With the elaboration of smartphones, mobile apps took over nearly every sector of the market. Due to the convenience and freedom of managing finances, users are conforming mobile banking trends fleetly. Tasks for example, as transferring money to other accounts, bill payments, purchases, and much further are easier and faster now. Therefore, in this composition we are going to discuss the benefits of mobile app development in the banking sector.
According to research participated by Statista for 2018, in the US, 90 percent of mobile banking app users viewed their account balance through the app. Also, 19 percent of users opened a new account from the mobile app itself. Moving forward, we are going to discuss the importance of mobile banking apps from the perspective of users and mobile app developers. However, you should keep reading further for some useful information, if you are planning to develop a banking app.
Also read: Digital Transformation Examples in Banking
An Insight Into What’s Mobile App Development in the Banking Sector?
Before we move further and explore the features of mobile banking, let’s understand mobile banking in depth.
Mobile banking can be defined as the process of enabling banking and financial services through smartphones. However, before mobile banking service was dependent upon the SMS service, if we go into the history of mobile banking. Latterly, in 1999, web mobile banking was launched by European banks.
Features and Functions of Mobile Banking
Best finance apps are used for multiple purposes for example, as cashless transactions, statement review, address updates, and much further. For example, advantages of mobile app development for banking are only possible due to technological developments. Thus, with time, as smartphone technology and app trends are evolving, new features of mobile banking are coming into actuality as well. For now, we’re agitating a few already present features in depth for your reference.
Better Security
Compared to ATMs and old fashioned transactions, mobile apps for banking and financial services are much safer. These apps bear user authentication for every single payment or transaction. Thus, the chances of compromised security get reduced. Still, as it’s an internet enabled service, there are a many disadvantages. So, while developing mobile apps for banking, security protocols for example, as SSL and TLS are important. Banks are also applying fintech blockchain technology for an extra subcaste of security.
InstaAccount Services
As the name suggests, InstaAccount point of mobile apps for banking gives users the capability to open bank accounts immediately. Also, users get the freedom of submitting needed documents online themselves to complete the verification process.
Investments and Trading
Financial mobile operations aren’t only limited to banking conditioning. Presently, users can invest their money from these stock trading apps themselves. Also, with options for example, as trading, the share market is accessible for the users through apps as well.
Benefits and Significance of Mobile App Development in Banking
To understand the importance of mobile apps in finance conditions more, it’s pivotal to understand the role these apps are currently serving. Moving forward, we’re going to have a look at important requirements for which users are using mobile banking apps.
The Growing Number of Cashless Transactions
One of the major achievements mobile banking apps have got is the growing number of cashless transactions. Users are free from the hassle of locating ATMs to withdraw money. With a simple check, transactions are done. Also, finance mobile apps are secured as well, compared to ATM cards. Also, with the help of IoT in banking, apps are suitable to initiate cardless withdrawals as well. Mobile apps for finance are safer against unauthorized transactions as well, as they bear user authorization from the app to complete transactions.
Accessible Banking Services
Banking apps have made banking services accessible for users. Now, users don’t have to travel or look for the nearest branches to get work done. Apps with the help of the internet, are enough to do that. One of the pivotal benefits of mobile banking apps is that it makes the processor briskly as well.
Control Over Charges
With transparent transactions, users are able of keeping track of their money and managing them fluently. With the streamlined details of credited and debited quantities, users can see where their maturity of money is going. Also, smart banking apps can also help in observing their spending patterns.
Banks for example, as Wells Fargo or Bank of America, let you immediately block your account and credit cards in case you lose them.
24×7 Banking Access
With banking apps, banking services are available on the go. No conservation update or long line can stop users from getting their instant withdrawals or passbook updates. As they say, “Time is money”!. With the motive of that, banking apps are serving users to make the banking experience accessible and briskly. The best benefit of banking apps was seen during the Covid. Users could have control and access over their money, indeed during a global epidemic. It helped them in avoiding numerous unfortunate incidents that could do because of the lack of finances.
Instant Money Transfer
Money orders are history now. With peer to peer mobile payment apps, users can transfer money instantly indeed to people sitting abroad. Banks for example, as Wells Fargo allow users to use mobile banking apps for overseas or domestic transfers without any hassle. Also, for security, users have to go through the verification process to finish the sale.
Also read: The Future Of Mobile Wallet And Contactless Payments
Conclusion
With technologies for example, as blockchain, banking and financial apps are getting secured with time. Features for example, as voice banking are making the experience accessible as well. Current banking apps are smart enough to help users with nearly every financial need, for example, as loans, share market, grocery payments, bill payments, and much further.
Fintech development companies are not just technology providers but strategic partners that can help you shape your financial vision and bring it to life. Nonetheless, the competition is high, if you are planning to make an AI- enabled financial app as well. Furthermore, due to the adding demand for these apps, you can still catch a large number of users by offering a few USPs.
