Porfirio Sanchez Galindo on how to use mobile banking

Move aside, traditional bank. Fintech is disrupting the industry. And no, that is not a bad thing. On the contrary, fintech is helping bank employees and customers navigate in the future that benefits from technology as much (if not more) as it depends on it.

Now, the esteemed economist and mathematician Porfirio Sánchez Galindo shares the reasons for one of the biggest impacts of financial technology: mobile banking. As a strategist at marketing and financial technology expert , Porfirio Sánchez Galindo knows the form of the game and sees the future that financial technology promises.

What is fintech?

First things first: for those who are not familiar with fintech, it is a short term for financial technology. Together, fintech has experienced tremendous growth over the past decade, emerging today as a leading sector in big business.

Fintech’s objectives are simple: merge existing practices with technology. The desired result is ease of activity and improved efficiency for both financial employees and customers. Services such as application-based investment services, customer support with artificial intelligence and cryptocurrencies are all fintech products. Do you have any other outstanding development? Mobile banking

And according to Porfirio Sánchez Galindo , mobile banking will only have an upward trend.

Why mobile banking?

Today, the use of smartphones is at an all time high. With the increase in technology, the desire of consumers to be able to do more on their cellular devices has emerged. Dozens and dozens of companies from various industries are providing mobile services for their customers. Hence the need for banks to do the same.

The way banks meet the needs of their digital consumers if they offer services that can be done through smartphones. Things like voice-activated features, support through AI, advanced biometrics for easy access and withdrawals from cardless ATMs have become part of the mobile banking experience.

In the opinion of Porfirio Sanchez Galindo, these innovations only increase customer interest. If the ultimate goal is to make life “easier”, then mobile banking is doing exactly that.

The benefits of becoming mobile

Still loyal to your bank’s brick and mortar establishment? Don’t worry, many people are. However, Porfirio Sánchez Galindo emphasizes the benefits of mobile banking. The traditional bank is still standing, but why not at least try to take advantage of what mobile banking offers?

Benefit # 1: Additional Security

No one wants to lose money, especially through fraudulent activities. Think about how many hackers and scammers in good faith there are. When was the last time a Nigerian Prince asked you to transfer $ 4 million? Yesterday? Last week?

No one wants to lose money, especially through fraudulent activities. Think about how many hackers and scammers in good faith there are. When was the last time a Nigerian Prince asked you to transfer $ 4 million? Yesterday? Last week?

The nuanced machines and big data are paving new paths for the banking industry, and they promise to continue building stronger security on all financial fronts.

Benefit # 2: Ease of access

It may be obvious, but mobile banking makes accessing your accounts much easier. While you still cannot complete all book transactions through a mobile platform, the cellular functions of many banks have grown.

Do you need to check your funds? No problem: access the account on your phone. In addition, while waiting for the iteration of your bank or smartphone, you can log in to your account without having to enter a password. Instead, your phone will use your facial recognition software.

Check deposits? Easy. Most mobile banking applications allow deposits to be made through their platforms. Do you need to transfer money? It can be done directly from your phone.

When traveling to the bank is out of the question, mobile banking has become a viable alternative.

Benefit # 3: Faster support

With an increase in mobile banking there has been an increase in AI. Many banks use automated bots to help customers solve problems. “Eno” by Capital One, “Ally Assist” by Ally Bank and “Erica” ​​by Bank of America are examples. While human interaction is (obviously) eliminated, these virtual assistants have a wide range of capabilities and can often solve customer problems faster than waiting in line to talk to an employee.

Benefit # 4: Non-traditional banking

For those fed up with the fees assessed by their respective banks, fintech has given way to traditional banking alternatives. Companies such as Varo, Chime, Moven, Simple and Aspiration are examples of fintech creations; that is, mobile banking platforms that are completely application based.

These platforms tend to eliminate the functions that users do not need, which speeds up the banking experience. Oh, something else? They strive to pay small or no fees when it comes to withdraw / deposit, minimum amounts, etc.

Fintech and the future

Fintech is the future, and the future is mobile banking. However, among its praise for innovation, Porfirio Sánchez Galindo also warns that, in order to remain relevant, mobile banking must be relevant.

This means a routine evaluation of mobile banking offers and more attention on personalized functions instead of general services. It means analyzing demographics and providing services to specific people. It means constantly evolving. So far for the fintech industry, that doesn’t seem to be a problem.

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