From Wallets to Smartphones: The Impact of Mobile Phones on Financial Transactions

GDS Modellica
The reason why we refer to them as “mobile phones” is because they were initially designed as personal communication devices that could be used while on the go. But it is an understatement to define the tremendous little miracle of technology that is carrying real intelligence systems in the palm of our hands, which we unlock a hundred times a day, according to some of the latest studies, either to check notifications or to access one of the thousands of applications that we have installed on our smartphones.

The “mobile phone”, a small yet powerful gadget, has significantly impacted financial management by enabling users to access their accounts and conduct financial transactions anytime and from any location. It has also spurred unstoppable advancements in accessibility, convenience, cost control, and agility through systems such as PayPal, Apple Pay, and Google Pay. Furthermore, this technology represents a continuous field of research regarding security, as financial apps are required to implement the latest encryption and authentication technologies to safeguard the user’s information.

The emergence of the “mobile phone” has profoundly impacted various aspects of financial life, including those at the core of GDS Modellica‘s business, beyond the advancements mentioned earlier. Let’s take a closer look:

  1. Fraud prevention: Using technologies such as biometric authentication and real-time verification has enabled financial institutions to improve fraud detection and prevention in financial transactions carried out via mobile phones.
  2. Collection activities: Using mobile phones has enabled financial institutions to contact customers more efficiently and in real time, improving debt collection processes.
  3. Origination processes: Financial institutions can use mobile apps to collect customer information and perform a real-time risk analysis, which has improved loan origination processes and enabled greater efficiency in the process.
  4. Personalisation of services: Financial institutions can use information collected through mobile apps to offer personalised services to their customers, improving customer satisfaction and loyalty.
  5. Process automation: Mobile technologies have enabled financial institutions to automate processes such as loan origination, improving efficiency and reducing the costs associated with these processes.

The latest Morning Consult study on the use of “mobile phones” in mobile payments, Buy Now Pay Later options, and alternative financial operations confirms the undeniable impact of mobile phones on our daily lives.

We have presented this information in the form of an infographic, a format commonly used on our site and one that will be of interest to our readers.
Mobile Finance Trends | GDS Link
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