In this digitally-driven world, technology has evolved to a great extent, and consumers are also adopting technology exponentially. With the emergence of smartphones, the world has transformed, and now with a single touch of the finger, you can do time-consuming and mundane tasks in a jiffy.
Like every other industry, the financial industry has been leveraging the potential of mobility solutions for improving their process efficiency and productivity. Mobile apps for the finance industry have changed the entire way the finance and banking sector works. Transitioning from desktop to the screens of smartphones, the Fintech industry has digitized most of its operations. As the customers are spending more time on their smartphone devices, the finance industry has no choice but to equip themselves to offer services that are easy and convenient, on-demand, and performed in real-time. Certainly, financial apps have innovative capabilities to match the standards of their customer requirements.
“About $60 billion worth of payments were made from mobile platforms and it is estimated that by 2020, 90% of the smartphone users will start making payments through their devices.” – Techcrunch
Some ways mobile app helps the finance and banking industry
Provide Enhanced Customer Support
Financial mobile apps help in providing improved customer service. Apart from the FAQ section on the mobile app, many companies also develop a chatbot for finance and banking processes to answer customer queries in real-time without human dependence. The live chatting option available on the website and chatbot is of great assistance to customers regardless of time and location.
Decrease Operational Expenses
A mobile application is also enabling financial sectors to go paperless in this digital age. By developing a mobile banking app many banks have minimized their operational costs. Indeed, such mobile apps cut expenses for branch operations, maintenance, and makes transactions a lot cheaper compared to ATM transactions.
Facilitate to Retain Customers
By providing banking services, customer support, and instant information on the fingertip of your customers you can not only retain existing users but can acquire new customers too. The opportunity to sell the existing customers is more compared to the new customers. Once a user turns into a loyal and regular customer, you can begin selling more products to him/her and assist better.
Product Promotion via Push Notification
The push notification feature in the on-demand financial app is the best asset that can increase sales through in-app marketing. You can send your customers messages based on their preferences and search.
For instance, people these days look for the best deals and offers while taking any loans such as home loans, vehicle loans, education loans, etc. This is where you can make the most out of push notification features and offer customized services as well as attractive offers.
Offer Customers Analytics
A mobile application integrated with analytics capabilities can help you identify your customers’ preferences and priorities based on the time they spend on the mobile app. Now, you must be able to make the most of the insights that the data provides. Moreover, by leveraging this data, you can target the users better, define enriched business policies, and identify consumer behavior too. The mobile app for business would indeed help you to surpass your competition with the derived analytics.
Improve User Engagement
The banking and finance apps give several advantages to users of the financial institutes as well as banks to increase their ROI. With the better usability and functionality of mobile apps, businesses can enrich user engagement which would result in higher income.
What are the challenges faced when developing a financial app?
There is no doubt to the fact that every reliable financial institution and banks have their own app. Even having a mobile app increases the credibility and brand value of an organization. Thus, building a mobile app is a must for the financial and banking sector to enhance trust among its users and user engagement.
Nevertheless, the path ahead for the mobile development industry is easier said than done as there are a few challenges you might face while planning to create a distinctive and useful financial app for your business. So, choose a mobile application development company with an experienced team of mobile app developers who can understand your requirement and sail through the challenges with their expertise to provide you a top-notch mobile application.
Credit: Data Science Central By: Declan Lawton
