How To Build Mobile App For Your Businesses In 2021
Most industries, including e-commerce, healthcare, and finance, benefit from mobile application development. It is an essential product piece to bring your business online. For example, as for financial institutes, a mobile app can help you reach more customers and provide them with a hassle-free experience.
There are several types of mobile apps that you can develop. Although it depends on the company’s needs and the financial industry’s current state, apps can perform various functions, from opening accounts, e-KYC, to transacting, and filing documents, etc.
In this article, we would like to discuss the mobile apps solution for financial institutes, including the current demand for mobile app, their benefits, and features of a financial software application.
The current demand for mobile application development
Lately, the finance industry and information technology are reaching new heights by introducing fintech apps to the market. The number of smartphones is growing exponentially. In 2019, there were 5.11 billion mobile users worldwide; 2.71 billion of them use smartphones. Also, the use of mobile banking apps is up 33 percent since 2016.
Financial institutions should focus on developing the mobile app because 57 percent of users will not recommend a business with a poorly designed mobile site compared to a robust mobile app.
Customers start to switch to mobile apps to perform everyday basic banking activities. 90 per cent of the US users use mobile banking apps to view balance, 79 per cent uses to check recent transaction, 59 per cent pay bills (source: Statista). More and more people are switching to apps due to the convenience it brings.
According to Statista’s 2018 statistic, 93 per cent of Millennial digital banking users in the United States used mobile banking apps; as for Gen X, the number is 71.1 per cent. Not to mention, Gen Z is joining the labour market.
Suppose banks don’t evolve themselves; they’ll lose a significant amount of potential customers, especially to the demographics of future income earners.
Financial Mobile Apps Key Features
There are many types of finance apps: mobile banking, peer-to-peer payment app (think of Venmo, Paypal etc.), investment app (TD Ameritrade, Robinhood, E-Trade), Loan app, personal money management app, etc.
While they are different, the general functionality remains the same. Here are some key features you must always have when building a mobile financial app:
- The profile section must display all information about the user that can be maintained
- The dashboard is the main feature of the application. Customers can see all information related to their account, like the current available amount, transaction function
- Interest rate calculation
- Deposits and withdrawals
- QR Code payment
- Bill payment
- Peer-to-peer payment
- Intelligent chatbots
- ATM locator
Why should you get a finance mobile app?
Based on the statistic mentioned above, considering investing in mobile financial apps if you want to stay on top. Today, most customers are always online, and they want convenience over almost anything.
Improved customer experience
With mobile banking, you can significantly improve the customer experience. Customers can get access to some services instantly since mobile apps are 24/7 available. Here, customers aren’t limited by branch location or opening hours. They can get instant answers about anything since most mobile apps now have AI-driven chatbots.
Cutting operational costs
Developing mobile banking apps and promoting them as a primary channel for simple banking activities can reduce costs. The software will help cut down on paper, save time, money, and other resources. Not to mention the brand maintenance and operations cost can also be reduced.
In general, mobile financial apps are more convenient for customers than going to one company to manage their account or get any financial activities done. Customers can get the information, news, understand the guidelines, and conduct any activities they want.
Is it secure to use mobile financial apps?
Accenture’s recent study shows that 72 per cent of bank customers believe that mobile and online banking are safe. Security has always been a big concern, but now security is the priority for every mobile banking app development project; everything has changed.
Mobile apps provide the best security solution like biometric login and two-factor authentication, which are now market standards.
So, is it secure to use mobile financial apps? Yes. It is safe to use mobile apps for your financial activities!
Today’s customers are obsessed with smartphones and expect their financial institutions to be at pocket reach. They want to be able to check their account balances anytime and anywhere. Banks can retain their current customers and win new ones by combining rich and convenient features with high-security standards.
If you're interested in investing in mobile application development, contact us now to get in touch with our experts.