A dominant thought for bankers is, “Mobiles are venerable, It could steal our Money!”. However, this attitude is being forced to change by the current scenario of popularity of mobile devices. Sources has reported a probable figure of more than a billion of people that would used mobile banking by the end of 2017. Banks are rapidly turning to mobile applications to make their service more accessible to customers. This is also proven to be an important factor that helps a bank to stand ahead of its competitors. What the banks need to focus on is customer engagement and satisfaction rather than ROI in terms of Application development. Apps needs to be viewed as a doorway to customers rather than some technical junk.
Why It is Necessary?
Active engagement of customers is possible through mobile banking. No one would like to walk in to a bank and stand in the queue even for a minute skipping rigid office timings. Rather, it is more productive to give them opportunity to use the bank while traveling on a bus.
Mobile banking provides useful insight to business analytic. It is possible to track customer behavior through Mobile Apps. The frequency of usage, transaction details, coverage area, etc could be known precisely through Apps. This could prove quite useful for banks to take the next business decision.
Apps enable seamless communication between a customer and the bank. Customers can be also updated with New policies, products and other news quickly using this. To sum up, it is like developing a personal relationship to a customer.
What is Important?
A common approach is to design the apps as replica of the website. This is rather a futile idea. Apps should be different than the websites, it should put forward its features directly and made user friendly.
The most important is to develop a custom application for the process. Although many third party apps are available in the market, banks should develop their own customized App. This would secure the apps from any vulnerability. The best idea is to hire an experienced App Development company that could develop banking apps at par government guidelines.