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3. It is a secure option

Most financial institutions now offer security codes to their mobile customers in order to ensure added security while using apps for making transactions. Contrary to the popular belief that mobile banking apps are not secure, these types of software are now offering enhanced security features to their customers.

The possibility of fraud is also reduced since the customers using mobile banking apps are alerted via SMS every time an activity is conducted in their accounts. As soon as money is deposited or withdrawn from bank accounts through activities such as fund transfer, check deposit, or cash withdrawal, the customer will receive an SMS alert on his/her mobile device irrespective of whether the smartphone is connected to the internet or not.

4. Two way benefits

Banking through the use of mobile apps benefits not only the customers but also the financial firms. It is a cost effective solution for banks, since they no longer have to spend on tele-banking. Moreover, it helps the banks understand the way their customers make monetary transactions, and hence they can improvise on means to better their customer care services. They can also identify their target customers better and promote services and products such as different types of loans and credit cards to this section of audience.

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