Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

What is Mobile Banking?

Mobile banking involves the use of a smartphone, tablet, or another mobile device to view account information and transactions, transfer funds, pay bills, deposit checks, and perform related banking activities. 

The Rise (& Challenges) of Mobile Banking

The U.S. Census Bureau reported that smartphones were present in 84% of U.S. households as of 2018—a trend that has continued to the point of near saturation. Advancements in smartphone capabilities and expanded access to high-speed wireless networks have opened new opportunities for leveraging mobile technology, including banking. As a result, mobile banking applications are an integral part of larger digital banking platforms and, for many Americans, the preferred way to access account information.

However, not every financial institution possesses the technical capabilities to develop in-house mobile banking solutions while balancing the need for:

  • Feature-rich user interfaces
  • Device compatibility
  • Infrastructure management
  • Branding consistency
  • Information security
  • Fraud risk mitigation

Delivering an Effective Mobile Banking Experience

Banks and credit unions often partner with technology vendors, such as Alogent, to accelerate their mobile banking strategies. Here are a few potential benefits of this approach:

Streamlining users’ experiences with less technical complexity: End users expect a simple, intuitive mobile banking interface that allows them to easily perform banking-related tasks. A financial institution’s mobile banking app should resemble its online banking or browser-based companion, while delivering streamlined experiences and feature parity across any device. Partnering with a specialized vendor can help institutions balance these requirements with less time and effort.

Driving outcomes through mobile interactions: Native functionality with streamlined user experiences help financial institutions increase the impact of their digital banking platforms with cross-device engagement for both consumers and small businesses.

Confidently supporting a growing number of mobile users: Expanding the number of mobile banking users is a good problem to have. Partnering with a reliable banking solutions provider reduces infrastructure-related constraints, which keeps staff focused on account holder engagement.

Learn about NXT, Alogent’s online, mobile, and digital banking platform for consumers and businesses. Visit Alogent’s Innovation Hub for additional banking definitions.

 

Explore more resources

Related articles

Wednesday 9 October 2024

Enhancing Document and Information Management in Banking: Overcoming Data Access Barriers with Intelligent Document Classification

While a misplaced document or an incomplete file might seem trivial, such issues can lead to costly storage expenses, evolving audit and compliance demands, and…

Read the Blog

Monday 7 October 2024

[Playbook] Categorize Your Exceptions for Reporting

Your financial institution has grown its commercial loan portfolio over the past few years. Despite your team’s best attempts to minimize exceptions, the number of…

Read the Blog

Monday 30 September 2024

Part 1: Revolutionizing Deposits Automation: How Unify is Leading the Charge in Modernizing Item Processing

The race to transform payment systems is in full swing across the banking industry, with modernization projects taking center stage. In this first part of…

Read the Blog

Tuesday 24 September 2024

Related Entities Tracking: Go Beyond Spreadsheets

Tracking related entities is an important, yet time-consuming activity for understanding complex banking relationships. Businesses are bought and sold, ownership changes hands, and people relocate…

Read the Blog

Wednesday 18 September 2024

The Modern Banking Branch: How Technology is Driving Transformation and Personalization

The role of the branch has undergone a significant transformation. Gone are the days when the branch was simply a place to handle transactions and…

Read the Blog

Thursday 12 September 2024

Digital Banking Series Part 1: Considerations when Upgrading your Digital Banking Platform

Digital banking has transformed how consumers and small businesses transact, including accessing account information, transferring funds, paying bills, depositing checks, inquiring about loan offers, and…

Read the Blog

Thursday 29 August 2024

7 “Outside the Box” Use Cases for the AccuAccount Audit Export Feature

The audit export feature in AccuAccount was built to simplify audit and exam preparation for financial institutions. Instead of scrambling to gather paper loan files…

Read the Blog

Tuesday 27 August 2024

Revolutionize Banking Efficiency with the FASTdocs Workflow Library: Your Key to Streamlined Operations and Enhanced Accuracy

In the ever-evolving world of banking and financial services, efficiency and adaptability are key. Enter the FASTdocs Workflow Library, a game-changing feature of Alogent’s FASTdocs…

Read the Blog