What Makes Mobile Banking Apps So Popular?
Over the last few decades, the way of providing financial services has evolved significantly. As digitalization entered the picture, most of the legacy banks started moving their operations online, while more tech-savvy companies – so-called fintechs – entered the sector with their innovative solutions.
The evolution of financial services took yet another step when they were moved to mobile devices. At the moment, most of us access our accounts via smartphone apps or internet banking platforms on our browsers. But why have these services gained such popularity? Let’s discuss this topic in today’s blog post.
The service providers’ perspective
The application of financial services on mobile devices has undoubtedly been a goal set by the providers of such products themselves. For fintechs, it is a way of offering unique and customizable solutions, while for banks it is a necessity for keeping up the popularity among the digital generation.
Legacy banks, aside from having their own internet banking platforms, can always invite their clients to their physical branches. Fintechs, on the other hand, are usually fully digital – they do not have any branches for their clients to visit. Thus, such companies have to seek other ways of providing their services, and that is where mobile applications provide a powerful alternative, accessible at any part of the world.
What is more, apps provide a convenient way for financial businesses to communicate with their clients – push notifications. These notifications pop up on the client’s smartphone and can inform the user about received transactions, changes in terms and conditions, and many other relevant updates in a more effective way compared to other communication channels, such as email letters.
Why are apps attractive to financial service users?
Obviously, mobile apps would not have gained such popularity if they haven’t been so attractive to the end users. According to the recent prediction by CACI, mobile banking will become the largest financial service channel in terms of usability this year. Why? Because it offers several attractive features.
Firstly, apps are usually more user-friendly compared to internet banking platforms. You can check your balance with a tap of your phone, while entering the app does not require long passwords and additional authentication methods – usually, you can unlock it with a code or by using biometrics, and in this way save time.
What is more, the majority of mobile banking apps offer the possibility to send money requests to your friends, thereby making the transaction receival process easier. In these cases, you don’t have to provide lengthy IBAN numbers in order to have the funds delivered to you. Usually, your phone number is enough.
Lastly, mobile apps significantly increase the service accessibility range. You can take your phone with you anywhere – and use it while travelling on a bus, in a grocery store, or even at the dentist. In this way, your account can be accessed and payments can be made almost from any part of the world that is connected to the internet, giving you full freedom of when and where to manage your finances.
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10 March, 2021