Banking apps are a critical component of a bank’s operations. They enhance brand recognition, generate revenue, improve operational efficiency, and more.
In this article, we aim to spotlight the value of banking apps through the lens of financial institutions.
Brand building and product differentiation
Today, banking applications serve as the primary point of contact for consumers with a bank’s brand. According to available data, bank users access banking apps an average of 30+ times a month. Mobile banking is an incredibly significant element in building brand awareness and creating customer bonds. Good apps positively influence customer retention and acquisition. This leads us to the point where banks should focus on mobile banking UX, and unique strategy should stand out.
Next, the implementation of a differentiation strategy in a bank may appear challenging. Not every app delivers a top-notch user experience. Here, technology comes to the rescue. A banking application that includes unique solutions on a national or global scale can become a trump card in the game known as customer acquisition. Jeff Bezos once said: “If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering”. And it leads to the growth of your organization.
Revenue generation and cross-selling
To follow Jeff’s words, all you have to do is deliver value to your customers, and thanks to it, you can translate your banking app into a powerful revenue-generating tool. Through in-app features and services, banks can cross-sell various products, including non-banking products. This strategic approach not only diversifies revenue streams but also enhances the overall financial health of the institution.
For instance, banks can incorporate m-commerce value-added services such as Finanteq’s SuperWallet. How it works? The platform enhances your mobile banking app by providing a cloud-based suite of lifestyle services such as transportation tickets, taxis, online shopping and more. Want to learn more about the innovative VAS solution? Contact us: [email protected]
Operational efficiency and cost reduction
One of mobile banking apps’ less-discussed yet immensely impactful aspects is their positive impact on the operational efficiency of the whole bank. Good mobile apps streamline banking processes and reduce dependence on physical branches, which leads to significant cost reductions. Here, solutions like Pocket Branch are invaluable, enabling the easy creation of a fully functional virtual branch. Additionally, the convenience the app offers to customers translates into smoother and faster transaction processes (e.g., loans and insurance sales).
Data analytics and customer support
Banking apps are a treasure trove of valuable data. By analyzing user behavior and preferences, banks can glean insights for more targeted marketing strategies, product development, and service improvements. An example of a tool that can use data to personalize processes, improve CX and boost sales is Extentum – no-code platform that can easily extend digital banking.
Moreover, integrating AI-powered chatbots and real-time support systems within these apps ensures round-the-clock customer assistance, augmenting overall customer satisfaction. These are essential features for creating a satisfying mobile banking experience and it’s a must to have it in mind while creating a plan for your app.
The future of banking apps with the right mobile banking development approach
The future of mobile banking applications is poised for continual evolution. Integrating advanced security measures to counter cyber threats, harnessing the potential of artificial intelligence and machine learning for personalized customer experiences, and adapting to emerging technologies are pivotal to staying competitive.
However, it’s crucial to note that the success of these applications hinges not just on technological prowess but also on a seamless user experience. A user-centric approach, intuitive design, and consistent updates and improvements are vital to keep customers engaged and satisfied.
How to achieve it? Take advantage of the experience of mobile banking experts.
Mobile banking development can offer much more than simply making transactions easier.
It opens avenues for personalized financial insights, seamless budget management, enhanced user experiences and more.
To wrap up
Whether you start building a mobile banking app from scratch or revamping it, a stellar development partner is your key to success. Finanteq’s high-performing teams excel at delivering optimal solutions, conducting comprehensive audits for your application, and enhancing its overall performance. Create your digital story with a company with the best mobile banking app developers. Contact us: [email protected]
