The phrase “banker’s hours” has traditionally been used in a bad light. There was very limited access to the financial services for a long period of time, leading the customers to visit a physical branch or a broker’s office. Fortunately, with the digital revolution, things are changing positively in the financial industry.
“Fintech” and “mobile banking” became hot topics for anyone within the financial services industry. Consumers are not worried about the limited hours to do their banking. The Federal Reserve System Board of Governors found out that 43% of active bank account users are using mobile banking apps for almost all bank-related operations. Google study found that 40% of consumers preference would be to switch banks instead of putting up with a less-than-optimal mobile experience from their current bank.
People are more inclined to the mobile apps that allow them to attach their finances with ease and confidence with great security. Businesses that utilize this trend will not have any shortage of consumers.
Mobile Banking Apps Provide Flawless And Effortless Transactions
Banking App usage has changed the way people manage their finances. Due to Mobile Banking Apps people can manage their finances with ease from any location and at any point in time. Mobile Apps have become an absolute necessity.
As per the study in 2018 from Bank of America, 62% of people’s prime method of interaction with their bank is digital.
This brings an enormous opportunity for business leaders to help connect a string between the consumers and their banks. Looking at the current situations mobile banking apps are going to be a must-have need for the consumers. Mobile banking apps provide services similar to the physical bank (efficient, user-friendly, and transparent) but with more add-ons making them efficient and easy to use.
Not only banking apps but Payment apps are also going to be a critical junction. As per the First Annapolis study, within the last year, 64% of respondents had used mobile payment apps. From the same study, it is found that mobile apps were used once a week or more by5% of respondents.
While there’s much consumer awareness within the market, consumer adoption remains pretty wide open. As the merchants and consumers are not fully committed to one solution, businesses have a chance to form a dense presence for the purpose of sale and better customer services.
Talking on the numbers for the finance mobile app industry
Let’s dive into the numerical information for the major impact of mobile banking apps.
1. As per Think with Google, 67% of users prefer financial apps that keep user details saved to make the method easier for the future.
2. Based on a survey by Statista, in 2018, 90% of US users used mobile apps to look at the account balance 2018.
3. . Only 17 % usage was done to reorder checkbooks by users from the US.
4. In another survey by Think with Google, 6 out of 10 users prefer using mobile apps for financial activities rather than websites
5. Another number from Statista for a survey in the US, currently there are 57 million banking users.
Let’s dive in to see what’s mobile banking?
Let’s move ahead and understand what mobile banking is and then we go in-depth and discuss the advantages of mobile banking. In a layman language, mobile banking is a method of enabling banking and financial services on your smartphones or tablets.
Benefits and importance of mobile banking
To better understand the importance of mobile apps let us first understand the current role of mobile apps in the finance domain.
1. The growing number of cashless transactions
Cashless transactions are one of the major achievements mobile banking apps have got. Consumers need not take efforts of locating ATMs to withdraw money. As compared to ATM Cards, transactions can be easily done through apps and are highly secured. Cardless withdrawals are possible with the assistance of IoT in banking. Mobile apps require user authentication to finish the transactions thus making them very safe against unauthorized transactions.
2. Convenient & Favourable banking services
Mobile App banking has reduced the commutation of consumers thus increasing the convenience for users. With the usage of the mobile app, users need not commute in search of the closest branches to get the work done thus making all the processes fast.
3. Control over expenses
Users are capable of keeping the track of their money due to the transparency in the transactions, thus making it easy for management. Credit debit transactions are immediately updated which helps the users to see the cash flow. Apart from this, the smart banking apps help in observing the spending patterns.
In case the debit or credit card is lost it can be instantly blocked.
4. 24×7 Banking access
Banking apps give 24×7 access to all banking services. Users need not way in the long queue for doing the banking transactions.
We all have heard that time is money, and in the case of mobile apps for the banking domain, this phrase is quite literally true too! The convenience and elegance of mobile applications for banks have been nothing less than a boon to the banking industry. Thanks to all the mobile banking applications users have control and access over their money, even during a worldwide pandemic.
5. Money transfer On the Go
Money orders have become a history now. Due to the availability of banking apps and payment apps money transfer has become an easy and hassle-free process allowing people to transfer money across the borders. Every user needs to undergo a verification process for completing each transaction thus making the apps highly secure. Payment apps have taken the Indian market by storm with payment apps like Gpay, PhonePe, and Paytm. By observing the usage of payment apps banks have also introduced an instant cashless payment feature for their customers.
With upgraded digital technologies banking and financial apps are becoming secured. Features like cardless withdrawal, cashless payment, etc. Are giving users a flawless experience along with convenience. Banking apps today are smart which allow users with almost every financial need, like loans, share market, grocery payments, bill payments, and far more.
If you want to grow and compete in this tough market then having a mobile app for your business is a must. For more information regarding apps contact Sciqus.