Mobile applications have already revolutionized all spheres of our lives. Some business areas can still provide high-quality services without applying to app development. But in terms of the banking industry, it is impossible. The COVID-19 pandemic has contributed to the digitalization of banking services.
The fight against queues and crowds led to the fact that even retirees who previously preferred to go to the banking establishments, mastered mobile applications. During the year of the pandemic, banking applications have gone through a 3-year development path. Approximately 30% of bank customers have started to use mobile banking platforms, and 78% have chosen them for everyday usage. Impressive figures, yes? And what if I tell you that they will increase considerably in the near future?
In such a way, if you want to deliver top-quality banking services to your customers and attract new ones, you should make use of mobile banking app development. Do you still have doubts? Then keep reading this article till the end. Our team has prepared an inventory of benefits you can gain from building a mobile banking application.
Mobile banking – managing a bank account using a tablet computer (iPad, HTC Flyer, Samsung Galaxy Tab, etc.), a smartphone, or a regular phone. As a rule, for this, a special application must be downloaded to the mobile device.
Mobile banking is a technology for the remote provision of banking services with the help of telecommunications networks (primarily mobile networks). The available services include: viewing the account balance, mini-statement, paying mobile bills and fixed-line services, transferring funds from card to card, making regular payments, repayment of loans, transfer of funds to a deposit, blocking of a payment card, etc.
Historical overview
The first systems that made it possible to view and manage bank accounts remotely appeared already in the mid-1980s in the United States. They were called Home Banking and allowed to connect to a bank computer and carry out the most basic operations. The system itself appeared as a response to the restrictions that at that time were legally imposed by the state on the banking business – credit organizations could not open their branches in other states.
Later, the development of Internet technologies prompted the improvement of the online banking system. In 1997, in America, the world’s first virtual bank appeared – Security First Network Bank. And in 2001, the depositors of the famous Bank of America were already able to independently log into their account on the website of their bank, check the account, and carry out simple operations – certificates, payments, and transfers.
The features of a high-quality mobile banking app
- Being user-friendly;
- A wide variety of available features and capabilities;
- Popularity among users;
- Ratings of “audience sympathy”;
- Advanced security measures against hacking;
- Open traffic data;
- Accessible financial information.
The advantages mobile banking app can bring you
- Security issues
Crimes tend to become more sophisticated and difficult to detect. Security is the biggest challenge for all banking establishments. Thanks to advanced technologies that are used for the development of mobile applications the clients’ assets are protected much better. Artificial intelligence collects all private data about bank users. It helps detect unusual behavior within a banking account. If something wrong happens, AI-powered apps take appropriate measures for the identification of a person.
If you are still afraid of using mobile banking apps, you can make use of some beneficial options they provide. Apart from login and password, you can use face identification or fingerprint. By choosing the multifactor authentication feature you will also get a notification on your phone number each time you want to make a money transaction. Thanks to GPS navigation your mobile app can also detect users’ location to prevent crimes.
Another advantage of mobile banking is the ability to send text alerts if there is any activity on the account. It includes large transactions or suspicious credit card withdrawals. These measures can provide the security of the account and allow the customer to take immediate actions to resolve any issues. The ability for bank customers to carefully manage their finances as well as their time is one of the main benefits of mobile banking. These services are likely to become more common since banks continue to develop sophisticated mobile services and applications for customers.
- Take control over your finances
Thanks to mobile banking apps it become much easier to analyze all the expenditures. The vast majority of apps offer statistics and diagrams with the percentage of spent and earned money. Customers can also view on which section they have spent most of their savings. This information is entirely beneficial for organizing and managing your budget effectively.
Artificial intelligence also provides some sophisticated functions. Some mobile apps provide deep analysis of your assets and give valuable recommendations. They may advise on the sum of money that a person should save. Among other beneficial features – are push notifications that remind you of the purchases you have made.
If you find it difficult to save money and tend to do shopping on a whim, set limits on the sum of money you can spend or the number of money transactions allowed within one day. All these simple measures will help you optimize and control your finances.
- 24/7 access to the banking account
Among the greatest advantages that offer mobile banking apps is the opportunity to make money transactions 24/7. It means that in case of emergency you don’t have to wait till the banking establishments open their doors to clients.
You can cope with a number of tasks just lying from bed. As a user of a mobile banking app, you can avoid queuing and save valuable time for some other vital things. In terms of the Covid-19, it also helps you avoid contracting diseases by avoiding public places.
- The variety of available services
New functions continue to emerge with each other year. Many people underestimate the value of mobile banking apps simply because they lack knowledge about their services.
Now clients can replenish mobile accounts, open deposits, pay for utilities, transfer money to other banking users, etc. All these services make our life much easier. Their main benefit is the fact that they are easily manageable. All users of banking services can even print the receipts of performed transactions. The advantages are impressive, aren’t they?
- Providing personalized options
Among common banking services, there are some applications that provide a range of personalized ones. Such applications can form real like-minded communities. Daylight, for example, offers some specific options for solving the problems the LGBTQ community faces. There are also similar alternatives for the representatives of the black community, women, and some other social groups.
- Customer support
All mobile banking applications provide top-quality customer support. All clients can make use of the chatbox and get answers to the most frequently asked questions 24/7.
Such solutions are also entirely beneficial for the bank owners. In such a way financial establishments can save invaluable time and money as well. Why? Simply because it replaces working personnel.
- Being easy to use
To take advantage of mobile banking app a person should have any device with an Internet connection. Despite a variety of available services, the user interface is easy to understand. For those who face some kinds of problems, there are video tutorials and chatbots available for free.
- Speed and mobility
Taking out your smartphone, you can make money transactions, payments, check the balance or deal with the currency exchange within a few seconds. It does not require a separate workplace, computer, and bank keys. The user is not tied to an office or a specific computer, account management is in his pocket. If you have a mobile phone with a network or mobile Internet, then you can carry out account transactions from anywhere, be it land transport, a business trip or a vacation.
- Open Accounts
You can initiate checking, savings, open other accounts online without having to type or sign any documents. In the past, you had to sit with your personal banker during office hours and reflect on numerous trade offers. Thanks to the electronic signature capability, the entire process can take less than ten minutes.
Be attentive!
Make sure that the mobile application you are using is the official application of your bank. Follow all the safety rules of using Internet banking. Do not disclose your login and password, session keys to anyone under any circumstances. Set a strong password, don’t use public Wi-Fi, other people’s electronic devices, etc.
Final thoughts
Mobile banking applications offer a range of beneficial services available to all users. Technological wonders including artificial intelligence have considerably changed the banking industry. Experts believe that this tendency will continue to evolve. Some people even assume that mobile apps are likely to replace banking establishments.
It means that we should adjust to modern realities and make maximum use of them. Mobile banking apps are about time, effort, and energy efficiency. If you still have doubts, just try it!
