In this post, we are going to check in detail about the banking mobile apps and its future & scope. A Banking mobile app is an application which helps you in performing the banking operations through your mobile. Some of the major activities include that of the fund transfer between the accounts, paying bills, monitor the transactional history and so on.
Banking applications are becoming so popular for a lot of reasons. The primary reason being it saves a considerable amount of time one needs to travel and complete the work in the bank. Along with this the scope of the application is not just restricted to the activities mentioned in the before paragraph but rather it also gives way to the mutual fund investments, portfolio management and so on.
Digitizing the sector:
Mobile banking to be precise is pretty much an advanced version of online banking. Online banking needs a laptop all the time and it is nearly impossible to carry a laptop all time and hence at that instance, a mobile app comes in handy. Many banks have understood the importance of having a mobile app for the banking processes. It not only reduces the human effort and save time but also paves way for a completely digitized process.
Digitizing the banking operations has the following advantages such as ease of access, time-saving, time efficiency and so on. This gives an edge to the customer to interact with the banks. By this process, the banks are doing a big favor to the customers and themselves. Customers will use the online banking services more than the offline services, which considerably reduces the clutter. Also for the banks, increased usage of their services gives them a boost.
Scope & Safety:
At present, about 292 million people are smartphone users. It is expected to increase to about 340 million by the end of 2017. Also, the emphasize given to Digital India is another boost for the banking sector to push their limits on the mobile and other applications. As mentioned above the app can’t be restricted only to the fund transfers but can also serve as a one-stop solution for maintaining all the portfolios, banking and finance activities.
We at Mallow Technologies have helped Karur Vysya Bank, one of the leading Bank in south India to get into the Appsphere. We have also developed an app called Noverdraft. Noverdraft was specifically designed for the US-based Severus Holdings. This aims at automating the integrating the loan processes. For any bank to develop an app by outsourcing it is essential to see that the team can handle such projects and their performance in this particular domain. You can check our blog the factors to consider before outsourcing a project to know more on this.