When you opt to use mobile financial services, you should have some expectations. This ensures you get satisfactory results from mobile finance solutions. As is clear by now, nearly 70% of millennials prefer mobile banking solutions due to their simplicity and ease of access. Mobile financial solutions are characterized by the following features:
Customer and Product Management
All mobile finance solutions provide a comprehensive way of managing products and customer databases, thus reducing the margin of error. Through this feature, individuals and businesses can create a single customer as well as a Business ID and also capture data for business and individual customers.
Mobile Banking
This is the key feature offered by many mobile financial services and plays a vital role in this digital era. Over 60% of youths today have access to internet-enabled devices. As a result, many of them can access mobile banking at ease and wherever they are. Any company can develop their own customized mobile app for mobile banking.
Loan Management
When it comes to managing loans and credit, this feature proves to be highly useful. Loan management enables loan providers to customize their loans and tailor them to the needs of every loan applicant. This ensures equal ground for screening loan beneficiaries.
Saving, Goals & Fixed Deposits
In most advanced mobile finance solutions, you’ll find Savings & Goal modules that allow users to create their savings, fixed deposit and goals accounts. It’s one way to help your customers save their finances and saves towards their financial goals. As it stands, saving money has never been a ride on the pack keeping in mind the financial challenges we face today.
Insurance
The insurance solutions provided by mobile financial services allow product configuration. It also provides reliable pricing & rate tables. This ensures the loan and financial services you are providing to your customers are reliable.
Payments and Communication
Mobile finance solutions provide online payment services integrated with digital mobile money apps. This allows easy money transfers between customers and bank lenders. Other than the advanced payment option, mobile financial solutions also offer advanced communication platforms that link businesses and their potential customers.
Conclusion
These are just, but a few features provided by mobile finance solutions but others like agency banking, utilities, business analytics and e-KYC are also equally important. Therefore, considering all these ensures you have mobile financial solutions you can trust.