Mobile Apps: The Next Big Thing in Banking

RSS Author RSS     Views:N/A
Bookmark and Share          Republish
Banking on the move seems to be the next big thing for banks worldwide. And spearheading this movement surely is a host of applications that are easily downloadable via smartphones. The best thing about these software programs are that they are convenient to use and cellular service developers are coming up with newer programs every day. Infact, a financial services research group believes that by 2013, there will be at least 53 million users of mobile apps for banking.
Here are some reasons why mobile banking apps have caught the imagination of users:

Convenience of use: Mobile applications are great for two-way communication between a bank and its customers. Banks can promote the latest product or service they are offering and score a lead over competitors by this value-added service. Customers can conveniently do their banking transactions such as transferring money or making payments while on the move. So, it is a win-win situation for all.
Variety and innovation in applications: Be it Android, iPhone, or Blackberry, mobile application development covers all the major smartphone manufacturers. The aim is to provide variety and convenience of use to customers based on what they need.

For example, a US bank has announced plans to launch a service that allows person—to-person (P2P) online and cellular payment facilities. One of the USA’s popular banks, the Bank of America has been quick to offer new technology to their users. The bank offers its iPhone using customers a cellular application that allows them to transfer funds and locate ATMs. Anyone with an email address, a cellphone number, and an account with the bank can transfer funds through this cellular application. USAA bank has developed an Android app that also includes nifty features such as a loan calculator and ATM locator. Chase bank has an iPhone app for its users.

Easy to customize: Today’s customers demand personalized services and services for their particular needs. Mobile applications are sometimes designed specifically for the bank and a user’s phone model. Quick Response (QR) codes is a new technology that allows users to have mobile coupons and use visual imaging techniques. Customers love being able to scan barcodes and use digital coupons for their usual banking services – and banks are also responding to this demand with a variety of cellphone apps. Thus the US bank, Chase uses an app that allows users to take a picture of their check before depositing it. QR codes are a great way for banks to increase customer engagement and add a dose of interactivity that helps customers understand what new products or services are about.

Innovative use of technology and effective, user-friendly designs will be the key to beat the competition as banks look to mobile apps as an exciting new way to engage with customers.Mobile banking is beginning to score over traditional forms of banking as more and more customers get on the move. Surveys predict that this form of banking will depend a lot on the development of new applications and it will grow increasingly popular as people demand instant money transfer and other financial facilities while on the move.

Report this article

Bookmark and Share

Ask a Question about this Article