Mobile Financial ServicesBy
It’s estimated that more than 80 percent of the people on the planet now carry around a mobile phone or mobile device such as a notebook or iPad. We’re always on-the-go yet the need to be connected is more important now than ever before. Nowhere is this more evident than in the area of our financial services.
Today, with the simple click of an app or SMS, we can check our bank balances, transfer funds, pay bills, and verify payments instantly. No more traveling to the nearest bank and standing in long lines for hours on payday.
But you don’t have to own a bank to benefit from these types of instant money transfers. Mobile financial services can benefit local small business owners, as well.
Imagine you’re a theater owner. On your website you could have all the movies and show-times listed and you might even include a payment system so customers could buy tickets online in advance.
In the past, this was a marvelous “invention.” People could sit down at their computer and buy movie tickets days in advance. But who has time to sit down at a computer these days? Desktops are like dinosaurs and many people don’t even bother with a laptop anymore. We’re all constantly moving around – with a mobile device in our hands.
How much more would your sales increase if, thirty minutes before show time, you sent out the following text message: Show starts in 30 minutes! Click here now and your tickets will be waiting for you at the box office!
Imagine you’re a stock broker and you sent the following message to your clients: XYZ stock is rising fast! Click here now to get in while you still can!”
Mobile financial services can be applied to a wide variety of businesses. If you provide an ongoing service that required recurring monthly payments, it becomes easier to collect those payments when you can send a simple reminder and your clients can simply click an app on their phone.
Still, though, the biggest benefit is for banking institutions. While many of the larger banks have come on board, very few local credit unions and lending institutions have implemented mobile financial services and these companies would probably benefit the most.
Some of the features include limit alerts. Imagine how happy they’d be if you were able to notify your depositors with a simple alert that they’re about to reach their withdrawal limit, or that their paycheck had just been automatically deposited.
Depositors could watch real-time transactions as they grocery shop and pay bills on the weekend, avoiding those nasty overdraw charges. They could instantly transfer money to family and friends, no matter where they’re located in the world.
With these special mobile services, smaller local banks and financial institutions would be better able to compete with the national institutions. Their depositors would have better control over their money. And in these tough economic times, that may be all it takes to win customers away from those scary international banking companies.
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