7 Reasons Why Banking And Financial Industries Need More Mobile And Tablet Applications

Marina Astapchik
IT Trends Research Specialist
December 23, 2011

Banking, like other industries, aims to increase quality of service and to spread business. Nowadays “mobile device”and “convenience” become synonyms. That’s why, mobile applications are very important for highly productive banking and financial industries. 7 reasons to create mobile applications for these areas will be discussed below.

Reason 1. Prevalence of mobile devices. It is not a secret that mobile devices are widely spread. And computational power of these devices grows every day. For common users portable devices deliver almost the same functionality as desktops: Internet browsing, conversations, gaming, file editing, etc. But it is cheaper and more convenient to use a mobile device or a tablet for these simple tasks, than utilize a desktop system. By the way, usability of mobile devices grows too; they become more attractive for end-users.

Reason 2. Camera access. In the last couple of years, almost all smartphones and tablets became equipped with a camera. This feature can be very useful for the banking industry. For example, camera can be used for payments based on QR-code or bar-code – very simple for everybody, just make photo of code and click “Pay”. No hand input, no mistakes. Also camera can be used for video-powered dialog between customers and customer services. Video conferencing seems to be more trustworthy.

Reason 3. Access to geographical location. Present day mobile devices provide easy access to user’s location (GPS). This helps us to create location-based services. It is very pleasing to realize, that it is unnecessary to place full address in bills – the application will calculate it automatically and goods will be delivered to people’s houses or other locations without any worry. Mobile apps development today includes GPS functionality integration with ease; in other words, any app can have GPS functionality. Also localized information can help with offering relevant products (for example, warm clothes are more needed where there is a cold season).

Reason 4. Always with the customer. Mobile devices are becoming something what watches managed to become a few years ago – almost everybody owns them (especially business people). This can help deliver high quality services and keep touch on pulse of the client's wishes and desires. Common users want to be capable to buy stuff wherever they are – not only at home, in stores or at bank.

Reason 5. Expanded capabilities of portable devices. Nowadays, smartphones become very sophisticated. They offer variety of latest computer technologies including networking, security, data access, etc. Mobile development significantly expands the base functionality of devices. This is a foundation for creating very reliable banking apps integrated with existing services. It is a mistake to think that applications for portable devices are less secure than for desktop computers.

Reason 6. Growing number of users. Amount of smartphones and tablets grows day to day. It seems that new mobile applications will be more profitable in future and this tendency will only strengthen.

Reason 7. Variety of available payment systems. Every mobile device can suggest at least three kinds of payments: SMS text banking, mobile browser and downloadable apps. By the way, different combinations of these techniques can be used. That’s why financial apps for mobile devices are very useful and attractive to customers. Capability to support different payment means brings reliability to applications and targets even wider audiences.

All these points prove one simple idea: if your financial or banking business doesn’t integrate with mobile platforms yet and you don not have any plans regarding mobile app development, you will lose.

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