Mobile Application Development for the Banking Sector
Mobile application development caters to a diverse customer base. As its utilization is being discovered for different purposes, an increased activity is being witnessed in this field.
Mobile industry made its humble beginnings with applications that provided basic functions. Today, applications for functions as intricate and complex as monitory transactions via mobiles are being developed. This is paving way for a new culture of mobile banking.
The first category where mobile applications found immense popularity was for games and such entertainment based applications. With the integration of internet in mobiles, many possibilities and areas of growth for mobile applications have opened up. The speed of application development has accelerated at a mind blowing pace and as a result, today we have an application for every category.
Mobile applications are making it possible to replace ordinary, conventional methods with more advanced and practical methods. People are finding the advanced functions offered by the new applications easy to use and more convenient.
Online banking is one such category that is fast finding its way in mobile devices. The applications available today for the banking sector are quite sophisticated. While some offer the same features as that are available for online banking, other applications are aiming to provide increased functionality.
Bank of America was amongst the first to use mobile banking. They offered users the functionality to pay bills, transfer funds via their iPhone application. The analysis made by recent studies report, that more than 40 percent of online transactions are made using the smart phone devices in Japan, US and other developed countries.
Commonwealth bank known for adopting the latest technological developments reveals that mostly people are relying on their smart devices to access their bank accounts and make the necessary payments. The estimate reveals that 14 percent of its log-ins to the internet banking is made via mobile phones. Going by the growing numbers and the technological advancement evident, the Commonwealth bank is all set to use another iPhone property guide app for its retail banking home loans.
Many critics question the lack of security for some of the mobile banking apps. People are reluctant to use their mobiles for such critical functions. The financial institutions, however, contradict this statement assuring that mobile apps can in no way cause any security problems.
The challenge for developers focusing on mobile banking applications is to address the security concerns, as these concerns are limiting mobile banking growth. If mobile applications for the banking sector are made risk free and the security concerns are adequately addressed then, it can bring about a major change in the way we bank.