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Thanks to intelligent banking, connecting with your bank without going to a branch is now possible. All you need is an Internet connection and your cell phone to carry out any transaction in a short time.
Smart banking is a concept born from online banking. This new way of conceiving banks aims to turn the customer into the protagonist and focus all the processes on him/her to guarantee the best security and attention without waiting and from the comfort of your home.
Advantages of smart banking
At present, some traditional banking institutions are already beginning to offer their customers online accounts to manage their savings in the way that suits them best, breaking time and geographical barriers. That is to say. These banks allow you to carry out any management at any time, seven days a week, 365 days a year, so that you do not waste time going to a branch.
The main transactions can be carried out over the Internet without going to a branch. For example, from a computer, you can make a monthly payment order for the rent of your apartment or transfer it to a friend to purchase a gift. These procedures had to be carried out in the bank branch until their arrival, with the consequent loss of time.
Some banks have developed their applications so that all operations can be carried out comfortably and from anywhere since we are almost always connected to our phones.
Bank expenses are minimized since some physical offices are eliminated (or all in the case of some entities), which allows savings in rents and energy. On the other hand, having all the information online is unnecessary to use so much paper for payment notices or invoices.
In addition, the client has in his hand all the information about the contracted products and can consult them at any time without having to ask for all the documentation in his office. This guarantees time savings.
To be more competitive and reduce costs, most smart banks offer commission-free accounts and allow the use of credit cards to withdraw money in other banks and abroad without additional payments of any kind. In addition, the conditions to be fulfilled to take advantage of their benefits are lower than in traditional banking.
To view the cost of mobile banking development, you can see here: https://boston-unisoft.com/blog/mobile-banking-application-costs.html.
Disadvantages
On the other hand, innovative banking also has its disadvantages. Even though the customer is the center, some of the suggestions or proposals made by the customer cannot be carried out or cannot be improved due to economic policies or other factors.
One of the main disadvantages is security. It is not about security breaches or attacks that jeopardize your savings but about the mistakes you can make when trading online. The cell phone is the primary tool, so you may leave your passwords saved or show them in public without realizing it, make purchases with your credit card on public WIFI networks or use the card in places not certified as secure.
On the other hand, you must be careful with protecting your phone because it can be stolen at any time and get your passwords or not having these saved elsewhere, you can not access your terminal because it is broken. Protect your smartphone and solve all the problems it can cause you as soon as possible.
Another disadvantage is that they depend on an Internet connection to manage, so you can not use them in places without coverage. Some entities are already offering the offline option to guarantee the service, but there is still a long way to go. In addition, many are not prepared to operate with the digital certificate, so you will have to go to the office if they need your signature.
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