Top 6 reasons businesses should develop mobile banking application
The gen-next is all about mobility. From WhatsApp to Facebook and Snapchat to Uber, we’re engrossed and spoilt for choices when it comes to mobile applications. We are using on an average 21 apps on a daily basis from communications to traveling and everything else in between.
All the enterprises are developing apps that make our lives a tad spicier and easier than ever before. Having said that, developing unique and ubiquitous apps is a serious undertaking. And, mobile app development for banking, personal and business finances complicate the matters further.
Whilst most financial institutions are cautious, here the top reasons for businesses to consider mobile banking application development.
Better Digital Experience for Customers
Customers are at the core of every business operation and mobile applications epitomizes this fundamental to a whole new level with flawless digital user experience. An application makes retrieval of financial information of a user much faster and easier.
Moreover, all the information is stored on cloud and in user’s mobile devices, allowing them to take informed decisions. It also provides additional benefits like:
Increases Customer Base due to 24×7 availability
Personalized Banking Experience
One tap information for the accounts
Impacts users positively with increased responsibility
Reduced Expenses and Dependencies
All the financial businesses obsess over reducing operating costs. Enterprise mobility solutions offer a sharp reduction towards operating, technology, and all the other associated costs.
Moreover, it also decreases dependence on banking staff and bank branch to perform a banking transaction meaning a boost to profitability. It also reduces manhours used in clerical work by the banking staff allowing them to perform other core-banking tasks with agility.
Also, a mobile application will ensure faster access to markets and funds for financial products and instant approvals to users who need them the most. Creating a win-win scenario for both the sides.
Increased Security and Protection
Security of banking transactions is a priority for everyone including the customers and employees. Also, there’s something called banking regulators and ombudsman that keep audited checks to ensure utmost security and privacy. With mobile banking, the security cover gets increased manifolds.
It has secure servers and registered applications on online markets that reduces the risks of money laundering and proliferation within the banking system. With browser and IP protection, users get unauthorized usage notifications on their devices.
Moreover, technology advancements Pin, Pattern, Fingerprint, two-factor and many other authentications are added for increased protection for the users.
Users and bankers fret over complicated transaction history. From bill payments to insurance premiums, users want their every transaction completed on time, every time. Creating a mobile application will solve this problem.
It will simplify using an application to mobile banking users with payment history with readily available wallets and online payment schedulers. This will make it easier for the bank employees and customers to trace and track payments made from an account or an application with messages and push notifications.
Data is the king. With more and more users consuming information through their devices, every transaction presents an opportunity for the banks and financial businesses to cross-sale their products from car-insurance to mutual funds to a wider target audience. This is one of the reasons insurance industry is embracing digital transformation with open minds.
With the ability to understand user spend, you can target sales and promotions that benefit your users with discounts from your vendors and partners. This ensures that users become loyal to your brand.
Also, any deviance from their spending and payment habits will raise alarms and notifications to both users and bankers, making it much safer to do banking.
Return on Investment
As per the ABC banking survey, customer who use mobile banking apps stay longer with their banks and on an average perform 66% more transactions compared to branch-only customers. Also, they have higher product holdings with investments in insurance, savings, and other banking products.
Moreover, they perform and complete banking transactions more frequently and rarely visit branches, reducing average spend on a customer account. Surely, this ensures a great Return on Investment (ROI) for fintech spends.
In the end:
To the tech-savvy generation, mobile applications is the bank. They froth over calling or even visiting their bank branches unless they really need to visit one for an important ID check or KYC.
Sooner or later, every bank and financial institute will have to think in the direction of developing one or multiple mobile applications that provide banking solutions and credit card solutions with online banking options. Consider it an investment rather than a spend and it will be returned with interest, in full.
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