Ways To Increase Adoption Rate Of Mobile Banking

By Author: Susan Smith
Total Articles: 132
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The rise in the use of mobile internet has led to a subsequent rise in the adoption rate of mobile banking. But research shows that an exclusive section of people, encompassing the young and the technically educated, as well as those who own a smartphone device, prefer handling new objects of technology, and are comparatively on the higher income generating group has embraced the concept of mobile banking. There are a number of reasons that mobile customers belonging to groups other than the ones specified earlier give for not using the benefits of mobile banking, security being the foremost among them. Listed below are few ways in which leading financial institutions and developers can work together in order to raise the possibility of adoption of mobile banking options:

Understand the requirements of banking customers – Online banking and mobile banking are not the same thing. Banking app developers should be able to differentiate the needs and expectations of online and mobile customers of any bank’s services. Two of the most important functions that banks need to deliver to its mobile customers are ability to ...
... check their accounts and transfer money from one account to another within or outside the bank in simple and quick steps. Other important aspects that mobile banking customers expect are constant communication system with the bank’s helpline and a feedback where customer can post their thoughts on the banking services as well as suggestions for improvements.

Simplicity is the key – Like in all forms of mobile technology, easy to follow steps of usage will drive more people to adopt mobile banking too. The IT teams of banks responsible for controlling the digital features of websites and the banking mobile applications must make sure that every user can log in to his/her account easily and follow simple steps for withdrawal or deposit of money. It is also upon the IT teams to launch an advertising campaign which will persuade the customers of mobile banking to continue using their devices for making different types of transactions and establish the fact that mobile phones are the best and most comfortable means of conducting banking activities. Overall, the mobile strategy for banks should be simple and easy to understand for the customers.

Generate multiple ways of accessing bank accounts – There should be the options of downloadable applications, texting, and mobile browsers for accessing accounts via mobile banking. The applications used in mobile banking should timely alert the customer regarding any debit or credit made in his/her account.

According to a research report released towards the end of 2012, there were close to 12 million mobile banking customers towards the beginning of 2010. The figure is projected to increase to at least 45 million by the end of the current fiscal year. The ease of access and variety of banking mobile apps being built by the contemporary application development industry has promoted the concept of mobile banking. In the words James Van Dyke, the primary reason why mobile banking is so popular is because it lends a customer more control over his money. The Javelin Strategy and Research president is of the opinion that even if a person may not have access to internet connectivity every time, a mobile connection is always available considering the rise in smartphone usage. It is this factor that developers need to utilize for increasing the adoption rate of mobile banking apps.

The author is associated with a well known mobile application developer and one of top iPhone developer Dallas TX and iPhone app development companies in Noida company