How Mobile Apps are Playing an Important Role in the Financial Industry
In the current scenario, mobile or other smart devices have become an essential platform for the businesses. They connects with their potential customers anywhere, anytime. As the mobile usages has increased, it has created a big boom for the responsive websites and mobile apps. Through mobile app, the companies can showcase their product and services, and generate valuable business opportunities.
When it comes to app trends, a large number of industries has adopted the mobile app, to connect with their valuable audience, directly. Among various industries, here we discuss the necessity of mobile app for the Financial Industry. As this industry is almost at the bottom of mobile app adoption, but it is one of the most interesting industries that involves lots of money and huge risk.
If we consider the ADI report, the Financial industry has 30% more apps in comparison to other categories. Even, around one third of banking customers are using mobile banking on a regular basis.
Although, the mobile banking apps are in trend, but it is not enough to put your banking information or details at risk. Even, a deep research is done by Adobe, to understand that on the money part, why there has been a slow app adoption.
What are the security risks involved by accessing bank accounts through mobile apps?
As the financial institutions are seriously concerns about the risk and security, they do not take mobile app security lightly. Moreover, as the banking institutions have perceived the mobile app adoption penetration rates, they provide a robust security features in their apps. Also, these apps are completely user-friendly and provides wonderful user experience.
What type of activities do consumers perform?
There are two types of users, i.e., general consumers and mobile elites. But, as it is a major competitive platform, where acquiring customers, maintaining and keeping them engaged with specialized services and solutions is being really critical. Still, providing a pleasant customer experience, simplifying the account opening and managing accounts are some of the areas where the financial industry is leading.
According to the research, the mobile savvy has the highest adoption rate for using financial apps over mobile sites, for their banking activities. It makes the financial sector, as the strong brand amongst other sectors.
Financial Apps That Already Exist in the Market
There are a large number of app users that are using financial management apps to manage their finances. Here are some of the apps that are doing well in the market:
Expensify
Expensify is one of the applications that helps in managing the expenses. Through this app, you can keep proper records of your expenses, can obtain photo receipts that are automatically scanned and input into the records. It is free of cost, and is available for iOS and Android users.
Budgt
Budgt app is a reliable and powerful tool for managing your daily expenses. It helps you by providing an option to create your own categories, input your expenses and keep on tracking your spending. In addition, it also provides currency converter for travelers.
Conclusion
Considering the industrial facts, the banking industry is adopting the trend of user-friendly and helpful apps. They are creating mobile apps for valuable customers’ convenience, as well as increasing their brand value. If you are looking for the financial app for your business, you can hire the top mobile app developers India. They will brilliant knowledge and years of experience in mobile app development, and can easily fulfill your requirements.
