Financial Services Mobile Apps Help Both Businesses and Their Customers

Marina Astapchik
IT Trends Research Specialist
August 20, 2012

Pervasive computing encourages today’s financial services companies to run their business virtually and attain their “digital” customers in an ongoing way anytime and anywhere. Without doubt, a genuine competitive financial institution should strive to provide mobility solutions for their customers. Using wireless Internet access and mobile collaboration, pathfinders of finance industry boost their clients’ loyalty and satisfaction, enlarge customer base attracting new clients and enhance their revenue.

Tomorrow's leading financial institutions will become those that are able to go with the innovative stream of the modern tech-savvy world. According to the results of the research “Consumers and mobile financial services”, prepared by the Federal Reserve Board's Division of Consumer and Community Affairs (DCCA), the ubiquity of mobile phones is changing the way consumers access financial services:

  • 21% of mobile phone owners have used mobile banking in the past 12 months;
  • 11% of those not currently using mobile banking are supposed to use it within the next 12 months;
  • 90% of mobile banking users check account balances or recent transactions;
  • 42% of mobile banking users transfer money between accounts.

It is obvious that portable devices have become part and parcel of modern life for most people in the 21st century. Fast-paced technological development of mobile services illustrates the imminence that changes the way consumers accomplish financial transactions. That’s why present-day software development companies are ready to provide financial service businesses as well as their customers with a great variety of mobile and software solutions to facilitate their capacity for adjustments and competition. Here are easy-to-implement five ways for boosting mobile performance:

1. Consumer and Enterprise Application Development: software development companies that specialize in mobile app development are eager to offer a comprehensive range of multi-platform solutions and enterprise application services for your business. Applications built for Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM) are conductive to the improvement of operational efficiency.

2. Mobile Commerce: the diffusion of mobile applications that are becoming accessible from Internet-enabled smartphones for buying and selling goods or services facilitates the purchasing process. In order to capture market share and improve their business performance, a great majority of contemporary enterprises are mapping their initiatives to mobile solutions.

3. Mobile Banking: thanks to the proliferation of mobile technologies, modern consumers expect to get available financial services at their fingertips. With the help of mobile banking applications a company will be able to provide access to debit/credit or charge card details, account balance and monthly budget.

4. Mobile Payments: today’s consumers can use their portable devices for a wide range of mobile payments as an alternative to cash, checks, or credit cards. NFC (near field communication) and mobile money solutions are viable tools for customers to pay for goods and services on their mobile devices. At the same time, mobile payment services help businesses enhance profitability maximizing revenue and deliver excellent customer experience.

5. Mobile Remittance: innovative distribution channel for mobile money transfers brings new clients, income streams, increasing overall ARPU and reducing operational costs of your business. Having implemented mobile remittance solutions, senders and receivers are connected to a single platform and free to conduct any finance transactions and wire transfers.

It won’t take long before mobile services become a standard necessity of our daily life. Mobile solutions and financial services mobile apps are the driving force for businesses that want to take the leading part in their market segment. It can be named an extension and branding tool for any business that allows to maintain direct one-click relationship with a customer base. At the same time, mobile users gain advantage of tech revolution and modify their portable devices into micro banks with the help of financial services mobile apps.

Industries and Technology Areas:

Industries: financial services, banking, retail, e-commerce, m-commerce

Technology Areas: mobile application development, software development, m-commerce, iOS, iPhone, iPad, Android, BlackBerry, Windows Phone

RELATED ARTICLES

8 Characteristics Of The Next-Generation Financial Services Websites

When it comes to the face of business, it is important to change it over the time to keep up with the pace of innovation. Digital revolution sets its own rules on the way business is transformed. Brick-and-mortar shops are empowered with online versions, face-to-face payments – with one-click purchases,...
READ ARTICLE

Chatbots: the Future of Digital Banking

Let’s start with myth-busting, shall we? AI-powered chatbots aren’t solely used for communication purposes. It would be fair to begin with this statement as, contrary to popular belief, bots are bigger than they may seem to the general public. In fact, more and more financial institutions are starting to consider...
READ ARTICLE

Central Banking and Fintech: Points of Contact

Last year saw new technologies and innovations taking the mainstream stage globally. Just remember what was on TV, social media or set the topic of your small talk at the office - the rise of technology served as the main headline and outcome of 2017. Its impact on society and...
READ ARTICLE

Blockchain In Healthcare: Unleashing The Potential To Transform The Industry

Blockchain comes as one of the most misunderstood phenomena in the tech world, and if you still associate it with Bitcoin and cryptocurrency, you’ll be surprised by learning how various industries use the technology to streamline their processes. Healthcare industry is one of the early adopters of the blockchain. Medical...
READ ARTICLE