Now, it would be definitely a major fact that mobile prominence is growing across different industry verticals with the excessive rise in mobile applications around the globe. Be it, healthcare, travel and tourism, media, banking, education or finance industry. Banking is one of the sectors which is quickly moving and has been adopting technology quite readily and mobile technologies have played a big role in the evolution of the mobile banking sector. In fact, this has become possible due to Millennials’ willingness to use feature-rich banking apps.
Almost every financial institution favor building mobile apps to increase customer outreach, garner customer insights through data visualization, uplift competency, and speed up the work. This isn’t the end! Here, I am going to explain the evolution of banking services with mobile apps and how much potential it holds for the future.
Ever thought what is causing the shift and why are consumers switching in their droves to banks who provide a professional and intuitive mobile app experience? In fact, leading mobile app development companies have been serving a lot to the banking sector. Check out some of the major activities conducted by customers on their smartphones-
Now, let’s move on to some interesting figures and stats-
According to a research, it is expected that the number of customers availing banking services through mobile application will surpass to 1.75 billion by the year 2019.
A study by Gartner revealed that about 25% of the top 50 global banks have native mobile banking facilities.
It has been also reported that the number of people who use online banking services in the coming years will increase by 6% every year, while the number of people who use mobile banking apps will rapidly grow by 14%.
How Mobile Banking Apps Can Help Customers?
Have a look at some benefits it offers-
24×7 Access of online banking
Now, no more standing in long queues outside the ATMs and banks. One of the prime reasons why people are moving towards smart banking solutions is because of 24×7 accessibility. It’s true that there are various places where ATMs are still not available, in such case online banking helps a lot.
One App, Many Solutions
The mobile banking app designed by top Android and iOS app developers is your one-stop shop to avail all banking solutions. You can open different types of accounts and apply for various schemes, transfer money, receive money, deposit fund and apply for loans, check your balance instantly etc.
Time Saving and Cost Effective
Mobile banking apparently saves a lot of time of every customer as you don’t have to visit the branch every time for availing the service. You can do it everywhere. Furthermore, it is cost-effective as banks do not charge anything extra for offering more solutions.
You can conduct the financial transactions with just a few taps on the desktop or mobile screen after choosing the relevant options. It is comparatively much easier and quicker not taking more than just a few seconds of users.
Not only from the customer perspective, for several businesses investing in mobile banking apps can help in several ways. Here it is-
Brings Down the Expenses
Enhanced Customer Experience
Push & In-App Notifications
Use of Artificial Intelligence (AI)
Above all, the use of Artificial Intelligence is something which cannot be ignored! AI technology as a whole has a massive impact on the mobile banking industry. Let’s take a look at the crucial ways in which AI can bring a change in the way mobile banking apps function.
AI and Mobile Banking Apps: All You Need to Know!
Businesses whether big and small have continuously adopted Artificial Intelligence on a large scale. The banking industry is one that is slow to join the race but bringing a revolutionary change, especially to the Android, iOS and Cross-platform app development companies! Here’s know how-
Personalized Customer Service
Through AI, businesses can analyze and draw insights about user behavior and figure out the preferences of other users. This allows them to provide personalized service. AI systems can be trained to achieve better data sets that would learn with each interaction and then use that learning for subsequent interactions.
Chatbots are really beneficial for mobile apps. Incorporating chatbots in the mobile banking app actually saves the bank a lot more money as compared to getting human resource. Chatbots are even be used with ease by those customers who aren’t so technically aware.
Better Financial Planning
The time has gone when you have to stuck on complicated calculations. In such a case, it is better to rely on machine intelligence and analytics where the margin of errors is narrower and more effective than human calculations which may be subject to errors and biases.
Artificial intelligence is really effective when it comes to finding patterns and any fraudulent behavior. The transactions are fully secure, as these services are specifically designed with an ability to detect frauds or any suspicious activities in real-time and can even predict how fraudulent behavior is going to evolve.
With banking services, there are a lot of risks has been involved as well, like whether they should approve a loan request or not. Now with AI, it is easy to analyze real-time data on the basis of the most recent transactions, current market conditions, and relevant current events. This further help banks in being able to identify any potential risks involved in the loans.
At present, the banks are continuously working on to enhance the security and also trying to add more facilities in the existing list. This, as a result, offers great opportunities for the best app developers worldwide to develop secured and engaging apps. If you are looking to hire Mobile App Development Company to develop your mobile banking application at most affordable rates, then do get touch with Fluper.
Fluper is a one-stop solution to your business requirements related to app development with cutting-edge technologies. The top services we offer include Android, iOS and cross-platform app development,Augmented Reality App development, Wearable App Development, UI/UX designing and many more.