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6.6 Banking Applications - Coggle Diagram
6.6 Banking Applications
Characteristics:
High Security
User-Friendly Interface
Core Banking Functionalities
Real-Time Processing
Uses:
for customers
Check Account Balances
View Transaction History
Make Payments and Transfers
Manage Accounts and Cards
Mobile Deposits and Digital Onboarding
Receive Alerts and Notifications
Track Budgets and Spending
Access Additional Financial Services
for financial institutes
Deliver Digital Banking Services
Increase Efficiency
Data Collection and Insights
Customer Engagement
Fraud Detection and Security Monitoring
Promote New Services
Cost Reduction
Advantages:
Convenience
Time-Saving
Enhanced Security
Cost-Effective
Easy Access to Financial Information
24/7 Availability
Personalized Experience
Improved Banking Efficiency
Environmentally Friendly
Disadvantages:
Internet Dependency
Technical Issues and Downtime
Security Risks
Device Limitations
Lack of Digital Skills
Limited Personal Interaction
Potential Hidden Costs
Privacy Concerns