How Mobile App Has Brought a Drastic Change in Banking Industry?

Imagine waiting in a queue in bank for transferring money in the account, to go to the ATM to just check the available balance in the account or to get the transaction history. All these activities are becoming outdated as the boom of mobile banking came in the banking sector. We can see the explosive growth of mobile usage in most of the Asian economies like India, China and Korea. The ratio says that there are more people who are having mobile phones than the people having their bank accounts.

Although the Internet banking is also helpful for customers to check out their account details, to perform transactions, to get their bank statements, and to pay their bills sitting comfortably in their homes or office, PC with Internet connection is required while accessing to bank accounts, so it is the main difficulty of Internet banking in developing countries like India, China and Korea.

Mobile banking requires just your smart phone with a mobile banking app, which is easy to access in a secured manner. "The biggest benefit is that you have more control of your money," says James Van Dyke, president of Javelin Strategy and Research in Pleasanton, Calif.

Nowadays, banks prefer mobile platforms for innovative payment models and commerce capabilities. For instance, the American multinational bank ‘Bank of America’ launched a new mobile app that lets customers view their current balance, spot the location of the nearest ATM and banking centres, as well as payments and transfer calendars to check and manage your outgoing payments and transfers each month.

The Bank of America is not the only bank which is introducing the latest features in its mobile app, in India also many banks are becoming more tech friendly to fulfil the financial requirements of their customers in sophisticated as well as easy way. Many banks are launching their apps which helpful to make online transactions, pay bills, recharge mobile phones through mobiles and with many more features, as they realised the convenience of mobile banking app in giving services to their customers as well as in decreasing the requirement of manpower in the banking industry.

Advantages of Mobile Banking:-

• Anytime, anywhere banking: Mobile banking gives us the advantage of anytime and anywhere banking. One can do banking transactions even after banking hours also from anywhere, while waiting for the bus, while travelling, or in your home.
• Mobile banking is free of cost: The banks are offering mobile banking services at free of cost, also the number of times accessing the account is not bounded. Also it does not require the internet connection as it is using its mobile connectivity of telecom operators, in many banking apps.
• Feature-rich Banking Apps: With mobile banking, users can do many financial functions from their mobile like checking current account balance, getting mini statement, transferring funds, paying bills, depositing checks, locating ATMs, and managing investments.
• Secure banking: In order to give security to the customer transactions, some banks give assurance that the account details in the app won’t get stored in your mobile or SIM card that you provide when installing the app, it restricts your account data from the unauthorized access even though if you lost your mobile as no one can access your account using your lost mobile phone.

Mobile banking has a great future because of its cost effectiveness and the ability to reach the customers in remote areas.

Have a Plan to Develop Banking App?

If you are looking for any positive improvements in your banking app or want to develop a new app to sustain in competition of other banks, you can choose FuGenX Technologies.

FuGenX is an award winning Mobile app development as well as Mobile game development company We are expert in all mobile platforms as well as we are giving services to USA, UK, India, middle east and other countries.

I am working as a BDE at FuGenX Technologies Pvt Ltd - Mobile Application Development Company.