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    Transform Your Banking business With Mobile App

    Businesses are vying for digital transformation, and rightly so. Not only does it ease business operations, but it also helps deliver better value to customers. Peace of mind for everyone. 

    As per research, executives say the top benefits of digital transformation are  

    • improved operational efficiency (40%),  
    • faster time to market (36%)  
    • and the ability to meet customer expectations (35%). 1 (check link below)  

    One of the most critical components of digital transformation is reaching out to a mobile app development company to get a business application. It allows businesses to get closer to their customers and develop deeper and more meaningful relationships.  Opting for mobile banking app development is proving to be a pathbreaker for banking and finance businesses. And if you are one of these businesses that can still choose whether to go for app development or not, this blog is for you.  

    Read the whole blog to understand the benefits of mobile applications for your banking and finance businesses, as well as what features you should include in a complete mobile banking application. Let’s start with the benefits first. 

    5 Business-Boosting Benefits with Mobile Banking App development 

    Mobile app development for your banking and finance business brings multiple benefits. These benefits reach all the stakeholders, be they customers, middle-level manger or top decision-makers. Let’s see how. 

    Deeply Engage Your Customer 

    Getting a mobile application lets your customers access accounts and services 24/7 with infused personalization.  

    The tailored notification and offers as per their specific customer requirements not only engage the user but also enhance the chances of them availing of additional services.  

    This is important because, as per Google/IPSOS, 89% of marketers reported that personalization on their websites or apps resulted in an increase in revenue.  

    With personalization, users get emotionally connected to your brand, developing brand affinity and nurturing brand loyalty. Essentially, you are easing your sales efforts while reinforcing the customer’s lifetime value.

    As per a study published in PR Newswire, consumers who have an emotional connection with a brand have a 306% higher lifetime value. 2 Isn’t that impressive?! 

    Improved Convenience for Business and Customers 

    The banking mobile application enhances the usage of your services and builds deeper relationships with your customers. Customers can access your services anytime and anywhere and make use of accelerated transaction speed with swift and convenient fund transfers and payments.  

    Moreover, the automated paperless processes minimise the need for physical documentation. This helps you save a lot of money that otherwise was meant to maintain paper-based records and time for managing and operating them. 

    Multi-pronged Cost Saving with Reduced Manual Errors 

    This brings us to another important aspect of saving costs. Opting for mobile banking app development reduces the overhead costs associated with physical branches. 

    You can offer a wide range of services that were previously exclusive to physical branches, saving on expenses like  

    • rent,  
    • utilities,  
    • staff salaries,  
    • maintenance,  
    • security, and other operational costs.  

    Consequently, it adds to your operational efficiency. By streamlining and automating processes, you serve faster with significantly reduced errors due to manual handling and the financial cost of the same. 

    Competitive Edge is All About the Right Customer Experience

    For two in every three companies, a competitive edge emanates from the customer experience, and mobile applications are meant exactly for this front.

    We have already discussed the amazing user experience that comes along with mobile applications, such as faster service, better accessibility and customer support. However, there is yet another aspect where mobile applications give you an edge – attracting tech-savvy customers who seek modern solutions. 

    See, consumer preferences are changing with every innovation. And currently, they prefer technologically advanced brands that offer tech-powered services. 

    Getting a mobile application will help you differentiate your brand by providing a significant scope of innovative solutions. These solutions help you serve unmet customer needs. 

    So, not only do you reach a wider audience, but you also develop a more diverse customer base, which solidifies your hold in the market. 

    Make a difference with Data Insights 

    As per a survey by PwC, 82% of people were willing to share personal data for a better customer experience.  

    You can ask users to share data and information to help you serve better. Possessing such insight helps you serve customers in a pin-point manner, enhancing their user experience and contributing to your brand development. 

    Further, you can use these data for more effective marketing strategies to reach out to the relevant audience. You can develop a strong message based on insight that resonates with the audience and convinces them of your capability. 

    Lastly and more importantly, having data insights helps you assess and mitigate risks based on user behaviour patterns. 

    For instance, by getting the required data, you can profile each of your users. This helps you understand their behaviour, such as spending patterns, preferred banking hours, etc.  

    But, more importantly, you can identify unusual transactional behaviours. If deviations or irregularities occur—such as an unexpectedly large transaction or sudden international transactions—it could signal potential risks or fraudulent activities. 

    This will help you fill a huge gap in the security aspect of the banking ecosystem and serve areas where your competitors could not. But more importantly, you win user’s trust, as now they are not left unprotected and clueless in case of a fraudulent incident. 

    8 Must-Haves for your Banking Or Finance App Development Solutions  

     

    features of banking app development

    There is no limit to the features and functionalities when it comes to application development for banking and finance. However, this should not leave you confused. That’s why here we are sharing a list of features that users in a banking and finance application seek and that you, as a renowned service provider, should ensure to integrate in yours. 

    Security Features – The top Must-have 

    The most important aspect that you should certainly add to your banking application is security.  

    Collaborate with a leading mobile banking app development company. They will ensure the complete security of your application through state-of-the-art techniques like encryption, multi-factor authentication, and various important anti-fraud measures. 

    Be informed that users also look for security features, and some of them, like user authentication, are at the top of their minds. Ensure that you have robust login methods like biometrics or OTP for secure user access. Not only does it protect users valuable assets but it also contributes to your positive brand image. 

