Banks and Mobile Apps Have Finally Met Their Match – A Big Blowup

Partner Post - Konstant Infosolutions Top Mobile App Development Company

Posted: September 17, 2018

While the trend of promoting business via mobile apps is on rise, it might make users feel like a prince by empowering them by tightening the noose over bank dealings. 

Mobile experiences for concrete financial institutions have become so important that their flexibility saves consumer’s time and effort by enabling them do their transactions, check account balance from the comfort of their home or while on move. 

According to research in the USA, there has been almost 30% decrease in a number of people visiting banks physically. Simultaneously there has been around a 33% increase in the use of mobile banking apps since 2016. There are around 57 million people who make use of mobile banking.

Why should developers create mobile apps for banking?

Having control over your money is one of the biggest assets of having a mobile app for your Banking business. A mobile connection works on the go and gives users the freedom to transact while they are on move. 

  • Availability – A mobile app can be helpful in making transactions 24×7, is risk-free, secure and cost-effective
  • Variety of Transactions – A mobile app enables a customer to perform a lot of transactions like transferring money online within the same bank, from one bank to another bank, paying utility bills, creating fixed and recurring deposits, generating pin, generating user id, blocking ATM card etc.
  • Prompt Transactions -The immediacy of transaction coverage and a range of intuitive features make it imperative for all the banks to be adept with their mobile apps. This makes banks connect with their mobile audience and provide all new value through their native apps.
  • Biometric Authentication – It is now easy for the developers to add biometric security to their sign-in process. This will eventually provide increased security and privacy in apps across the systems and are especially relevant to the banking apps that provide access to user’s most sensitive financial information. 
  • Coup d’oeil over the Account – Mobile apps allow the user to have a quick look over the account details without the hassle of opening and shutting down a computer.
  • Consolidation of Passbook – Mobile apps can be used to scan barcodes, provide passes for payment cards, check account balance, update ledger entries and enables users to better engage with bank and understand the financial holdings. These often make business holdings visible.
  • Online payments – Mobile apps can be used for all sorts of payments including NFC, for which banks have to coordinate with various financial institutions, providing feature parity with the branch. Customers expect new capabilities as mobile devices become more prevalent and powerful; this involves building experiences that account for user behaviors and expectations thus providing adequate support for the app users.
  • Mobile apps also give their users 24×7 hours access to their banking account. They can transact at any time of day or night from the comfort of their home without actually having to visit the bank 
  • Paying utility bills is now much easier, without stamps and paper cheques
  • Transaction history can be accessed easily without having to check the passbook every time
  • Mobile banking accounts for easy loan payments and other essential data requirements for credit and loan advancements
  • Mobile apps allow to conveniently deposits cheque by making use of the phone camera

Must Read: 5 Most Dependable NFC Payment Apps

What makes mobile apps relevant to the banking business?

Mobile apps have recently shown a lot of resistance in banking sector. 

  • For accessing and managing banking account easily
  • To manage money and keep track of spending habits and act as a real-time self-help tool
  • To locate nearby ATMs
  • Mobile apps help banks to go paperless and save a lot of expenses on stationary, paperwork and also eliminates the need to hire additional employees
  • Mobile apps often offer transactions that are cheaper than ATM transactions
  • This even saves a lot of operational costs by eliminating the need to run several branches
  • This enables customers to stay with financial institutions for a long time and complete transactions more frequently
  • Banks are able to collect and analyze actionable metrics of users to eventually improve the customer experience
  • Mobile apps are helpful in retaining users with push and in-app notifications which are personalized according to individual experiences. These make use of AI for effectiveness and exceptional user experience
  • AI enabled mobile apps are extremely effective at detecting fraudulent behavior and detecting patterns in real time

Signaling the Temporal End

Mobile banking app solutions are able to provide services that were once available only at branches. Organizations must hire a developer to develop a successful app that must be easy to use and to satisfy customers irrespective of the app development platform. Almost every business makes use of mobile applications these days and is an ever-present way for consumers to interact with their banks and their corresponding investments.

If you want to know more about Konstant Infosolutions and their expertise at developing mobile banking apps visit their website.