On December 2021, Mega Bank Limited had upgraded its mobile banking system with a new banking experience. It has upgraded its UI/UX along with entering in the Omni-channel system.
An omni-channel approach means that distribution, promotion, and communication channels are all integrated. It signifies that your information is already stored in the system and that you do not need to verify it again.
With this, Mega Bank also enters in the clubs of banks that have entered into the Omni-channel banking system. Currently, the banks like Standard Chartered Bank and NMB Bank have their own Omni-channel system. A bank entering into Omni-channel means that it serves both mobile based service and web-based service through a centralized system.
The banks like Everest Bank, Sanima Bank and Mega Bank have entered into the Omni-channel of F1 Soft International.
We have prepared an article about Mega Bank’s new feature along with clearing out what Omni-channel really is.
It has introduced various new features like card request from the mobile banking app itself, filling out digital voucher, scheduling appointments, mCash feature for non-banking customers too. The new mobile banking version of Mega Bank even allows you to track your expenses by showing a summarized graph of your financial transactions through this its mobile app.
Regarding this upgrade, we had a talk with Bishwa Singh, Head of Digital & eBanking at Mega Bank Limited. Let’s see what he has to say about the brand new version of Mega Smart Banking App.
How is new mobile banking different from previous version?
We have enhanced the UI/UX of the app. Also we have added other features like mVoucher, mCash as well. The previous version did not have appointment booking facility, our customer can book an appointment to meet the Branch Manager or the Relationship Manager of the branches to for their banking needs on our new app. The new version also allows the non-account holders to register to the online banking and lastly, all of our products are showcased at one place.
How the security concerns are managed in the web version of the Mega Smart Banking?
Web is fully secured with two factor authentication, the transaction is processed only with OTP verification followed by other security measures as data encryption, session timeout, and instant alerts. Web is also secured with the SSL encryption as SSL encryption creates a secure connection with your browser when you log in, fill out an application, register for services and more.
What is mVoucher and how can we use it?
mVoucher to digitize the manual deposit process by allowing users to fill up digital vouchers available on the app/web. Upon completion, users are provided with a code which they can provide to the teller at the branch along with the cash. The teller enters the code in the Mega Smart admin module which triggers the required transaction into the Core Banking System.
How will this product will help the to increase the liquidity of the bank?
Since there is already technological disruption in the FinTech industry in Nepal, Mega Smart Banking is the part of this transformation. It is a customer centric platform based model that channelizes the payments. So our products potentially help to improve efficiency with innovation and financial inclusion of the country. The average value of customer’s transactions via ATM, POS, and mobile banking affects the liquidity.
Do you have any plans to provide digital banking access to Rural Nepal?
We are consistently working to enhance our digital banking network to all over Nepal. We are helping in financing, and delivering products and services at local levels to achieve a public service outcome. We also consider digital banking as an opportunity to serve people from marginalized communities in remote areas. We are working continuously to reach a large number of people which could be beneficial to the bank in the longer run to expand banking services in rural areas.
Since Mega Smart Banking is available both in Web and App, so are you going to stop providing internet banking access?
No, we are not going to stop providing internet banking access for our customers. Both mobile and internet banking has their own usage, so internet banking is equally important for customer to access their account. As we have provided the customer with the choice to choose any from internet or mobile banking, customers can use internet banking to access digital banking services from their home.
Both the mobile banking and internet banking are two different products. Since, the internet banking is mostly used by our corporate customers and the NRB’s bylaws do not allow us to provide mobile banking to the corporate customers so we will continue the internet banking access who ever needs it.
Can we add the card or virtual card in the Mega Smart Banking?
We already have included account information of virtual/physical prepaid card in the mobile banking application. Furthermore, we are working on building the ecosystem for credit and debit card integration on Mega Smart Banking so that our customer can see their card information and also enhance the user experience.
Mega Bank’s Mobile Banking App Promises to Serve A New Banking Banking Experience
Mr Singh simplified about the new upgrade in Mega Bank’s mobile banking. It has introduced even digital calendar which allows you to access calendar in your own mobile banking and plan the transactions accordingly.
Moreover, this would bring a new digital banking experience as you can enjoy additional features that are typically rare in the existing mobile banking apps. The new concepts like mcash, mvoucher, card request features enable you to enjoy various banking services without visiting the bank. This is the initial step by Mega Bank so let’s hope they would add the features as promised accordingly with time. Mega Bank is working on to integrate mobile banking and internet banking such that it would provide interoperability among the banking system. With this, the scenario of digital banking is changing gradually and making banking experience easier.