    Anytime, Anywhere, Account Management and Fund Transfer  

    Once security is in place, users want convenience. Your application should allow users to manage their accounts anywhere and anytime. Your application should allow users to view balances, transaction histories, and manage accounts seamlessly.  

    Not only this, but you should also allow your users to carry out transactions in an easy and secure manner. They should be able to transfer funds between different accounts and to other users. 

    It is all about offering secure and convenient banking services right to users finger tips. 

    Retain the Lost Opportunity with Bill Payments  

    This feature is really important if you want to expand your user base. See, given the gap in the domain of bill payment, many non-banking organisations have entered and taken up the role that essentially belonged to banking organizations. 

    Let your user pay bills, utilities, and manage recurring payments. This will increase their reliance on your services while cutting off middlemen. 

    Ease the Fear of Mobile Check Deposits  

    Depositing checks is certainly daunting for many customers. Allow your application to be used to deposit checks using your mobile applications. All they need to do is open your app, capture the image of the check via mobile camera, and upload it. 

    With the image recognition feature, your system verifies essential details, such as the amount and check information. To add a layer of security, the app will prompt users to confirm or correct any detected errors.  

    Once they confirm the same, the amount gets credited to the right account within a specified timeframe. And all this while, the process and system adhere to the processing policies and timelines set by your organisation and the government regulators. 

    Customer Support For Ever-expanding Market Dominance 

    61% of your customers would leave you for a competitor after just one bad experience. Hence, the importance of effective customer service is non-negotiable, it can really make-it-or-break-it for a brand.  

    Thus, you need to ensure a quick and timely resolution for your customer and include meticulous customer service features in your application.  

    Offer round-the-clock, mobile assistance; share FAQs to reduce the burden on your customer service executive teams. Even better, deploy AI-powered chatbots to expedite customer query resolution in a faster and more personalised manner. Here, a banking app development company  will help you out. 

    In essence, your mobile applications should give your customers a faster communication platform to get real-time communication and support. This will reduce the customer churn rate and help with better customer retention, saving you from high customer acquisition costs. 

    Personalized Alerts and Notifications Wins Customer Loyalty 

    Offer your customers real-time updates on transactions, balances, and account activities.  

    These features provide users with security alerts, payment reminders, and customisable options for their personalised notifications.  

    This will ensure that they stay informed while managing their finances effectively. Additionally, this will help you keep users engaged and aware of your efforts, leading to building deeper relationships.  

    Impress User with Unique Personal Finance Tools  

    These are the features that will make you stand out. Allow your users to access highly useful financial tools to ensure everyday interaction with your application.  

    You integrate tools for budgeting, spending analysis, or investment tracking features for multi-pronged benefits for you as well as your customers. 

    While customers will get better financial control and convenience,. They can better manage their finances and make informed decisions with access to all financial information in one central location. 

    You will get deep insights into user behaviour data to tailor your services for their specific needs and serve them better than your competitors. 

    Offer Wholesome Banking Experience with Integration Capability 

    Lastly, an important feature from your business perspective is the seamless integration of your application with other financial apps or services for a holistic user experience. 

    This allows users to access a wide range of financial tools and services within one platform, creating a comprehensive and convenient user experience.  

    For instance, users can link investment accounts, budgeting apps, or payment services to your banking application. This will provide them with a centralised hub for managing various financial aspects effortlessly. 

    What should You expect from a Mobile App Development Company? 

    Now that you have decided to avail yourself of mobile banking app development, let’s get some more clarity for you.  

    In the above discussion, we mentioned one or two instances where a mobile app development company can help you out. They align app development with your business objectives while ensuring timely delivery.  

    In essence, they help you lead the market. That’s why, in this section, we will shed light on multiple different aspects of how your application development partner will contribute to your business endeavour. 

    Meeting Standards – Mobile application development companies must comply with the latest security and legal standards to foster trust and safeguard the integrity of user data. 

    They use techniques like encryption and secure authentication that are paramount to protecting sensitive financial data and ensuring regulatory adherence. 

    Integration Capabilities: App development companies also ensure the secure integration of financial services. This is crucial for a comprehensive and interconnected banking experience. 

    Scalability and Performance: Ensuring scalability is of utmost importance but it is even more important for a banking and finance business that caters directly to a larger audience. The app development company ensures that your application functions well across devices and under varying user loads, which is essential for reliability. 

    User-Centric Design – No consumer app can survive without a good user experience. App development companies make sure to include intuitive interfaces and UX/UI design enhancements for maximum user experience and engagement. 

    Quality Assurance – Technology solution providers like OrangeMantra perform rigorous testing to ensure a bug-free and reliable application. 

    Support and Maintenance –  This is another crucial aspect for B2C service providers. App development companies offer unwavering post-launch support and update app functionality and relevance to ensure that your app remains competitive and adaptable. 

    Conclusion 

    Kickstarting your digital transformation with a mobile banking application is the perfect strategy. With the insights gained, you can plan and execute other digital strategies with a higher success rate. 

    In addition to the above, going for mobile banking application development from a reliable technology solution provider is the right strategy for the application. They help you move at the right pace with the right approach and ensure the success of your mobile application. 

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