With technological innovation, the banking and finance sector has gained compelling transformation giving traditional banking a modern, seamless, and organized structure it never experienced before. As per a survey in 2018, mobile banking has become the primary point of communication between banks and customers as more than 1.2 billion users rely on quick digital solutions for their banking needs.
As we see the growing popularity of mobile apps in almost all types of businesses, it is clear that the incorporation of mobile apps presents distinct advantages to both the business and the customers.
Now, let’s look at what are the benefits of mobile apps for businesses in the banking and finance industry:
Enhanced Customer Experience
In the traditional working system, there are many challenges faced by the banks and financial organizations which prevent them from offering paramount customer experience. Many operations which are seen as challenges in the conventional banking system can become an advantage by adopting mobile technology. Let us look at how:
Easy Access to Accounts
With mobile banking, customers can easily take control of their accounts and carry out several activities like check balance, conduct transactions, receive account alerts, pay bills, update information, and much more. Not just banking, mobile apps also allow users to quickly have a look at the stock markets, check the latest stock prices, and manage their portfolio and watchlist to do business on the go.
Personalized Service Experience
Users love personalization as it gives them the updates and insights that exactly matches their interests. Financial organizations can create customized service experiences for their customers and build trust with them by collecting data based on their behavior and preferences.
24/7 Support
One of the significant benefits of mobile technology is that the users are never bounded by the availability of the staff or their working hours. They can experience 24/7 support at their fingertips and get their needs fulfilled instantly.
Higher Return on Investment (ROI)
Every business strives to generate high returns on investment by trying newer ways to maximize profits and control the costs. Businesses can generate additional revenue and get a good Return on Investment with the incorporation of mobile technology in the following ways:
Increased Transactions
When customers have immediate access to their financial information, they are likely to transact more frequently, hence leading to additional transactions. This way mobile users generate more revenue for the business than non-mobile users.
Lower Attrition Rate
When customers are connected via a mobile app, then the attrition rate highly reduces as compared to branch-only or web users. This is because mobile customers are more likely to stay connected to the app, as it can be accessed quickly and easily.
Enhanced User Retention With Push Notifications
Mobile app users usually make more use of the services and hence, are more engaged with the business. Features like push and in-app notifications in mobile apps are likely to involve more users with the business by appearing in a timely manner and notifying them about the relevant offers and other important updates.
Artificial Intelligence Combined With Mobile Apps to Offer Advanced Features
Artificial Intelligence, when combined with mobile technology, helps reshape and revolutionize customers’ experience in the following ways:
Investments and Financial Planning
AI-based algorithms employ data analytics to help customers make decisions on financial concerns. In fact, for complex calculations, AI is more effective than human guidance.
Personalized Notifications
Using AI, organizations can send personalized messages to customers and notify them about services and offers based on their location and preferences.
Security and Fraud Detection
AI technology can efficiently detect fraudulent behavior in real-time and offer multiple layers of robust security while conducting transactions.
Other Benefits
Some other added benefits of mobile apps in the banking and finance sector are:
Seamless Data Transfer
Mobile apps offer a seamless, virtual transfer of data from the customer to business and vice versa. Businesses can leverage these apps to share sensitive information with the customers in a quick, efficient and secure manner.
Additional Features
Mobile apps can also provide additional features to the customers which are beyond the business operations of the organizations. Services like movie ticket bookings, online shopping, etc. can also be offered by businesses through mobile apps to engage more customers.
To wrap up, innovations in technology and the ways of conducting business are now revolutionizing the banking and finance industry. These help businesses enhance their financial standing and empower them to stay afloat in the competitive market. By getting in touch with an experienced mobile app development company, you can learn more about developing a mobile application for your business and move forward in your business growth.
