Importance of Mobile App in Finance
Mobile applications have become increasingly important in the field of finance over the past few years.
According to the study, around 97% of millennials use mobile banking apps, with approximately 89% of consumers stating they use mobile banking apps for various purposes regarding financial management.
India dominated the list of top finance apps in the world in 2022, with Phone Pe, Paytm, Google Pay, Bajaj FinServ, and YONO SBI making it to the top 10, according to data. The global digital banking user population is projected to reach 3.6 billion by 2024. Almost 94% of mobile banking users access digital banking services at least once a month.
Looking at the increasing number of mobile app users for finance purposes, we are here to share some of the key reasons why:
1. Convenience: Apps make it easy for users to manage their finances from anywhere at any time. With a finance app, users can check their account balances, track expenses, and pay bills all from their mobile device.
2. Personalization: Finance apps can be customized to suit the needs of individual users. This allows users to set financial goals, track their progress, and receive personalized financial advice based on their unique financial situation.
3. Security: Many finance apps use advanced security features like biometric authentication and encryption to protect user data and transactions. This gives users peace of mind knowing that their financial information is secure.
4. Fast Alert: The banking app can help users get real-time account-related alerts. For example, transaction information, account updates, etc.
5. Customer support/assistance: AI chatbots provide fast responses, querying, etc. The mobile app is providing support in multiple languages to cover a large audience.
6. Innovation: Finance apps are driving innovation in the financial industry, leading to new products and services that are more convenient, affordable, and accessible to users.
7. Content and news: Content services provide news related to finance and the latest offers by the bank or institution.
Overall, there are much more reasons why finance apps are changing the way people manage their finances, making financial services more accessible, convenient, and secure.
