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Mobile banking

Article by Maxim Lubomudrov and Eduard Lyssenker

Mobile banking is a financial revolution. A new reality of “non-cash payments, anytime, anywhere” has been added to the old familiar formula of “cash anytime”. Even regulators have decided to stimulate an increase in non-cash payments in the economy. One of the recent initiatives of the Russian Ministry of Finance is a bill proposing restrictions on cash payments in excess of 600,000 RUB.

Mobile banking is now the most attractive means of customer service for credit institutions. In the past, multifunctional ATMs, terminals and Internet banking helped banks to optimize their tellers’ performance. However, the high cost of maintaining branches is forcing bankers to look for new opportunities for cost reduction. Now, some banks are even introducing additional charges for executing transactions through tellers, in an attempt to increase the share of transactions through remote channels and thus lower operational costs.

Why is it that what we are seeing is an actual revolution and not simply a logical development in online banking? Mobile banking offers unique opportunities thanks to the technical specifications of smartphones. Because of the “here and now, 24/7” lifestyle. There are no longer any obstacles to conducting banking transactions anytime and anywhere. You can instantly receive notifications and relevant information with a permanent Internet connection. With geolocation and navigation services, users can always quickly locate the nearest branch or a partner bank providing special offers. Cameras allow you to scan receipts or QR codes to make fast payments. In addition, users can make video calls to the bank to arrange a consultation with a specialist.

We are seeing a change in the banker’s image as such. Banks are increasingly seen by their customers not as conservative financial institutions, but rather as innovative companies, which use the latest technology and service channels to implement the most advanced solutions, in order to maintain their relevance and appeal to the new generation of customers.

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