Are you a part of the finance industry’s technological shift? In other words, do you have mobile banking or wallet apps in your smartphones? When countries are embracing digitalization, the expanding technology has been contributing immense support in obtaining it.
The mounting technologies have stretched their boundaries to every domain in the industry. Likewise, it has changed the face of the finance industry from the past few years.
More the number of mobile apps, more is the user’s connectivity. With the rapid development of mobile apps, the dependency on these have been elongated all over the globe.
Studies show that the development of banking apps shall keep increasing by 14% every year. Since mobile apps are leading the market with rising demand, the banking sector continues to go portable.
With the introduction of banking apps and mobile wallets gone are the days of standing in a long queue for banking services from deposit to cash withdrawal.
So, instead of walking down to a bank for services, you can accomplish services such as credit card bills, money transfer, cheque book issues, and others to name some on a banking app or mobile wallet.
Clearly, these mobile apps never let your money sleep. From paperless transactions to 24×7 banking service availability, development of mobile apps have excessively modified the finance industry.
Furthermore, the apps are now integrated with advanced technologies such as artificial intelligence, blockchain, IoT, etc, to enhance security and services.
The advanced technologies have made these finance-related apps more reliable and trustworthy. Hence, the practice of using financial apps is yielding cashless transactions, saving users from the hassle of visiting banks.
After counting on the banking apps or mobile wallets’ significance, understand how they are transforming the finance industry.
One of the most advantageous features of finance-related apps is cashless payment. All you need to have is a smartphone. If you read the statistics, it has been forecasted that the non-cash transactions will increase by 12.7% until 2021.
Since, mobile wallet payments are on the horizon like Paytm, PhonePe, etc, and with banking apps joining the same boat, the finance industry is touching the sky of benefits.
Moreover, mobile wallets provided more than just fund transfer, such as bill payment, movie booking, flight booking, and many more. These features of the mobile wallet have benefited users in numerous ways. Hence, the significance of mobile banking apps has increased.
Technology has been evolving to satisfy the user’s requirements. Among which security is one of the most important concerns they have, especially when it comes to money based applications.
To address these concerns in the finance sector, application developers have been using advanced technology like AI, IoT, blockchain, etc. The most widely used authentication method is through biometric, which includes recognition of physical metrics of a user such as voice, gesture, and typing speed.
Substituting the previous multi-factor authentication method and lessening the chances of fraud, artificial intelligence has swooped in extending the boundaries of technology in the finance industry.
Scan and pay
The mobile wallets made the payment method quick and convenient. The most widely used method is the QR code scanning. A user can directly scan the QR code and make the payment for goods and services.
QR code has simplified the online and in-store payment system for every user with a smartphone and mobile wallet app. The cashback and offers on paying through these wallets had expanded the market for the finance industry, encouraging the users to run mobile wallet apps.
The finance industry with advanced technology has incorporated notification features to enhance customer experience. It keeps the user informed on what is happening in the app or what’s new is coming.
Some industries’ mobile apps have the feature of customizing the notification as per user requirement. Though customized notifications are well integrated into mobile wallet apps, the banking sector is still planning on executing this feature.
Payment Through Voice Commands
The emergence of voice commanding technology has played a significant role in user’s lives, from searching, calling a person to read a received mail. With daily hustle, voice commands do ease up the tasks without having to touch our smart devices.
This smart voice commanding technology has stepped into the finance industry, blowing up the roof of restrictions. You can call it voice banking, it has replaced the QR code scanning system and brings in immense benefits for customers like transferring funds.
Currently, a few of the banking apps have integrated this feature, but it’s going to expand in the industry in the coming years.
Smart Customer Support With Chatbots
Every business strives to satisfy and address user needs, which introduces the requirement for customer services. Though customer services depend from industry to industry, some provide 24×7 services while others have fixed time to support customers.
Similarly, banks from the finance industry define a time slot for customer care services with never-ending automated calls. To overcome the long calls or right time to call, AI has introduced chatbots in banking apps.
Through chatbot assistance, answering customer issues has become easy and quick. Jumping the line of waiting, chatbots work around the clock with never exhausting services.
Most of the mobile app inclines with GPS to untap the potential it brings in. Likewise, the finance industry has been implementing GPS technology. It keeps a user informed about what is nearby, be it ATM in case of banks or vendors for mobile wallets.
It helps to keep track of locations where a user might have used the particular app for paying or requesting the payment enhancing the app security.
Furthermore, a mobile banking app with location-based services supports the users by going the extra mile, such as locating the nearest branch or ATM with detailed information.
Atm Locator for Banking Apps
As per the stats, cashless transactions will go up to 12.7% only. It means cash flow in the market will continue, which requires withdrawal from ATMs, and covering long distances in search of an ATM is a tiresome process.
As sometimes on reaching the ATM, you might find there is no cash, or it’s out of service. In such scenarios, the search of the ATM begins again.
With the rise in mobile app development, some of the apps in the banking sector have eased the process by enabling users to locate nearby ATMs.
Along with the location, some banks are introducing a feature to forecast the availability of the cash at the ATM. These apps have enhanced user experience and eliminated the tiring task of visiting numerous ATMs in search of the cash.
Want to save from what you are earning? That would require financial planning. If you go by the old traditional method, it would require you to visit banks. But, technology has covered this face of the finance industry too.
Budget management becomes handy and easy with mobile banking apps. These banking apps facilitate the right financial solutions and thoughtful money management procedures for their customers.
Now, savings, investments, long calculations, and a lot more can be achieved by machine intelligence of mobile apps.
The finance industry has been an inevitable and integral part of users. The above-mentioned features are beneficial to all the customers of the technically upgraded finance industry.
With integration of technology, financial services are becoming more customer focused and mobile apps have made the payment methods quick and secured.
If you are planning to invest in mobile apps in the finance industry, reach out to the topmost mobile app development companies to create compelling and immersive interfaces.
Author Name:- Harikrishna Kundariya
Biography:- Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz Technologies, A Mobile App Development Company. His 8+ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.
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