New generation of mobile banking for business clients from Alicia Reno's blog

Digital bankingtechnologies like e-banking and Mobile banking refers to the use of a smartphone or tablet to access and manage your bank accounts and perform various banking activities. Almost all banks offer some of the best online banking in Sri Lanka, and this service is provided by banks through their mobile apps or optimised websites.

Here are some of the ways mobile banking helps:

·         Convenience: You can check your account balance, transfer funds, pay bills, and manage other banking tasks from anywhere, anytime, without needing to visit a branch. With these apps you can send money to Sri Lanka from overseas easily and quickly.

·         24/7 Access: Mobile banking apps are available around the clock, allowing you to perform transactions and check your account status outside of traditional banking hours.

·         Real-Time Monitoring: You receive immediate updates on transactions, account balances, and any suspicious activities, which helps in keeping track of your finances and preventing fraud.

·         Ease of Transactions: Mobile banking simplifies the process of transferring money between accounts, paying bills, or sending money to friends and family with just a few taps.

·         Enhanced Security: Many mobile banking apps come with advanced security features like biometric authentication (fingerprint or facial recognition) and encryption to protect your financial information.

·         Notifications: You can set up notifications for account activity, payment due dates, and other important alerts, helping you stay on top of your financial responsibilities.

·         Paperless Transactions: Mobile banking reduces the need for physical paperwork, making it eco-friendlier and more efficient.

Mobile banking provides a flexible and efficient way to manage your finances, making banking more accessible and user-friendly.

What is the new generation of mobile banking for business clients? What features does it offer?

The new generation of mobile banking for business clients offers advanced features designed to meet the complex needs of businesses. Here are some key features often included:

·         Multi-User Access: Allows multiple users within a business to access the corporate bank account with varying levels of permissions, such as view-only, transaction authorisation, or admin roles.

·         Customisable Dashboards: Provides tailored dashboards to view key financial metrics, transaction summaries, and account activities specific to the business's needs.

·         Advanced Security Measures: Includes features like multi-factor authentication, biometric login, and advanced encryption to enhance security and protect sensitive financial information.

·         Real-Time Payments and Transfers: Enables instant or same-day payments and transfers, including domestic and international transactions, to improve cash flow management.

·         Automated Reconciliation: Automates the process of reconciling transactions with accounting software, reducing manual effort and minimising errors.

·         Integrated Financial Management Tools: Offers tools for budgeting, forecasting, and financial analysis, helping businesses make informed decisions.

·         Expense Management: Provides functionality for tracking and managing business expenses, including expense categorisation and receipt management.

·         Custom Alerts and Notifications: Allows businesses to set up custom alerts for transaction thresholds, account balances, and other important financial events.

·         Cash Flow Monitoring: Includes features for real-time cash flow monitoring and forecasting, helping businesses manage liquidity and plan for future needs.

·         Payment Processing Integration: Integrates with payment gateways and point-of-sale systems for seamless processing of transactions and sales data.

·         Compliance and Reporting: Facilitates compliance with regulatory requirements and generates detailed reports for tax purposes, audits, and financial analysis.

·         Client and Vendor Management: Helps businesses manage relationships with clients and vendors, including invoicing, payment tracking, and communication tools.

These features aim to streamline financial operations, enhance security, and provide valuable insights for better business management.

What to consider when choosing a mobile banking app

When choosing a mobile banking app, consider the following factors to ensure it meets your needs and provides a secure, user-friendly experience:

·         Security Features: Look for robust security measures, such as multi-factor authentication, biometric login (fingerprint or facial recognition), encryption, and regular security updates.

·         Ease of Use: The app should have an intuitive and user-friendly interface that makes it easy to navigate and perform transactions without confusion.

·         Functionality: Ensure the app offers all the features you need, such as account management, fund transfers, bill payments, mobile check deposit, and access to financial reports.

·         Compatibility: Verify that the app is compatible with your device’s operating system (iOS, Android) and check if it works well on different screen sizes.

·         Customer Support: Look for an app that offers reliable customer support through various channels, such as in-app chat, email, or phone, to assist with any issues or questions.

·         Fees and Charges: Be aware of any fees associated with using the app, such as transaction fees, monthly maintenance fees, or charges for certain services.

·         Integration with Other Tools: Check if the app integrates with your existing financial tools, such as accounting software or payment gateways, to streamline your financial management.

·         Reputation and Reviews: Research the app’s reputation by reading reviews and ratings from other users, and consider recommendations from trusted sources or financial advisors.

·         Customisation Options: Look for features that allow you to customise alerts, notifications, and dashboard settings to suit your personal preferences and financial needs.

·         Accessibility: Ensure the app provides accessibility features for users with disabilities, such as screen readers or adjustable font sizes.

·         Regular Updates: Choose an app that receives regular updates to improve functionality, address security vulnerabilities, and add new features.

·         Data Privacy: Review the app’s privacy policy to understand how your data will be used and protected. Ensure it complies with relevant data protection regulations.

By evaluating these factors, you can select a mobile banking app that aligns with your requirements and provides a secure and efficient banking experience.