Yee Kok Siong on Mobile Banking And Mobile Wallet

The financial market is competitive like any other. To stay above the competition, these financial institutes are now investing in new age product innovations and customer centric models. Some of the new age products include the mobile wallet, which is slowly gaining popularity over the last few years.

In reality, the mobile wallet is a niche product. Over the last few years, it has evolved to the ideal financial product while facing, technical specifications, competing brands, consumer education and security concerns. However, at the basis of this phone wallet lays the phone.

Millions of individuals are host to not one, but at times, multiple phones. It has come to such a stage where these millions, are dependent on their phones. Although previously, phones were used only for communication purposes, today, multiple activities are conducted on this platform, including mobile banking.

But with the rising trend of mobile wallet, what is the difference between this product and mobile banking? Given below is an insight into these two entities by Yee Kok Siong.

Mobile banking is a financial service that allows customers of a financial institute to conduct some financial transactions through a phone platform. Through mobile banking, a customer can transfer money, make a deposit or even check their balance no matter where they are located or which bank they have invested in. Mobile wallets, on the other hand, are a product, as a part of the services of mobile banking. This helps a customer store their financial information, card details, vouchers or even transit tickets on an organized or secured platform on their phone.

In other words, this mobile wallet functions like a virtual banking card, which can also be used to make a point of sale purchases. This allows a customer to view cards and choose a payment or transaction method that is preferable to them. As a user of phone wallet, it allows you to get a real-time view of all your transactions. This improves interactive money management, thus allowing transactions to be more secure. In addition to this, you will have all payment sources in one place, making it simple for any purchases. These wallets also help banks address customer's problems such as carrying several cards or even tracking due dates and offers. Additionally, banks also get an idea of the customer's buying behavior, which allows them to target and offer a relevant financial experience.

Just like the popularity of mobile banking, so has the popularity of phone wallets increased. Plenty of individuals have already invested in apps that are basically mobile wallets. However, not many banks have included this product as a part of their financial services. As in the coming decade, plans have been made to incorporate phone wallets as a part of major financial institute's services in the near future.

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