When your smartphone becomes a digital bank thanks to the mobile application

Chat and stay in touch with friends via social networks, book dinner and shop: smartphones are now an integral part of our daily life.

Many innovative and user-friendly mobile apps have made the digital actions in our lives faster and more convenient. Even the banking and financial industry has seen the emergence of simple and flexible applications that allow you to manage your checking account and banking transactions through your smartphone. Mobile banking is no longer a future trend, but a reality for banks and users.

What are mobile banking services?

The dedicated mobile application for banks, also Mobile Banking, covers all financial and banking transactions processed via a smartphone or mobile tablet. This term is used regardless of whether the services are used through a web browser or an application.

Mobile banking is also closely linked to the mobile payments industry, such as the cashless smartphone payments enabled by GooglePay or ApplePay.

Banque mobile et banque en ligne

What is the difference between the mobile banking app and online banking? And what advantages does the mobile offer bring?

Unlike online banking, where you have to start your PC, mobile banking gives you the ability to access services from anywhere using an internet enabled device.

Mobile use allows users to check balances, make transfers, or manage securities and stocks right from the couch at home, coffee shop, hotel, or anywhere else.

With a smartphone or tablet, you have the bank always at your fingertips. Banking services via a mobile application are increasingly adapting to user needs. Mobile banking mainly comprises three services: account management, banking and stock market transactions, and financial information and services.

In France, the most famous Mobile-Banking applications are:

• La Banque Postale mobile application
• Crédit Mutuel mobile application
• CIC mobile application
• Societe Generale mobile application
• Caisse d´Epargne mobile application
• Banque Populaire mobile application

Mobile banking applications: the characteristics

Intuitive, simple and with constantly evolving functionalities: applications are at the heart of mobile banking. Banking functions and financial services can vary from provider to provider, but the main features of a mobile banking app are usually the ability to check balances and transactions, make transfers, set up standing orders, block cards and manage contact details.

In addition to traditional features, many applications offer additional functionality such as:

• Find the nearest ATM where you can withdraw money at no cost.
• Push notifications to stay on top of important transactions.
• Reminders about large payments.
• Buying and selling stocks, shares, and investments or obtaining financial information on the stock exchange.

In the future, technical developments will bring additional functionalities to applications in order to bring them ever closer to customer needs.

Are Mobile Banking Safe?

One of the main aspects for banking service providers is certainly security. Mobile banking applications use encryption standards such as the 256-bit Advanced Encryptions Standard (AES) for data transmission.

Some features, such as fingerprint recognition or facial recognition, maybe a more secure way than common, potentially fraudulently usable login data in PC online banking.

The future of Mobile – Banking

In a world where mobility and flexibility become the mainstay, mobile banking via applications on smartphones or tablets has become the norm for banking and financial transactions. Thanks to the development of new technologies, mobile banking services will become increasingly simple, secure and convenient for users and will become an indispensable service.