Top Reasons Banks Must Develop Mobile Apps

The general prevalence of technology, especially mobile apps, has to lead all types of financial institutions across the globe to sit up and take notice of how they, too, stand to benefit from it. Also, with the number of smartphone users set to cross 3 billion by 2020, it would be a shame to ignore this reality. Furthermore, when you consider the fact that the new age customers want, nay, demand that banks offer them precisely the type of utter convenience and solutions that other businesses provide them, the need for mobile banking apps is instantly rendered a no brainer.

So it is not merely the virtually endless advantages for the customers that make mobile banking apps such a lucrative proposition. They provide a plethora of benefits to banks as well. From acquiring a unified view of customers to optimizing customer service, cutting down the scope for human error, and automating processes, the possibilities of how banks stand to benefit from embracing mobile apps and how they can leverage them for better business results are virtually endless.

Nonetheless, let us go through some of the essential reasons why mobile apps are indispensable for banks and why they must develop one if they haven’t already.

1. Reduce expenses: Using a mobile app to enable transactions allows banks to achieve increased efficiency in myriad ways. For starters, they can cut down their use of papers, which, also it will allow them to encourage eco-friendly operations. Then there’s also the fact that conducting transactions via mobile apps is considerably cheaper than using ATMs. Oh, and researchers expect the cost of mobile sales to be roughly 50x less expensive as compared to in-branch transactions and approximately 10x less costly than ATM transactions.

2. Customers get better control over their money: Banking via mobile apps empowers customers with absolute control over their money matters. Furthermore, they also gain the ability to remotely keep an eye on their accounts instead of visiting the bank or going to an ATM to get an update. Additionally, they can also configure recurring payments, thus allowing them to avoid levies for late payments.

3. Enhanced customer experience: One of the most compelling benefits of mobile banking apps is their round-the-clock availability. Besides that, they give customers instant access to all relevant services, which plays a vital role in boosting customer satisfaction and, thus, loyalty to the bank.

4. Access to analytics: Banks gain access to valuable data via mobile apps — data that can empower them with rare insights. Such insights and metrics can then be used to see the light about exactly how customers interact with the app and further focus on factors such as customer acquisition, engagement, customer satisfaction, performance, and more.

As you can see, mobile banking apps open the door to a whole new level of conducting business, especially in this industry. So, go ahead and get started on a money transfer app development for your bank to see your business grow like you never imagined!