During the pandemic, most banks have reported a surge in adoption of banking apps, digital banking services and mobile banking. In the wake of the pandemic, 45% of South Africans said they’d visit physical bank branches less often, while 42% said they’d increase online and mobile interactions with their banks, according to McKinsey.
With many people still social distancing, mobile banking continues to grow, and for many people, has replaced old banking habits. The apps have improved dramatically and there is less and less reason to go into a bank or even to log into the bank’s website via a computer rather than a mobile device. Alcatel outlines five ways mobile banking is benefiting South Africans.
Many banks’ apps include useful payments tools that simplify your life.
Your bank’s mobile app gives you a single place to manage your money. You can manage your savings, make payments, apply for loans, manage your rewards, and see what’s happening with your finances on one convenient app. Best of all, you have access to this functionality wherever you are—24 hours a day, seven days a week.
Many banks’ apps include useful payments tools that simplify your life. They enable you to, for example, make a payment to someone in your immediate geographical facility with a couple of swipes or to send some money to another person’s cell phone number. You can also receive payments via these tools. Another bonus on some apps is the ability to withdraw cash from an ATM without needing your card.
Most banking apps include a range of features that help you keep your money safe and your accounts secure. You can use the app to approve any payments and reject suspicious transactions. Furthermore, you can immediately cancel a lost or stolen credit or debit card without needing to phone a call centre. You can also manage your transaction limits with ease on most banking apps.
If you’re like most people, you want to avoid visiting a bank branch if you can. Thanks to mobile banking apps, there are very few reasons you would need to go into a branch today. You can get authenticated bank statements, for example, on the app, rather than going to the bank to get them printed out. You can also start applications for new products or higher credit limits.
Banking apps are evolving into ‘super-apps’ that enable you to do more than basic transactional banking. Some make it easy to buy virtual products like airtime, data and SMS bundles, prepaid electricity or Lotto tickets. Many enable you to buy insurance products directly or trade shares on the stock exchange.