For a long time, access to banking and other financial services were limited, forcing most people to take time out of the work day to visit a physical branch or a broker’s office.
Times have changed courtesy of the ongoing digital revolution in the financial services industry. Mobile banking is the future of the industry, and that means that mobile app development is an area of tremendous opportunity. For many businesses in the financial industry, mobile banking solutions are on top of their digital transformation strategy.
The service that is efficient, improves the user experience, takes an industry traditionally known for being opaque and difficult to access, and then turns it into a simple, intuitive service, is something banks are going to require to keep their customers.
A study from First Annapolis found that 64% of respondents had used a mobile payment app in the last year and 39% already had a digital wallet on their phone. The same study found that only 5% of respondents were using their mobile payment app once a week or more. That means that while there’s plenty of consumer awareness in the market, there is still opportunity to create an app that becomes the industry standard.
The ability to capture data from mobile users can give crucial insights into their spending behavior. This dramatically improves the ability to deploy targeted marketing campaigns that directly respond to consumer needs. Users only see ads for goods and services they need and are interested in, and marketers can limit their outreach to those people who actually want what they’re selling. The growth potential from mobile banking easily justifies how much it costs to develop an app.
With the loan process being so complex, building a mobile app that not only streamlines the process, but also helps borrowers understand and feel comfortable with the process, could be essential to helping unlock a whole new market for the lending industry.
This translates into new opportunities in the areas of web and mobile app development. The explosion of mobile banking has created thousands of jobs and stands to continue to grow, building an industry that should survive well into the future.
Mobile app developers can’t miss out on this opportunity. The financial services industry is catching up to the digital revolution and the apps that are likely to become household names in the near future are likely to hit the market in the next few years.
Times have changed courtesy of the ongoing digital revolution in the financial services industry. Mobile banking is the future of the industry, and that means that mobile app development is an area of tremendous opportunity. For many businesses in the financial industry, mobile banking solutions are on top of their digital transformation strategy.
Seamless Interactions, Frictionless Transactions
A world where every consumer carries a computer in their pocket has meant a fundamental shift in the way people handle their finances. Personal finances can be managed any time, from anywhere. Mobile banking and mobile payments are rapidly moving from being seen by consumers as a perk to a necessity.The service that is efficient, improves the user experience, takes an industry traditionally known for being opaque and difficult to access, and then turns it into a simple, intuitive service, is something banks are going to require to keep their customers.
A study from First Annapolis found that 64% of respondents had used a mobile payment app in the last year and 39% already had a digital wallet on their phone. The same study found that only 5% of respondents were using their mobile payment app once a week or more. That means that while there’s plenty of consumer awareness in the market, there is still opportunity to create an app that becomes the industry standard.
Improved Services and Targeted Marketing
Mobile banking is also a massive opportunity to better connect with customers. Not only is a great mobile app becoming necessary for customer retention, mobile users are more valuable for customer acquisition. These customers use banking services more, provide more business, and cost less to acquire.The ability to capture data from mobile users can give crucial insights into their spending behavior. This dramatically improves the ability to deploy targeted marketing campaigns that directly respond to consumer needs. Users only see ads for goods and services they need and are interested in, and marketers can limit their outreach to those people who actually want what they’re selling. The growth potential from mobile banking easily justifies how much it costs to develop an app.
New Opportunities in the Lending Space
The changes to the lending industry also have a chance to break ground on new territory. Obtaining a loan to buy a car or open a small business has long been a difficult process. However, that may be changing. Banks used to have to pay for hours invested by their loan officers to determine which loans were worthwhile. However, there are new approaches to lending that deploy mobile apps to collect consumer information and simplify algorithmic approaches to determining which loans meet the necessary criteria. With overhead drastically reduced, lenders can afford to take on more borrowers and to strategically loosen their standards.With the loan process being so complex, building a mobile app that not only streamlines the process, but also helps borrowers understand and feel comfortable with the process, could be essential to helping unlock a whole new market for the lending industry.
A Wave of New Customers
The potential of leveraging mobile apps to lower many of the old barriers to providing banking services could mean tapping into a huge group of new customers. Financial institutions can repair the relationship between themselves and communities that they have long either ignored or failed to find ways to support. Mobile app developers who can cater to these communities, helping introduce people largely unfamiliar with banking services to what’s available, could help unlock an important new revenue stream for financial institutions.Fintech Could be Key to Next Generation of Financial Companies
One of the most exciting things mobile is bringing to the financial services industry is innovation. More and more fintech companies are springing up every day, building a wide variety of new services and processes for mobile consumers.This translates into new opportunities in the areas of web and mobile app development. The explosion of mobile banking has created thousands of jobs and stands to continue to grow, building an industry that should survive well into the future.
Mobile app developers can’t miss out on this opportunity. The financial services industry is catching up to the digital revolution and the apps that are likely to become household names in the near future are likely to hit the market in the next few years.
Mobile is the Future for Financial Services
Mobile has been changing nearly every aspect of people’s lives, and in that context, it should come as no surprise that our financial lives are a part of that as well. In Invonto’s experience in creating mobile banking applications, it takes four to six months to create a mobile banking app. The relationship between the financial services industry and its customers, something that has remained largely stable for most of the 20th century, is currently undergoing a change that is permanently redefining the industry. Companies that will continue to create mobile apps and invest in custom web applications will improve customer relationships, employee experience, and business performance.
Read our full article, "Mobile apps are changing the way you bank and that’s just the beginning"
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