How Mobile Apps Are Transforming The Banking Sector?

As we are moving to the digital era, technology disruption has impacted several domains from transportation, food & beverages to the Education industry. The banking sector is also not behind it, it is rapidly growing using different mobile app. The banking apps are comparatively more secure and well-featured which can provide better and hassle-free banking experience to users. As per the Mobile Banking Study – 46% of US consumers have increased their usage of banking mobile app in the last year 2018. They preferred using the mobile app over visiting a branch which is easy to use and flexible. There are many benefits of using mobile apps for banking sectors.

Let’s Explore Few Benefits Of Using Banking Apps.

1) Open Banking

Banking Apps are focused on serving value-added service to their customers using API (Accelerated Programming Interfaces) which is the latest technology. Using this technology, the bank allows third parties to access their data and functionalities. This strategy mainly works for financial institutions. They can take leverage of their existing system and provide their latest services and products to users.

2) Voice Payments

Voice banking is gradually involving in the banking sector. As recently, the Royal Bank of Canada and Barclays have adopted this technology. Therefore, Virtual assistant Siri can help you to pay your bills on your command. There is always a concern about security in the banking sector, but if you put security aside then this change could be revolutionary.

3) Chatbots

Chatbots provides online support to its customers. They can help to resolve their customer queries at a time. If pre-planned answers can help your customers then you can use predictive analytics and AI (Artificial Intelligence). They will definitely help your customers to take appropriate financial decisions, manage their fund, and control.

4) Financial Planning

This is the thing for which the user needs to think more about , and, it is a big challenge also. But, there are individual apps available for the same where they can provide you one-stop solutions. If you develop a Financial planning app then, that can help users to plan their budget and they can make good financial decisions. If you are wondering to build budget planner app, then you can consult with any Android App Development Company.

5) Secured Accounts

With the growing demand for banking apps, people also want better security for their transactions and accounts. Hence, the mobile app has to bring advance features like fingerprint scanning, face recognition and many more. Using AI, Frauds can be also detected and assist you to identify patterns regarding any suspicious activities in real-time. Moreover, as innovation is the key of success, banks have to continue their strategy for engaging more customers with satisfaction. Really, well-developed banking mobile app solution provides a user-friendly and better user experience.