According to Gartner Inc. in 2021 the total number of smartphones sold in the 1st quarter of this year is nearly about 77.8 lakh units. Data collected from smartphone vendors like samsung, Apple, xiaomi, vivo, oppo, and other smartphone companies. This huge sales has seen a growth of 26% in the 1st quarter of 2021. We have also seen the surge in demand of developers for mobile banking app development for smartphone users.
This data shows that the popularity of smartphones is high even after the disastrous covid19 pandemic wave in 2020. With a higher number of smartphones, users’ demand for services on their smartphone has increased marginally. Consumers are downloading the mobile banking app in their respective smartphones for ease in service. The covid19 pandemic has also increased the demand of mobile banking applications and requirement of skilled banking app developers. This shows the viability as well as sustainability in future for mobile banking app development as well as for the growth of business using the financial features provided by the banks through their app respectively. Online banking software development is also in demand parallely for the ease of online financial transactions as well as getting the most of banking services remotely.
With the latest survey it is estimated that around 32% of smartphone users use the mobile banking application on their smartphone. Whether it is the Android operating system or Apple Ios software banking apps are downloaded and used by users massively.
We will explore some key topics in this article which is
“What is mobile banking application?”
“What is mobile banking app development ?”
“What are the benefits of mobile banking app development & its business aspects ?”
What is mobile banking application ?
Mobile banking application is a software used by customers for accessing banking services on their smartphone as well as other smart devices. Almost most of the banks provide services in the form of mobile banking applications or banking websites for using online banking services by their customers. Users need to have a user ID and unique multi case equipped password to access the mobile banking services. Now some of the progressvie banks have rolled out biometric authentication for logging in the application.
What is mobile banking app development ?
The development of mobile banking development by the software developers for banking as well as other financial institutions for accessing the online service is called mobile banking app development. Various intuitive features are added by developers in the banking app such as security upgradation, faster authentication of transaction, simple User Interface, multiple banking services in one place, etc
What are the benefits of banking app development and its business aspects ?
1. Building customer loyalty
Mobile applications come handy while using as it is just fingertips away from us. The instant reachability of the bank customers right away through mobile banking app 24❌7 makes it very popular for the users. With that level of ease developers make under the mobile banking app let the customers stick to the banking services and transfers their customers into loyal one. There it helps in building a strong base of loyal customers for the banking as well as other financial institutions and ultimately adds up the profitability of the company.
2. Feature rich banking application
Skilled app developers with their creative skills add a plethora of incessant features from time to time. This thing attracts customers to use the mobile banking app and use it for personal as well as business purposes. Features such as biometric authentication, QR code payment, adding multiple accounts, auto payment for vendors , paying utility bills automatically, instant international funds transfer ,etc.
3. Quick and fast transactions
When you run a business, it will be a nightmare if payment and funds transfer are being halted or delayed to their respective business partners, clients, customers, staff,etc .Therefore to have fast and secured transactions the mobile banking app development is necessary for smooth business operations. While when we talk about security app developers make sure that all the transactions are protected by multiple security layers and backed by essential security certificates.
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4. Comprehensive tracking of all financial activities
Being a business organization or individual owner , one can keep an eye on the comprehensive financial activities in a bank in one go through the mobile banking application. This feature ensures there will be transparency and real time analysis can be done by the bank customers for their benefits. Online passbook as well as feature to download bank statements according to our timeline demands let customers track the monetary activities . It helps in analyzing the amount credited as well debited in and out from the bank account respectively. This increases the customers awareness towards his banking transactions and management of their financial reports with ease.
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One a quick note our readers would have understood the basic ideas of mobile banking application and benefits of mobile banking app development . And consequently how online banking software development helps in growth and flourishing of businesses exponentially.
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