Over the past few years, smartphones have taken the world by storm and the number of users is increasing steadily. It is not merely a device for communication but also a tool that has made things quicker and more convenient. From seeking directions and booking cabs to shopping online and even accessing medical facilities, it is now possible to do a lot with a few taps on the screen. As “digital” is increasingly becoming the new buzz word, even the financial sector has taken a leap in this direction. This is evident as we see the emergence of numerous mobile banking solutions and e-wallets with banks adopting innovative digital banking technologies that make lives easier for the end customer.
The use of mobile phones as a channel of payment, a wider acceptance of banking apps and digital wallets, all contribute towards greater banking convenience. Considering the increase in smartphone usage among customers, digital accessibility to financial systems eliminates the need to personally visit a bank branch. The whole process gets simpler and quicker with access to all banking facilities at the press of a button or a few taps on the phone’s screen. This brings numerous advantages as can been see below.
Challenges in going digital
Both private sector and the public sector banks are taking their time in going end-to-end digital and there are several reasons behind this.
First of all, going digital can happen only when the idea is appreciated by a majority of the public. It is important to understand that people in remote areas who are not very comfortable with the excessive use of technology will take more time in accepting this change. They have to be familiarized with the advantages of going digital before we can expect them to embrace the new technology.
Secondly, in order to jump to a digital interface, banks also need to keep up with the evolving technologies and IT infrastructure. Though it may not seem easy, it is essential to maintain proper functioning of all software that makes digital banking a possibility. When a bank fails to do so, the outcome can be very frustrating for their customers. For example, if the user of a banking app is unable to make an emergency bill payment digitally because of a recurring technical glitch, they would quickly begin to question the usefulness of the app.
The third challenge that needs to be taken very seriously is the maintenance of strict security protocols at every level. The main reason why a lot of people are still sceptical about using banking apps and e-wallets, among other digital technologies, is that they are worried about how secure these technologies are. With FinTech, the risks of cyber-crime cannot be neglected. So, all financial institutions must incorporate fool-proof security measures in all their digital banking endeavours. More importantly, the effectiveness of the said security measures needs to be convincingly conveyed to the target users.
The solution lies in consistent software testing before changes are launched or new technology is introduced officially. A well planned digital strategy is the key to banking convenience. Other important aspects to be taken care of include sustainability and delivering quality at high speed.
The difference made by OBOPAY
OBOPAY offers a much lower capital expenditure as well as a lower operating expenditure per customer. The simplified up-front product offerings balanced out with vendor-hosted solutions add to the feasibility factor. The options for selective IT investment reduce the need for expensive legacy systems.
Turning to OBOPAY for system automation and other specifics ensures that your digital banking platform is tailored for individual requirements. This is made possible through dedicated and advanced configuration management and the company’s decade-long experience in building a strong platform that is being put to the test and verified across the globe.
It is important to go digital with a trusted solution that adheres to strict quality standards and regular software updates that allow things to keep running smoothly. Experience and expertise in this area are of high importance and should not be underestimated. That is why OBOPAY, being familiar with different economies and equipped with the latest technology, is one name that emerges as an ideal solution that is cost-effective and efficient in all aspects of mobile and digital banking.