Mobile Applications – Crucial Role In Banking And Finance Industry?

Did you know that?

  • According to online and mobile banking statistics, the total number of users will approach 3.6 billion by 2024.
  • According to the most recently mobile banking usage statistics, India leads the world in regular mobile banking usage as a proportion of online users with current accounts.

Mobile applications are reshaping the financial world, and mobile payment apps are transforming the banking and financial sectors. The rise in the number of mobile applications has had a profound impact on the banking industry. People no longer need to go to the bank and stand in long lines to deposit or withdraw money.

Do you consider mobile users to be the most engaged segment of your consumer base these days?

The reason for this is that mobile app marketing and promotion allow for increased income through precise targeting and the ability to swiftly assess user response.

In today’s smartphone era, the majority of people prefer mobile apps for performing various tasks including banking operations. If you’re looking for mobile app development for your company, Stella Digital’s mobile app development services are a great place to start.

Now, let’s go through and explore more about mobile applications‘ role in the banking and financial sector.

Highly Useful For Marketing Apps

Are you aware of these facts?

  • According to global online banking statistics, 73 percent of customers use online banking channels at least once a month, while 59 percent use mobile banking apps on a monthly basis.
  • Financial industry stats indicate that approximately 70% of customers look for consistent online and mobile banking services when choosing a bank.

Mobile applications could be an excellent marketing channel for banks. Banks can use mobile banking apps to notify consumers about new products such as a new type of savings account, insurance packages, and cashback.

Mobile banking may also be used to run highly focused marketing campaigns. For example, they can precisely pinpoint the geolocation of shoppers and provide relevant offers to their customers. A mobile banking interface can also be used as a real-time engine that collects campaigns data based on customer shopping preferences.

Enhanced Customer Experience

A pleasant customer experience is essential to any business or brand, and the same is true for banks. Customers are not restricted by operating hours or the location of banks or ATMs when they use a mobile banking app. By providing 24-hour services, banks give their customers the ability to access their accounts at any time.

Banks developed unique experiences for their users by gathering data on client taste and preference, resulting in enhanced customer satisfaction and credibility. It also helps users manage their finances by allowing them to watch their balances, receive account alerts, make instant money transfers, etc.

Reduce Operational Costs

Financial institutions can use mobile banking software to go paperless and save money on printing and shipping. If more clients use their smartphones to conduct banking transactions, financial institutions will not need to open more branches. Mobile apps help banks save money on branch operations, maintenance, and transactions.

Application of AI

Artificial intelligence (AI) refers to systems and programs that make sound decisions without the need for human intervention. Natural language processing, machine learning, machine analytics, algorithms, chatbots, and other technologies are all part of artificial intelligence. Artificial intelligence (AI) has a significant impact on the mobile banking business.

Previously, banks had to respond to customer inquiries on a wide scale, but now chatbots can do so. The most significant benefits of AI for mobile banking are speed, security, and efficiency.

Secure Sign in

A mobile app’s security is always a top priority. Customers naturally want to know that their personal data is safe and secure. In this case, multi-factor authentication with safe sign-in options and advanced features such as biometrics, facial recognition, fingerprint, and codes make the sign-in process more convenient and seamless. Mobile applications should be capable of providing users with the highest level of security and allowing them to enjoy a secure mobile experience.

Providing Voice Payments

In today’s high-tech environment, people’s perceptions of how to do things change on a daily basis. Among the ever-increasing technological advancements, voice search has taken on a vital role in our lives. You may ask your connected devices and smartphones to perform any action just by telling them.

Think about it this way: what if money transmission was as straightforward and convenient as saying “hello”? Yes, you read that correctly. Voice banking is slowly but gradually finding its way into the banking industry, bringing with it plenty of benefits for customers. Take a look at some of the successful leaders in the banking industry to see what I mean.

Early adopters of voice technology include the Royal Bank of Canada and Barclays.

From a security standpoint, this move has the potential to usher in a new era of accessibility.


To sum up, a well-designed mobile banking app with the aforementioned features may go a long way toward attracting new clients, gaining a competitive advantage, and developing a great customer experience.

I hope this article has clarified the role and significance of mobile apps in the financial industry.