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Why Mobile App is Important for Banking, Financial Services and Insurance (BFSI) Industry?


By Red Apple
Date: Apr 19, 2018
Category: Mobile App Development

In our fast life, we want everything to be fast and at our fingertips. Then why should our banking sector will remain slow? Not anymore. BFSI Applications have opened a new doorway to handle money at anyplace, anytime and anywhere with maximum security. Just install the app, sync the account with the required details on the phone and you’re done. It’s that simple!

At first, the banks tried making web-based service with the help of the advanced web technologies like HTML5, JavaScript etc. When it became a success with people and with the increased usage of smartphones, the banks tried making an app for the people that would help the customer to get all the services of the bank on their phone without even coming to the bank. As it is evident now, that idea made the life of people much easier.

Benefits of Mobile App for BFSI companies

Customer Retention: Customer retention is always in the mind of businesses across the BFSI industry. BFSI is the very competitive market and if you’re not able to keep your existing customers then you’re losing your brand reputation. Today’s customers are tech-savvy, they always keep themselves updated.

“According to a survey, 2.71 Billion people will be using smartphones by 2019. So easier way to reach your existing customers is the mobile app.”

New Customer Acquisition: Bank even can launch referral campaign to attract clients to refer other people ( friends, family members, and colleagues ) to open an account in that bank. This way Bank increases the number of customers.

Customer Analytics: Customer analytics is the key to growth for BFSI sector. An analytics will help companies to understand their customer behavior. By which companies can improve their cross-selling and up-selling strategy.

Promotion & Marketing: In traditional marketing, strategy companies use to put banners, posters to promote their offers, newly launched schemes, etc. But those days are gone now. It’s the era of internet & digital devices. BFSI companies use social media to promote but the best way to reach their existing customers is through the app.

Operation Cost: An app users can transfer amount via NEFT, IMPS & RTGS and check their account summary, transaction details in the app. It helps companies to reduce their overall operating cost. As well as this is very easy and convenient way for users to transfer money rather than going to the bank and standing in a queue.

Customer Support: BFSI applications assist companies to ensure their customer support. Nowadays, large companies like Bank of America, American Express, Barclays started using AI-powered virtual assistance ( chat BOT ) to provide 24/7 customer support.

How to Develop Mobile Application for BFSI Industry?

Before starting to work on mobile banking & finance apps development, you need to ensure that it meets all basic needs and expectations of customers. The app shouldn’t be a one-to-one mapping of features available in online banking. It should only possess core features as easily as possible.

The app should not be overloaded with all complicated functionalities. It should have core stuff which is right, usable and obvious such as balance checking, transaction history reviews and quick and easy payments and transfers. Before you start developing a banking app, think about the mobile banking apps features which are low on the app’s priority list, and can be easily dropped. Deciding what not to do is as significant as making up a list of features which you are going to provide.

Also Read: How UI/UX Design Plays a Vital Role in Successful Mobile App Development?

Don’t forget about the appearance and feel while keeping mobile banking app security. Good UI/UX is an integral part of the process. Effective UX is important for your app. Keep a track of your target audience, perform usability studies, create ideas and write stories to understand what users expect from your app. Keep results in mind. UI/UX should add make your app user-friendly. The app should have animation, pagination and other techniques for making it ‘’live.’’

Choose The Right BFSI Application Developer

When you hire a firm for mobile app development service, it must be one that is not just experienced and proficient with development but also understand the significance of security and privacy. Hire assistance of Red Apple Technologies that has a proficient team of developers who are always innovating. They can help to build banking apps (BFSI Apps) that are quick, efficient, reliable, safe and easy to use from your smartphones and other gadgets.

Also Read: Got a Unique App Idea! Don’t Know Where to Start?

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