One of the primary benefactors of continuous digitization is the banking industry. Fintech solutions address budgeting, investment, cryptocurrency trading, and other consumer demands. This article will discuss why you should hire mobile app developers to develop mobile banking applications.
Did you know that the total number of users from online and mobile banking will surpass 3.6 billion by 2024? According to the most recently mobile banking usage data, India ranks first in the world in terms of regular mobile banking usage as a percentage of internet users with current accounts.
Technology has advanced tremendously in the recent decade, bringing us numerous key mobile applications that have altered our way of life. Everything from buying food to delivering packages and creating a bank account online is now attainable with the tap of a finger. Mobile apps play an important role in the banking and financial services industries.
Mobile applications are reshaping the financial world, and mobile payment apps are altering the banking and financial industries. The rapid increase of mobile apps has significantly influenced the banking sector. People no longer need to visit a bank and wait in huge queues to deposit or withdraw funds.
Current Stats say;
- By 2025, the banking app market is expected to be worth more than $4600 billion.
- According to a recent survey, the finance industry has received more than $44.1 billion in the capital.
- According to one estimate, there are more than 1.3 billion banking and finance mobile app users, and the number is growing.
- According to a recent survey, the US market has demonstrated a 30.1% adaptation rate to fintech mobile apps.
Advantages of Developing Mobile Banking Applications
Here are some of the advantages of fintech mobile applications that demonstrate their role in modernizing the industry.
1. Go Cashless
E-wallets have grown in popularity as a method of shortening transaction times. E-commerce businesses and all online marketplaces have integrated mobile wallets to make transactions more seamless. It has been considerably easier since the introduction of UPI because the transfer is performed directly from the bank account rather than a wallet.
2. Avail Rapid Services
Financial applications have increased people's access to banking services. Users no longer need to go or search for neighboring branches to perform chores. That is possible with the assistance of applications and the internet. One of the most significant benefits of mobile banking apps is faster processing.
3. Sign in Safely
The security of a mobile app is always a top consideration. Customers understandably want to know that their personal information is safe and secure. In this situation, multi-factor authentication with secure sign-in choices and sophisticated features like biometrics, face recognition, fingerprint recognition, and codes make the sign-in process more comfortable and smoother.
4. Your Cards are in Your Hands
Having a debit or credit card always poses the risk of someone breaking into your account. Customers benefit from the mobile banking application. Efficient banking applications require two-step authentication, a password, and notification of account changes. These features protect you from hackers and keep your accounts safe.
5. Get an E-Passbook
It is no longer essential to update your statement physically at any bank location. Users can see their account history with a single click through their mobile banking app. It enables users to retrieve their account history at any time, from any location, and in certain situations, without data transmission.
6. Managing Accounts Made Easy
Consumers must maintain their physical and virtual cards directly within the smartphone app; for example, consumers may only have minutes to disable a lost or stolen contactless card. Users will value the opportunity to:
- Clog a card
- Alter the PIN code
- Purchase debit or credit cards
- Transfer a card to a separate account and add new cards to an existing account
- Account closure
- Handle particular cashback schemes
7. Deposit Cheques from Anywhere
Mobile banking applications have increased the level of practicality. Users may now quickly scan their physical cheques and keep them in the bank using optical scanning technology. You may store cheques and access them quickly by snapping a snapshot with your mobile device.
Hire mobile app developers if you need help developing this feature for your fintech firm. They will provide flawless optical scanning technologies to build your mobile banking app.
8. Get E-Wallets
People use digital wallets to manage every aspect of their life. A growing number of companies are competing to be the go-to app for everything finance, combining a diverse range of payments, banking, credit, investment, and insurance products into a single platform.
In contrast, others allow users to store important documents and access cards on their smartphones for daily use. With its broad reach and everyday touchpoints, the digital wallet category has a huge influence on people's lives - but only if new solutions can deliver dependability, scalability, and convenience.
9. Instant Fund Transfer
Money orders have been phased out. Using peer-to-peer mobile payment applications, users may rapidly send money to people in distant countries. Furthermore, users must go through the verification procedure for security reasons to complete the transaction.
10. Biometric Protection
Security risks have developed since the coronavirus era. Biometric authentication was developed to improve the security of sensitive data while also making financial compliance easier.
Biometric solutions prevent unauthorized access to accounts and devices by identifying the user's face, voice, fingerprints, and other characteristics. Additionally, financial institutions may safeguard themselves against identity theft, credit card fraud, skimming, and phishing.
Why Make an Investment in Mobile Banking App Development?
As we came across how mobile banking development holds various advantages for both businesses and individuals. Let's take a look at why you should create a digital bank.
- Cost-Cutting Measures
Fast mobile transactions are significantly less expensive than traditional bank and ATM transactions. Because they can be created from anywhere, the necessity for virtual offices is diminishing. Banks may cut operational and employee costs without losing customer service.
- Clientele Expansion
The ease, round-the-clock accessibility, and numerous transactions completed via digital wallets, UPI transfers, cashback, purchase discounts, vouchers, and coupons applicable to future transactions are all enticing to consumers.
- Advantages in Competition
Mobile banking is a crucial deciding factor for nearly 45% of customers, and this figure is rising. Banks with minimal operating expenses might offer reduced service fees and extended grace periods, luring customers away from established competitors.
What’s Coming Next?
Most financial organizations already recognize that they cannot compete and expand without building an app for bank services and other digital solutions. It's become the standard strategy for financial services aimed toward younger generations.
The current state of mobile banking development provides enough opportunity for novel solutions. If you are a financial company, now is the moment to share your most ambitious ideas with your programmers or a trustworthy outsourced mobile app development services provider.
They can create an online banking app or its mobile version from scratch, provide you with a cross-functional dedicated team to implement your vision from start to finish, and maintain and perfect your web and mobile banking apps for years to come.
