FirstBank’s Mobile Banking App, FirstMobile, has continued to provide convenient access to financial and non-financial transactions as its volume and value of transactions increased tremendously in the first half of 2023. AMAKA IFEAKANDU looks at the benefits, impact and viability of the application in the banking industry.
Digital financial technology
The advent of digital financial technology in the nation’s financial landscape has helped to change accessibility of financial services in the banking industry.
With the adoption of technology, the banking industry has became more innovative in their service delivering to their customers.
The digital transformation in the financial system created an opportunity for all Nigerian banks to install various banking applications like internet banking, mobile banking, digital banking among others to make transactions faster, easy and more relevance for their customers.
Mobile banking app enables consumer’s to access banking services from their various accounts anywhere across the country.
As more banking activities becoming available outside physical branches, bank customers are increasingly turning to mobile banking solutions to manage their money.
Today, businesses and business owners are now able to save time by making use of mobile applications to process their payments or even receive funds from clients directly to their phone numbers.
The bank customers can use their mobile app to request for a service, such as opening an account, make a schedule debit orders and other payments.
In the same vein, the use of mobile technology, has helped banks to cut down operational costs while still maintaining client satisfaction.
The installation of mobile banking applications enhanced customers experience as well as maximal value through push notifications.
The new system allows for larger transactional volumes and eventually driving business growth.
Benefits of mobile banking
Mobile Banking App provides convenience as it enables bank customers to deposit, transfer fund, check account balances as well as set up a notification to alert you if you overdraft your account without visiting a bank branch.
Apart from saving time, Mobile Banking App allows consumers to be able to access banking services from their homes and offices. It also gives customers the opportunity to have control over their finances with the ability to self-serve as it is real-time access to managing and moving money.
Unlike banking in person, mobile banking apps and websites generally have no restrictions on when you can perform banking tasks, like depositing a cheque or moving money from one account to another. With mobile apps, users have access to special features like consulting a financial advisor directly through the app, contacting customer service, watching how-to videos, or using budgeting tools. It offers opportunities to create different savings accounts and track the progress of each goal directly from a smartphone while users have all of their financial information available at the tip of their fingers — through one personalized mobile app. Although there is different types of mobile banking services, each one of them designed in such a way that it will offer services that will meet the customers desired needs without stress. Mobile banking services ranging from account information access, transactions, investment, support services to content and news. But with introduction of mobile banking app, the volume and value of transactions in the banking industry has continued to increase on daily basis.
FirstBank digital banking
First Bank of Nigeria Limited, Nigeria’s most valuable banking brand remained committed to offering value-added services that suit the lifestyle of its customers.
This led to the launching of a FirstMobile App in 2015 to provides convenient access to both financial and non financial transactions by First Bank account holders through their mobile devices.
The bank’s FirstMobile is another secure platform that allow customer to execute banking transactions and access lifestyle news content on the go from their mobile phones.
With the Smartphone app, customers can enjoy real-time mobile banking services such as domestic funds transfer from self-owned accounts to other FirstBank accounts and other bank account, as well as make quick airtime purchase for self and others on all mobile networks, bills payments, cheque services including confirm cheque and stop cheque, flight booking and quick account services such as account balance inquiry, statement view and much more.
FirstMobile App track record
With the development of digital banking in the Nigeria financial system the volume and value of banking transactions have increased tremendously.
FirstBank’s Mobile Banking app -FirstMobile has helped the bank to continued to expand its banking service delivery as customers can easily carry out transactions at their various comfort zone.
In 2022 alone the volume of transactions through FirstMobile increased to 417.207 million while the valued of the funds transacted went up to N26.637 trillion.
Also total volume of transactions with Firstmobile between January and February this year was 333.660 million, amounting to N16.561 trillion.
Available data showed that 60 per cent of FirstBank male customers use the application while the remaining 40 per cent are woman.
The total number of customers using Firstmobile stood at 5.650 million as at December (5,650,505) in 2022 but the number increased in the first half of 2023 operations, rising by 556,486, representing 9.85 per cent to 6.206 million at the end (6,206,992) of June 2023.
Features of FirstMobile
FirstBank implemented new and exciting features on its mobile banking application – FirstMobile to enhance security and customers’ digital banking experience.
The new features are The Card-in-Control functionality, the Quick Response (QR) Code, the Transaction receipt and Save beneficiary functions.
The Card –in – Control functionality on the FirstMobile App empowers customers to be in control of their accounts and prevent unauthorized usage of cards. The Card –in – Control Service allows customers to determine channels (ATM, POS and Online) and countries, where their cards can be used. Customers are to go to the Card Management Service, under the ‘self- service’ menu on FirstMobile to disable or enable any of the features.
The Quick Response (QR) payment solution on FirstMobile App allows customers to pay for goods and services by using their phone cameras to scan QR codes at merchant locations or uploading a QR code on a smart phone via the FirstMobile App. Payment goes straight from the customer’s FirstBank account into the merchant’s account and provides real-time notification to both parties.
The transaction receipt feature enables customers generate receipt after a transaction on the FirstMobile App. This feature overrides any concerns around the confirmation of transactions as receipts can either be saved to the mobile phone gallery for future reference or shared directly with recipients of each transaction via email, WhatsApp, etc.
Also incorporated into the FirstMobile App is the ‘Save Beneficiary’ feature, where customers can save beneficiary details for later transactions. This eliminates the arduous task of searching and importing beneficiaries’ details for every transaction. Now, this is convenient and FirstBank has continued to leverage evolving technology in providing cutting-edge banking services to its customers.
Other features on the FirstMobile App include the domestic funds transfers; airtime purchase for self and others on all mobile networks; bill payments; cheque services; flight booking; and quick account services such as account balance inquiry, statement view and much more.
In all FirstBank Mobile Banking App- FirstMobile has simplified financial operations and made them much more comfortable, efficient and safe. investment in digital financial technology and innovation has allowed commercial banks to democratize financial services and strengthen the reach of bank. Today’s mobile banking software solutions offer flexibility and convenience with just a click or tap regardless of branch hours and location.
With the growing appetite for banking services, financial institutions have to meet current market trend to retain their existing customers and attract new customer.