How Mobility brings Transformation to Banking (or BFSI) Sector

The global economy drives on the BFSI (Banking, Financial Services, and Insurance) sector. As the technology advances, we witness a paradigm shift from physical visits to the online transaction in this sector. In the contemporary times, the transformation of digital transactions into more sophisticated and convenient mobile-based settlement becomes inevitable. And this need can be fulfilled by the enterprise mobility.

These days, many banks and financial institutions offer mobile banking facilities, which can be considered as the herald of a wide scope for enterprise mobility in finance and banking sector. The young and rich customers have embraced mobile banking wholeheartedly and middle age people also gradually shift toward this trend globally. It indicates that mobility has started gaining ground in the sector.

Some noteworthy changes brought by enterprise mobility in the banking and finance industry are:

• Smartphone and tablets have replaced personal computers among bank employees. The working processes are upgraded by keeping handheld devices in mind
• The BFSI organizations have websites and mobile applications to serve their customers in a better way. People can readily carry out financial transactions as well as other processes with the help of mobile devices
• Banks have started to come up with dedicated mobile apps to enable their customers to manage their different types of accounts like FD, RD, Savings, Credit Card, etc.
• Mobile app development companies have developed banking and finance apps to highlight and access various financial services. The app users can easily track and manage their activities
• Mobile and web apps have built-in multiple safety measures to ensure secure transaction through mobile devices

An official estimate has revealed that mobility investment in the banking sector will cross $100 billion mark by 2020. Here a question arises that what are the possible reasons for which the BFSI sector seems inclined to enterprise mobility?

Let us point out the reasons behind implementing mobility in the banking and finance industry:

• Increase in digital transactions

Globally, more and more countries opt for digital or cashless transactions for they are safer and speedier as compared to traditional cash-based transactions. Singapore leads the list with the highest cashless transactions of 61 percent followed by the Netherlands, France, and Sweden. The BFSI industry gets the services of mobile app developers to deal with growing digital transactions worldwide.

• Spike in number of smart devices users

As per Statista, the number of smartphone users is expected to surpass the five billion mark by 2019. The steady rise in the number of smart devices users has prompted the banking and financial companies to offer mobility solutions to their customers. What’s more, banks can promote their schemes and expand business through a customized banking app.

• Easy feature integration

Be it a credit card payment or a utility bill payment, fund transfer or balance enquiry- a banking sector app can easily integrate all the features necessary for the customers. Various types of accounts and transactions can be managed by the customers with ease through a customized mobile application. Whenever the banking and finance institution want to offer a new facility, they can integrate that functionality in a hassle-free way.

• Seamless and secure transactions

As mentioned earlier, the mobile apps have built-in multiple security features the customers have to pass through before reaching a final transaction. In a way, mobile apps provide secure transactions in a seamless way. Also, people can initiate a transaction on a 24/7 basis providing there is an uninterrupted Internet access.

• Growth in M-Commerce

People prefer mobile devices to search and shop things in today’s mobile-driven era. The exponential growth in M-Commerce is an indicator of the fact that people find smartphones more convenient than laptops for shopping. The banking apps also facilitate their customers to leverage the benefits of M-Commerce. We can expect the trend of M-Commerce to grow continuously and the banking mobile apps will keep it promoting.

• Rise in online services

Apart from shopping, we witness the steady rise in various online services. All the utility service providers and mobile service providers offer online payment services. Banks can attract more customers by facilitating them to pay all types of bills by using the app.

Considering all these aspects, we can fairly mention that mobility has transformed the BFSI sector for good reason. As the banking and finance companies are ready to pull their socks up to meet the requirements of ever-increasing mobile-using customers, we can expect a bright future for the mobility.

Do you wish to know what customized mobility solutions can do for your banking or finance business? Just drop us a line and set the ball rolling. We offer the best-in-class enterprise mobility solutions in a cost-effective way to our esteemed clientele across various industry sectors.