The landscape for mobile apps is changing our lives for good and is leading us towards a smarter living. Moreover, it comprises of experiences in the shopping, sporting, and many more verticals. Also, there’s a new element added to it – with creative financing metamorphosing the BFSI (Banking, Financial Services, and Insurance). Mobile apps are making life less complicated and easily accessible not only for bankers and financiers but also for the users.
Finance is the most preferred industry by mobile technology experts, overpowering the legacy global financial processes and reinforcing economic liberalization, institutional & regulatory upgrades, and technology changes. The app development in this sector is entering into a futuristic mission, automating the internal processes and finances of users.
Discussed below are the critical pointers in which mobile apps are transforming the finance sector:
1) On-the-go Transactions
As technology is fueling the overall growth of the industry, mobile apps are linking us better with our bank accounts. Users can connect their records with the bank apps and perform all the tasks right from their phone. From money transfer, opening or closing other accounts, FD, RD to viewing list of their debits/credits, bank statements, editing personal details and a lot more, you can do everything through mobile applications.
2) Open Banking
The concept of public banking is envisioned to inspire the development of automated tools and apps for Small-medium enterprises. It allows businesses to sign up for the services offered by the bank right from their business banking account. It also opens up the access to abundant sources of real-time data.
3) Biometric/Contactless Payments
Contactless payment is another meaningful way of managing finances via mobile apps. Apple Pay or Samsung Pay offers a smart idea for consumers to buy in-store products without paying in cash or via debit/credit cards. The app is used to pay the bills through a secure transaction over biometric wireless.
Contactless payments also safeguard credit/debit cards of the customer from being tracked by any machine, making it an encrypted transaction against malware and hacking.
4) Hassle-free Transition to Cloud
Though banking and finance have revolutionized from what they were ten years ago, users are still uncertain about the security of digital transactions. However, cloud applications and SaaS (software-as-a-service) solutions are making a secure and scalable transition over multiple channels.
Most of the financial institutions, banks, insurance agencies, and others are using PaaS (Platform-as-a-Service) solutions for creating user-friendly apps for increased customer engagement and personalized communication with customers for need-based financial planning.
5) Environment-Friendly Banking
The mobile apps help in paperless banking and financing as the transactions take place on digital screens, which save paper. The paper saving leads to protecting hundreds of trees and eradicating pollution from the environment.
Conclusion – The Fintech market is evolving at a faster pace that is beyond our imagination. So, if you plan to create an application for your finance or banking business, don’t wait too long. Contact today a leading software development company offering cross-platform solutions for mobile app development to get your finance app developed hassle-free.