Mobile banking is revolutionizing the way we spend money, according to e-commerce experts like Dan Schatt. As we move more and more to a digital economy, how we interact with our bank accounts transforms as well. Here are five ways mobile banking will change the way you spend money:
1) You’ll See Items That Don’t Yet Exist – Using Augmented Reality
Especially within the electronics, fashion, and computer game industries, newly-introduced products can be hard to find in physical stores. That’s because they often don’t exist yet – they’re still in the prototype stage. With mobile banking, you’ll be able to see how products will look in your home before you buy them. You’ll also be able to see what the product looks like from all angles. This is made possible by augmented reality, which layers digital information on top of a live image.
2) You’ll Have Better Customer Service – Thanks to Social Media
When you have a problem with your bank account, speaking directly with a customer service representative can be helpful, but it’s not always efficient. That’s why many banks use social media channels like Facebook and Twitter to respond to customers’ questions. These channels allow banks to reach more customers, and they give customers the advantage of getting an immediate response to their queries. With mobile banking, you can take part in these conversations as well – by viewing a bank’s social media feed on your phone, and you can see if other loyal customers have had success solving an issue with the bank’s customer service department.
3) You’ll Get Rid Of Checks or Credit Cards
Mobile banking will help drive out traditional payment methods like checks and credit cards because it allows you to transfer money between accounts without using paper forms. This is already possible through direct deposit, which lets you electronically deliver funds from one account to another. But with mobile banking, you’ll be able to do this with just one push of a button. You’ll also be able to use your phone as an electronic wallet, which will eliminate the need for physical credit cards.
4) You’ll Avoid Wasted Money on Apps
App discovery is hard – most users tend to either search by app name or download apps recommended by friends. But today’s most popular apps might not remain popular tomorrow, and some great apps aren’t discovered at all. Mobile banking gives you access to recommendations from bank employees who know what kinds of apps are best suited to your needs. This helps you avoid wasting money on useless apps that don’t work well or do little more than drain your battery life. With mobile banking, it’s easier than ever to find the perfect apps that will improve your daily routine and make you more efficient.
5) You’ll Get Better Deals and Discounts
Mobile banking will help you find the best deals and discounts, thanks to banks’ increased use of mobile coupons. These coupons can be used as an incentive for new customers or a reward for existing ones. And once they’re downloaded, these coupons can sync with your phone’s GPS to give you access to local savings as well as national promotions. With mobile banking, it’s easier than ever to see how checking account products like debit cards, credit cards, and online payment services allow you to take advantage of special offers at thousands of locations across the globe. So whether you’re shopping online or offline, mobile banking lets you save money with just a few taps of your screen.