which until now had no access to loyal affiliate bank customers, suddenly found a good channel in mobile banking.

 The huge increase in its banking services is due in part to these customers who previously operated only in cooperative banks.

 As the RBI has a strict policy that allows cooperative banks to offer mobile banking services, they may first launch a program that provides credit services to users. NPCI already encourages banks and gives them a small incentive for debit and credit operations.

Banks need to take immediate steps to make their banking sites smartphone-compatible and easy to use. It is convenient to provide the customer with items such as ATMs, branches, service fees, EMI calculators, product information, and bank details. The bank should try innovative solutions, such as providing an easy-to-use debit card e-book that can improve the user experience, as well as the need to outfit offices with expensive equipment such as passbooks. They should also explore technologies to improve usabilities, such as local language interface and security, biometrics, and speech.

 Mobile banking initiatives must be accepted as the cornerstone of banks’ strategy to reduce costs and improve the user experience. User incentives may include reduced service fees for use of the facilities.

 There is also a danger that young people between the ages of 18 and 30 will not choose to open an account or migrate their existing accounts to smarter mobile banking.

 Most importantly, it will create the habits of banking users so that banks can prepare their subscriber base after the introduction of large-scale mobile banking applications.

 With 20 years of experience in this segment, Nelito offers an attractive and competitive technology solution for partner banks, small and banking. All transactions supported by IMPS are readily available.

 Various customization requirements for a better user experience can be implemented and implemented quickly.

 Nelito offers Mobile Device Management (MDM), essential for managing security, scalability, device management, solution updates, and a platform to build applications quickly.

 Banks, therefore, have the opportunity to start with a smaller investment and expand to a banking platform when they reach scale and see the true potential of applying a mobile banking strategy.

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