Why Banking, Finance, and Insurance (BFSI) Industry Needs Mobile App?

Discover the benefits of Mobile App for Banking, Finance, and Insurance companies

Banking, Finance, Insurance (BFI)
12 December 2018

In our fast-paced life, we want everything to be quick and at our fingertips. Then why should our banking sector will remain slow? Not anymore. BFSI Applications have opened a new doorway to handle money at any place, any time and anywhere with maximum security. Just install the app, sync the account with the required details on the phone and you’re done. It’s that simple!

At first, the banks tried making web-based service with the help of the advanced web technologies like HTML5, JavaScript, etc. When it became a success with people and with the increased usage of smartphones, the banks tried making an app for the people that would help the customer to get all the services of the bank on their phone without even coming to the bank. As it is evident now, that idea made the life of people much easier.

BFSI industry mobile stats

Benefits of Mobile App for BFSI companies

Customer Retention

Customer retention is always in the mind of businesses across the BFSI industry. BFSI is the very competitive market and if you’re not able to keep your existing customers then you’re losing your brand reputation. Today’s customers are tech-savvy, they always keep themselves updated. 

“According to a survey, 2.71 Billion people will be using smartphones by 2019. So easier way to reach your existing customers is the mobile app.”

New Customer Acquisition

Bank even can launch referral campaign to attract clients to refer other people ( friends, family members, and colleagues ) to open an account in that bank. This way Bank increases the number of customers.

Customer Analytics

Customer analytics is the key to growth for BFSI sector. An analytics will help companies to understand their customer behavior. By which companies can improve their cross-selling and up-selling strategy.

Promotion & Marketing

In traditional marketing, strategy companies use to put banners, posters to promote their offers, newly launched schemes, etc. But those days are gone now. It’s the era of internet & digital devices. BFSI companies use social media to promote but the best way to reach their existing customers is through the app.

Operation Cost

An app users can transfer amount via NEFT, IMPS & RTGS and check their account summary, transaction details in the app. It helps companies to reduce their overall operating cost. As well as this is very easy and convenient way for users to transfer money rather than going to the bank and standing in a queue.

Customer Support

BFSI applications assist companies to ensure their customer support. Nowadays, large companies like Bank of America, American Express, Barclays started using AI-powered virtual assistance ( chat BOT ) to provide 24/7 customer support.


Features required in BFSI mobile apps

1. Personal Account

Allow users to create a personal account. Without personal account and personal details, transactions are not possible. It is important to authenticate the details first and then create the account.

2. Keep it simple

It is not necessary that the app will be used by only millennial. The app can be used by anyone. It should have a simple and easy to understand layout. The UI UX team must consider the fact that any ambiguities can lead to big problems in BFSI apps. Hence it is important to keep it simple and easy.

3. Add languages

Unlike other countries like USA and UK, India has many languages. There are some BFSI consumers who do not understand English. Developers must consider this point and offer other languages.

4. Notify

This feature is extremely important. As the app deals with financial transactions, it is highly important to take care of the acknowledgment and notifications. After any transactions, the user must get a digital receipt. Many app developers allow banks to email the receipts to the users. Also, the app should display all transaction history with detailed information to track everything.

5. Security

This feature is the most important one. Since the user feeds all bank details, insurance details, financial transaction details, investment details, etc., it is important to deliver great security to the apps. Developers must use latest encryption-decryption techniques while developing BFSI mobile apps.

6. Real-time service

The app should be able to complete any transaction in real time. Some BFSI services like the stock market have the huge importance of time. Even a minute can cost a lot to the investor. Hence, real-time actions are a must in BFSI mobile apps.


7. 24×7 customer support

As mentioned above, the users can use BFSI mobile apps at any time and from anywhere. Hence, there should be a 24×7 support system available for end users.


Choose The Right BFSI Application Developer

When you hire a firm for mobile app development solutions, it must be one that is not just experienced and proficient with development but also understand the significance of security and privacy. Hire assistance of Starshot Software that has a proficient team of dedicated software developers who are always innovating. They can help to build banking apps (BFSI Apps) that are quick, efficient, reliable, safe and easy to use from your smartphones and other gadgets.

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