Mobile Applications impacting Financial Services in a huge manner

Nowadays mobile apps are changing the financial industry in a fast-paced manner aiming to grow customer acquisition, get customer’s insights, launch customer-centric products, offer access to information and present other crucial services. Whether it is banking sector, insurance industry, stock exchange or financial enterprises, they all embrace mobile applications enabling payments, transactions, account balance checking and various other services.

A survey conducted by Federal Reserve Board in 2016 says,

“Internet-enabled smartphones, are in widespread use. Adoption of mobile financial services continues to increase and up from 52 percent a year earlier.”

Today more and more customers adopt and prefer using the services on mobile, however you’ll still find customers hesitating to give away their information to app due to security risks it involves.

Even the financial institutions know this fact well and in their practice to keep customer’s trust integral, scalable apps are built with robust security. This is why nowadays financial services own third place in the industry verticals as in comes to mobile adoption rate.

Here let’s find out what is offered by these financial enterprises to the customers via services that make engineering a mobile app quite vital for them:

Utmost Convenience:

As it comes to financial service provider offices, customers are requiring waiting in queues and undergo difficult process in order to get the work accomplished. Now this wastes a lot of time and ruins customer’s experience which makes it tough for these institutions to retain their customers. Financial service providers have an impact on the customer’s woes with rewarding mobile app development. As customers get to access varying services through intuitive user interface easily, they certainly go with those providers. It’s advised to present services with more comfort and less complexity as this is what’s liked by the customer.

Improved Access:

With the use of mobile applications, financial services have got an access into the market. Now to make the financial transaction is not just the stereotype of generation X, as Gen Y is also using these services owing to the easy use and mobile-friendliness. Also, time and distance is not going to be a barrier to perform financial transactions. This way financial get to enhance their reach and this will result in huge customer traction.

Better Customer Service:

There is no use of sending push notifications as tailored messages based on customer’s demographics and transaction history prove to be vital. With customers receiving the right message at the right time, it is going to help in making good decision which improves overall experience. Instead of educating your customers, it’s advised to inform them as this leads to enhanced customer service.

Manage Investments on-the-go:

Needless of the location, it’s easy for the customers to track their income, expenses, past transactions and plan their budget on a single interface. This way when they receive real time updates regarding the investments, it’s easier for them to manage accordingly and this will accelerate their revenue.

Conclusion:

These are the benefits fueling the growth of financial organizations with their success being hidden behind their customer’s happiness. Offer complete freedom to your customers and be available to them when they desire and where they desire via mobile apps.

Arun Goyal is Founder-CEO at Octal Info Solution Technology innovation and trends insight come easy to Arun with his thorough knowledge in the domain. A leader in his own rights, his grad-friends see him as an avid researcher and a technology evangelist. See him talking about ideas, trends and technology as a part-time author to this blog.

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