Generational change and the rise in innovation are driving transformational changes within several sectors, especially in the banking industry. As customers become more open to technology, they seek a sense of flexibility and cybersecurity in the way they manage their finances.
The surge of BOV Mobile Banking is becoming more evident as customers are enjoying a flexible and easy way to manage their finances, at any time and from any place they want. The digital banking app offers users a series of features such as financial management, bill payments and mobile top-ups.
“Way back in 2017, we celebrated the milestone of reaching 10 million mobile banking logins in a period of 5 years, whereas nowadays, we are seeing approximately 2 million logins per month” said Kenneth Farrugia, Chief Retail Banking Officer at Bank of Valletta. Digital banking is being favoured at the expense of cash and cheque-based methods. In fact, BOV tracked a decrease of 34% in cheque usage since the beginning of 2021.
The mobile to mobile payments feature is one that has been favoured by many BOV Mobile Banking users. This enables users to send up to €1000 per day to any other BOV Mobile user. If transfers by IBAN are required, one can use the third-party payments option while using the same mobile app. These features offer individuals and businesses financial flexibility every day.
Paying your bills has also become much simpler to do. With several entities available on one application, you can pay all your bills easily without wasting your time queuing. It is not necessary to visit several websites and having to remember multiple login credentials. The ‘Pay a Bill’ function on BOV Mobile allows you to settle your bills with several entities such as insurance companies, water and electricity firms, schools and telecommunication companies, without having to incur any additional costs.
The option to top up your mobile credit through BOV Mobile is becoming an increasingly popular function. An increasing number of BOV customers have ditched the old ways top-up cards since they have the option to top up their mobile by any amount up to €50 without having to download any other apps or setting their credit card.
“Since last year, we’ve witnessed an increase of 20% in digital banking transactions, most of which represent mobile transactions,” said Mr Farrugia. “Our electronic banking specialists are always searching for new ways to refine this product to better meet the customers’ demands, and the higher the usage, the more data we can gather to provide customer-driven solutions.”
For more details and information about BOV Mobile Banking, click here.
Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).