Business June 13, 2021 Last updated June 13th, 2021 471 Reads share

How Mobile Application Development is Transforming Banking & Finance

How Mobile Application Development is Transforming Banking & Finance SectorImage Credit:

Mobile apps are reshaping the lives of all the tech-savvy lovers around. It determines various tasks of life with respect to entertainment, behavior, shopping habits, and more.

Not to forget, mobile applications form an important part of our lives while handling personal finance, accessing banking facilities, making payments, and transferring funds while on the go.

In the past couple of years, the banking and finance sectors have shown a vested interest in mobile application development. Looking at the increasing penetration of the internet, smartphones, and rapid accessibility of mobile application development services, the banking sector look for suitable apps for users to maintain a healthy relationship and let them handle finances conveniently.

Moving forward, we will discuss the benefits of banking & finance apps and features look at.

But before that, let’s catch up on a few important statistics related to banking mobile app development.

* According to Statista, 90% of mobile users like to see their bank account details on the mobile app.

* 79% of the users view recent transactions on banking applications.

* 59% of the users like to make contactless transactions using banking apps.

* 57% prefer to make online transactions via the high-security application.

Key Benefits of Finance and Banking Mobile Applications

The benefits of banking app are divided from the user’s and financial sector’s point of view.

Benefits of Banking Apps for Users

1. Instant Account Services: As the name itself implies, mobile apps of banking provides digital account opening convenience to customers. With this, no need to face the hassles of making several rounds to the bank, pilling up a plethora of papers, and wait for approval. InstaAccount services of banking apps ensure quick opening of an account with limited documents required online.

2. Seamless Transactions & Bill Payments: Almost all financial applications are infused with this feature of making bill payments online using a single tap benefit. Users can pay for mobile, electricity, medical, or any other bill via the financial app. All the more beneficial is making digital transactions from one bank account to another seamlessly.

3. Spend Analysis: Get a complete overview of all the purchases, bill payments, and transactions on the app itself. It allows an easy way to track and analyze spending habits and control the same if the need arises.

4. Direct Access to Account Statement & History: Banking apps are infused with the feature of looking at and downloading the latest and previous accounts statement. Also, look at the payment history without finding the need to visit a bank.

Benefits of Banking Apps for the Financial Sector

* Enhanced Customer Experience: Financial industry can develop and design a full-fledged banking app for users to better manage their finance digitally. With this, customers can fulfil their banking needs at any point in time and that too at any geographical location. In the end, such apps provide a better customer experience and increasing financial brand credibility.

* Generate Additional Revenue: Mobile banking apps impact customer engagement factor to an utmost level. Financial brands have additional opportunity to generate more revenue and that too by offering value-added fiscal services. It could be like getting health insurance, car insurance, a term plan, or any other offer.

* Cut Down on Operational Cost: Getting under the skin of banking and finance app development is cost-effective as compared to handling the physical presence of the bank. Mobile banking apps reduce operational cost to a certain level. Banks have now become paperless and the majority of operations running online.

* Better Security: For the banking & financial sector security is the major priority. It is important for the sector to secure user’s banking and personal details at all cost. To make this happen, a banking app is an ideal solution to secure all the transactions, payments, and even personal identifiable details of users.

Top Features to Look at Banking App

There are few features of banking and finance apps that we will be discussing here. These are not limited to the extent of your financial enterprise only. There could be more as per your requirements.

The common ones are as follows:

* Cashless Transactions: Digital payment solutions are on the rise and have taken the banking sector to new heights. A majority of mobile users do cashless transactions via banking app and saves a considerable amount of time. Thus, digital payment is one of the quintessential features of such applications.

* Simple Sign-In: Security has of utmost importance for the mobile banking app. It is important to integrate the feature of multi-factor authentication to secure the transactions of particular users. There must be different authentication features to include like using Pin, strong password, face detection, biometric detection, and more.

* Chatbot for Customer Support: For banks and financial institutions, giving round-the-clock customer supports matters a lot. Chatbot feature has become a new norm in the financial app sector that helps to provide personalized customer assistance to users in a 24×7 running environment.

* Voice Payment Option: New and new technologies penetrated their way into mobile app development. Voice Search is an influential feature to add in application to bring search and result-oriented convenience. In relation to the banking sector, Voice banking offers the benefit of voice-enabled transactions and payments without facing much hassle.

* Financial Planning Feature: Budget management is an important feature to add to the financial application. It helps users to make the right financial decisions by creating a budget well in advance by including necessary expenditures, spending habits, investments, and more.

Final Word

The banking and financial sector have been an inevitable part of our lives. Maintaining finances and handling banking related things have become much simple and accessible using mobile apps. With the easy integration of banking apps, it is simple to make cashless transactions, fund transfer, financial management, and bill payments conveniently and securely.

 

Shweta Pathak

Shweta Pathak

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