As the COVID-19 crisis brings an uncertain future, businesses across all sectors need to develop solutions that will help equip them for unforeseen events. Today, technology plays a pivotal role in businesses as companies shift to remote working and online transactions.
For the banking industry, this means leveraging technology solutions like mobile apps. Read on and discover how you can benefit from mobile apps if you are in the banking industry.
7 Reasons Why Your Bank Needs a Mobile App
1. Enhanced customer experience
If you want to enhance your customers’ banking experience, mobile apps make a practical solution. With mobile banking, your customers can access their accounts 24/7.
As a result, you can instantly fulfill their needs. Clients appreciate this instant satisfaction at their fingertips, especially in today’s often busy world.
Additionally, mobile banking allows you to personalize the customer experience, establishing trust and confidence in your institution. By analyzing available data on your customers’ preferences and behavior, you can provide a unique experience for each user.
This unique experience allows your customers to fully control and maximize your services. From monitoring their accounts to transferring money, mobile banking can give your customers the ultimate convenience they’re looking for.
2. Improved security
If you are managing a bank, you know very well that security is a primary concern for customers. As you deal with their finances, you must keep your customers’ information safe and secure.
While online and mobile banking both come with their own risks, mobile banking makes a more secure option than its online counterpart. This is primarily due to additional security from an extra hardware.
Retina scans, fingerprints, and gesture patterns are security solutions you can use for mobile banking on top of two-factor authentication and traditional passwords. Also, most financial institutions utilize encryption for privacy and information protection, paving the way for worry-free mobile banking.
3. User analytics
Analytics play a crucial part in enhancing your services for your customers, and mobile banking also helps with this. Metrics allow you to understand how your customers use their mobile app and for which purposes.
For instance, the number of active users, retention rate, and session intervals can help you determine user engagement. Meantime, the volume of downloads and their respective channels help you identify which of your marketing campaigns are working.
You can also measure your app performance, especially its loading times and crashes. By analyzing these metrics, you can easily see where you’re good at and which areas you need to improve.
4. User retention
In-app and push notifications allow you to inform your customers about their increased credit limits and other relevant offers you might have. Banks that offer this option establish a competitive advantage.
Targeted notifications also help enrich the customer experience, improving client retention. As a result, you may see improvement in your mobile app ratings.
5. Productivity and efficiency
Artificial intelligence, otherwise known as machine intelligence, refers to actions done by devices without human intervention. Chatbots, machine analytics, algorithms, and natural language processing are examples of AI.
With the help of AI for mobile banking, you can send personalized notifications to your customers based on their preferences, location, and purchase history. Moreover, chatbots can send customized recommendations and offers, allowing you to save on costs.
Since technology can already do all these things, your staff can focus more on their key functionalities. As a result, your workforce can boost their productivity and efficiency rates.
6. Cost savings
Mobile banking can also help you enjoy cost savings. Since it allows you to go paperless, you save money on printing and delivery.
Plus, you no longer need to hire additional employees to perform tasks your mobile app can do. You can also save on operational costs from maintaining branches.
Third-party service providers like Yondu can help you launch a mobile app for your financial institution. An expert in the field of custom development and IT, Yondu can let help you reap results from your mobile app investment.
7. Significant ROI
Improved customer engagement through mobile banking also significantly affects your return of investment (ROI). Engaged mobile app users hold more financial products.
Since services are available 24/7 on mobile banking, customers also transact more frequently. This results in more revenue than branch-only transactions.
As the pandemic result in store closures and high unemployment rates, it opens the eyes of decision-makers to the fact that nothing is guaranteed. To survive unforeseen events like the COVID-19 pandemic, you need to consider integrating technology into your business.
Mobile apps, for instance, allow business continuity, resulting in more engaged customers and even reduced costs. By leveraging mobile banking, you can take advantage of these benefits and more.
Are you looking for a mobile application development company? Get in touch with our team today to know how we can help you develop a mobile banking app.