7 reasons why banking and financial industries

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7 reasons why banking and financial industries

  1. 1. ©2011 by EliNext Group 7 Reasons Why Banking And Financial Industries Need More Mobile And Tablet ApplicationsBanking, like other industries, aimsto increase quality of service and tospread business. Nowadays “mobiledevice” and “convenience” becomesynonyms. That’s why, mobileapplications are very important forhighly productive banking andfinancial industries. 7 reasons tocreate mobile applications for theseareas will be discussed below.Reason 1. Prevalence of mobile devices. It is not a secretthat mobile devices are widely spread. And computationalpower of these devices grows every day. For common usersportable devices deliver almost the same functionality asdesktops: Internet browsing, conversations, gaming, fileediting, etc. But it is cheaper and more convenient to use amobile device or a tablet for these simple tasks, than utilizea desktop system. By the way, usability of mobile devices
  2. 2. ©2011 by EliNext Groupgrows too; they become more attractive for end-users.Reason 2. Camera access. In the last couple of years,almost all smartphones and tablets became equipped with acamera. This feature can be very useful for the bankingindustry. For example, camera can be used for paymentsbased on QR-code or bar-code — very simple for everybody,just make photo of code and click “Pay”. No hand input, nomistakes. Also camera can be used for video-powered dialogbetween customers and customer services. Videoconferencing seems to be more trustworthy.Reason 3. Access to geographical location. Present daymobile devices provide easy access to user’s location (GPS).This helps us to create location-based services. It is verypleasing to realize, that it is unnecessary to place fulladdress in bills — the application will calculate itautomatically and goods will be delivered to people’s housesor other locations without any worry. Mobile developmenttoday includes GPS functionality integration with ease; inother words, any app can have GPS functionality. Alsolocalized information can help with offering relevant products(for example, warm clothes are more needed where there isa cold season).
  3. 3. ©2011 by EliNext GroupReason 4. Always with the customer. Mobile devices arebecoming something what watches managed to become afew years ago — almost everybody owns them (especiallybusiness people). This can help deliver high quality servicesand keep touch on pulse of the client’s wishes and desires.Common users want to be capable to buy stuff whereverthey are — not only at home, in stores or at bank.Reason 5. Expanded capabilities of portable devices.Nowadays, smartphones become very sophisticated. Theyoffer variety of latest computer technologies includingnetworking, security, data access, etc. Mobile developmentsignificantly expands the base functionality of devices. Thisis a foundation for creating very reliable banking appsintegrated with existing services. It is a mistake to think thatapplications for portable devices are less secure than fordesktop computers.Reason 6. Growing number of users. Amount ofsmartphones and tablets grows day to day. It seems thatnew mobile applications will be more profitable in future andthis tendency will only strengthen.Reason 7. Variety of available payment systems. Everymobile device can suggest at least three kinds of payments:
  4. 4. ©2011 by EliNext GroupSMS text banking, mobile browser and downloadable apps.By the way, different combinations of these techniques canbe used. That’s why financial apps for mobile devices arevery useful and attractive to customers. Capability to supportdifferent payment means brings reliability to applications andtargets even wider audiences.All these points prove one simple idea: if your financial orbanking business doesn’t integrate with mobile platforms yetand you don not have any plans regarding mobile appdevelopment, you will lose.
  5. 5. ©2011 by EliNext GroupELINEXT GROUPWebsite: http://www.elinext.comEmail: info@elinext.comBlog: http://software-topics.comFacebook: http://www.facebook.com/elinextTwitter: https://twitter.com/elinextDelicious: http://delicious.com/elinextgroup Ireland office Marina House, Adelphi Quay Waterford, Republic of Ireland Phone: +353 (51) 347 477Belarus Development Center Vietnam Development Center155b Bogdanovich St. 37A Phan Xich Long St.220040 Minsk, Belarus Ward 3, Phu Nhuan DistrictPhone: +375 (17) 237 53 65 Ho Chi Minh City, Vietnam Phone: +84 (8) 3995 6849Suggested citation: EliNext Group.2011.“7 Reasons Why Banking And Financial Industries Need MoreMobile And Tablet Applications” <http://www.elinext.com/sevenreasonsmobile>

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