Why is Mobile Banking Application Important?

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Now consumers can access banking services from anywhere by using mobile banking. In addition, businesses and business owners can now save time by using mobile applications to process their payments and even receive money from customers directly to their phone numbers.


The pandemic has highlighted the need to meet the digital banking needs of the customer. Several studies have confirmed that the pandemic has had a dramatic impact on the digital banking infrastructure. For example, a survey by Entersekt and PYMNTS.com found that it has been a 200% jump in mobile banking usage since the start of the pandemic. Therefore, it becomes clear for banks to invest in the development of mobile banking apps.

Cost to Develop a Mobile Banking Application

Banking app development is dependent on several factors, including the technology used and the features implemented. Operating system, technology preference, and app features are also the direct factors influencing the cost of banking app development. Most of the time, developing mobile apps for the Android operating system is more cost-effective than iOS.

Why Are Customers Switching to Mobile Banking Apps?

In addition to providing the customers with their bank account information at their fingertips, the mobile banking application development there are other benefits that these mobile solutions bring:


  1. Provide 24/7 support and access to the banking services.

  2. Improved security and easy to operate.

  3. From checking account balance to buying mutual funds, a single solution to entire banking services.

  4. There is no need to visit banks for general services and saves time for the customers.

  5. The money transactions don’t take days with mobile banking apps, instead the funds are immediately transferred.

  6. With all the customer data available, the banks can personalize their service which is a great advantage for the customers.

  7. The customers can monitor their expenses within the mobile banking apps.

  8. The mobile banking apps are capable of automating the regular payments.

How Do the Customers Use Mobile Banking Apps?

According to a 2016 report from the Federal Reserve Board, customer attitudes behind using mobile banking apps are as follows: Apart from providing customers with their bank account information on their mobile, there are other benefits that these mobile solutions bring:


  • 94% users check account balance and recent transactions on mobile banking apps.

  • 61% use mobile banking apps to transfer money between bank accounts.

  • Alerts from 57% of banks.

  • 48% Facility to pay bills using mobile banking apps and deposit checks electronically using the mobile's camera.

  • 40% of users find nearest ATM or bank branch on mobile banking apps

Conclusion 

At Nimble AppGenie, we are experts in Mobile Banking App Development. Since our inception six years ago, we’ve been helping banking financial institutions strengthen their digital infrastructure. Our core competency lies in developing mobile apps for banking and financial institutions; hence we’re your perfect choice for your mobile banking application development. You can reach us at – contact@nimbleappgenie.com

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