7 Steps For Mobile Banking App Development
In the recent past, the mobile banking app development has been a trend in the software development industry. The reason is that the coronavirus pandemic has decreased the pace of economic growth globally and due to this, the banking sector seems to have suffered a huge impact. Many banking institutions will have to deal with increased bad debts and Non-performing Assets (NPA). Moreover, their high operational costs will also fuel losses, making it difficult for some banking institutions to meet even the Break-Even point.
Banking industry experts have predicted that as soon as the pandemic is over, the banking institutions will have to reform their operations by inclining towards digital banking. In the recent past, we’ve seen many banking institutions that solely operate via digital channels, thus have much smaller operational costs when compared to a traditional banking infrastructure.
It must be noted that it is not only because of this pandemic disaster, but there is also servis mobilnih telefona novi sad a growing customer preference in favour of mobile banking. In 2018, 69% of Brits were using online banking services on a regular basis.
The reasoning behind the increasing popularity of online banking is obvious. Internet banking through mobile banking apps is convenient and easily available. It literally eliminates the need to visit the bank and wait in the queue for hours. Banking mobile app development allows the users to access the services from anywhere using their mobile devices.
A Citi report states that 91% of the bank’s customers prefer using mobile banking apps instead of visiting the bank. Moreover, 68% of millennials believe that their smartphone can replace their physical wallet.Why are customers switching to mobile banking apps?
And the simple answer is “Mobility”. The mobility which mobile banking apps bring is almost inevitable for the customers. Before the digital revolution, the customer has to physically visit the bank to avail the banking services. Now, with increased mobility of banking services, they can avail improved services at their home by themself.
In addition to providing the customers with their bank account information on their fingertips, the mobile banking application development there are other benefits that these mobile solutions bring:
- Provide 24/7 support and access to the banking services which negates the customer’s conventional interaction with banks.
- Improved security and easy to operate.
- From checking account balance to buying mutual funds, a single solution to entire banking services.
- Having no need to visit banks for general services saves time for the customers.
- The money transactions don’t take days with mobile banking apps, instead the funds are immediately transferred.
- With all the customer data available, the banks can personalise their service which is a great advantage for the customers.
- The customers can monitor their expenses within the mobile banking apps.
- The mobile banking apps are capable of automating the regular payments.
How do the customers use mobile banking apps?
According to a Federal Reserve Board report from 2016, the customer point-of-view behind using a mobile banking app are as follows:
- 94% of the users check their account balance and recent transactions on mobile banking apps.
- 61% use mobile banking apps to transfer money between bank accounts.
- 57% to receive important alerts from the banks.
- 48% use mobile banking apps to pay bills and deposit checks electronically using mobile’s camera.
- 40% of the users find nearest ATM or bank branch on mobile banking apps
Another survey by Statista in 2018 stated some solid reasons why Americans use mobile banking apps. The survey reported that 90% of the users check their account balance using mobile banking apps. 79% to view their recent transactions and 59% to pay bills.