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  • Why Banking Industry Need Mobile App for Business Expansion?

    Why Banking Industry Need Mobile App for Business Expansion?

    Banking has become a more and more technology savvy industry all because of the mobile app technologies. As per a survey, the number of smartphone users is growing and is expected to cross 4 billion by 2021. The number of people doing banking work using mobile apps is also progressive. Here, financial app development takes the role as a lead and offers several opportunities to developers for developing financial apps that are unique and can perform transactions without a glitch.

    In short, it is not wrong to say that the mobile app is the savior when it comes to managing, monitoring and checking the transactions. The presence of passbooks, monetary statements, and other features makes the application a complete package. So here are some important advantages that determine the need to invest in a mobile app.

    Advantages of Banking Mobile App

    1. Reduce Bank’s Expenses

    Mobile transactions boosts a bank’s overall efficiency by:
    • Making banks paperless and environmental friendly.
    • Saving money on printing and delivery.
    • No need to hire additional work force.
    • Offer transactions that are cheaper than ATM transactions.
    • No need to spend on operational costs unlike bank branches.

    As per reports, the cost of mobile transactions will become 50 times lower than branch transactions in the future. This brings opportunity to lower operating costs and boost inefficiency.

    2. Advanced Security

    Security is a major concern for customers when doing transactions. Online and mobile banking have their own set of risks, but with additional hardware security mobile banking becomes more secure than online banking.

    In order to enhance security, banks use security solutions like gesture patterns, biometric data and retina scans in addition to passwords and two-factor authentication. Most financial institutions implement encryption to secure financial information and privacy. Also, malware less likely to threaten an app because of the security enhancement done by the Mobile App Development Company India during app development. Even if customer loses cell phone, their banking data remains safe.

    3. Push Notifications by mobile app

    Push and in-app notifications provide several advantages to bank and their customers. They make customers aware of latest offers and other discounts and increased credit limits or interest rate details. Banks making use of this advanced feature are already enjoying success in comparison to other financial institutions. For example, a renowned bank revealed that they saw a 60 percent growth in the App Store rating after they implemented push and in-app notifications.

    4. Implementation of Artificial Intelligence by mobile app

    Artificial Intelligence (AI) is all about the intelligent actions of devices and applications without any sort of human intervention. This innovative technology includes machine learning, machine analytics, natural language processing, algorithms, and most important chatbots. AI technology have a significant impact on the mobile banking industry. Banks have to fix customer queries on a large scale, and chatbots can help them to do so. The biggest advantage of AI for the mobile banking sector is efficiency, speed, and security. It’s interesting that 60 percent of financial institutions have already adapted AI till 2020. If you are looking for integration of this amazing feature, it is the right time to hire mobile app developers from a recognized development firm having relevant experience.

    5. Regional Language Choice

    According to survey, 70% of users consider language as a barrier in accessing digital apps for payments. But mobile banking addresses this concern by rolling out a multi-language app for every user. If the app support regional languages, people not comfortable with English can become familiar with the interface. This engage more app downloads from all corners of the world. Modern technology including AI can automate localization services and eliminate the need for manual translation of apps. Besides, localized chatbots implemented can encourage user interaction.

    Frequently Asked Questions

    1. Why are mobile banking apps important?
    Mobile banking allows consumers to be able to access banking services from anywhere. Businesses and business owners are now able to save time by making use of mobile applications to process their payments or even receive funds from clients directly to their phone numbers.

    2. How mobile applications creates impact in financial services?
    It uses artificial intelligence (AI) and predictive analytics to help customers make smarter financial decisions. It also, enables customers to make payments, check balances, save money and pay down debt. Similarly other banks have also, started using their own version of chatbots.

    3. What are the features of mobile banking?
    Must-have Mobile Banking App Features & Benefit
    • Intuitive Interface
    • Ease of Navigation
    • Personalization
    • Customer Service Options
    • Alerts and Notifications
    • Secure Sign-in
    • Digital Payments
    • Peer to Peer Payments
    • Regional Language Choice

    4. Do you guarantee security of App idea?
    Yes, we guarantee as we sign a strict NDA to secure your data. Hence, we ensure complete security and privacy of the project.

    5. Are there any hidden charges of app development?
    No. We discuss with you your app requirements and then price accordingly. In addition, once you have placed an order, we work hard so that the price quote is strictly met.

    Wrapping Up:

    These are the ways by which mobile apps ease the financial activities of the business and there are several other steps in the list. Startups and established businesses by seeing the potential of financial apps apps are also investing in the Android application development services, so why not you. Check out how investing in finance app development can bring you amazing advantages along with analyzing how much does it cost to build the app to get started

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