Mobile Apps for the Banks

As the number of smartphones users explodes, it becomes necessary for the businesses to attend to their clients and customers through the smartphone that they are using. Before the launching of smartphone every business was trying to have a website so that the prospective clients and customers could contact through the website. Now the smartphones have started replacing the desk top PCs and laptops. In this case it becomes mandatory for the all the types of business to have applications so that the customers or clients do not feel any inconvenience. This principle is also applicable to the  banks .

The initial mobile applications were focused on the mobile games. It took some time for developing mobile applications for the  banks . Most of the people with the internet connection on their desktop PC and laptops had got used to operate the accounts from their residences or offices. Now that the  banks  have started offering services through the mobile applications, the accounts can be handled from the smartphones. When the transaction of money can be carried out through the  banking  application in your smartphone it becomes very easy. It saves not only your time but also money and resources.

Before the sophisticated functionality of the  banking  applications came into play, most of the  banks  had already understood the importance of making the customers know about the latest changes and transactions from their account. As technology progressed, the complexity of the  banking  applications increased. The  banking  applications now allow the application user to pay bills online as well transfer the funds from one account to another.

Studies have revealed that the use of the desktop PC and laptops for online  banking  has fallen drastically. On the contrary the use of the smartphone for the same purpose has increased drastically. In fact, when all the online transactions in US, Japan, UK, and other developed countries are taken into considerations, 40% of the online transactions have been found to be carried out through the smartphone.

As far as mobile  banking  is concerned the  Bank  of  America  is considered to be the first one to offer its customers the facility of online mobile  banking . Those who have an account with the  Bank  of American can pay the bills as well as transfer the funds through the smartphone that they have.

There are other  banks  like the Commonwealth  Bank  to follow the  Bank  of  America . The Commonwealth  bank  is known to incorporate the latest technical advancement in the  banking  application that they are going to put into practice. In case of Commonwealth  bank  it has been found that the portion of the logins to the  banking  services offered through the smartphone stood at 14%.

The only thing that may be stopping others from using the online  banking  services and the  banking  application could be most probably the security concern and the time taken for the operation to be carried out. If these two aspects are handled properly the users of the  banking  application can increase further.

Source by Alan L Smith

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Mobile Apps for the Banks