Banks are upgrading their mobile applications to make it easier for customers to complete most transactions without having to visit branches with the apps emerging as the most preferred customer-interface for lenders after the pandemic. Stakeholders may include customers, bank business departments, bank functional teams and control and support functions," BoB said in a document on its website. Millions of customers are transacting through mobile apps as cheap smartphones and mobile data packages have made the services more accessible. Mobile apps of most major banks, except ICICI Bank Ltd, lag in terms of full functionality, Forrester said in the report. Meanwhile, ICICI Bank recently allowed the customers of rival banks to use its app.

Source: Mint December 27, 2020 21:00 UTC