The Full Value of Mobile Applications for Financial Services
Posted by Lacey Wilcox | June 23, 2021
It is becoming increasingly difficult to find an area of our lives that isn’t impacted by technology. Everything from the temperature of our homes to data from a weekend hike to our lunch order at Chick-Fil-A can be viewed and controlled with the touch of a button (or a touchscreen).
Finances are no exception to this advancement of mobile applications. It’s easier than ever to manage personal wealth and assets, all from your device. But customers aren’t the only ones who benefit from these mobile apps. Mobile applications also bring value to financial service companies and institutions.
Mobile Apps: More than Candy Crush or Chick-Fil-A
When you think of apps on your phone, your first thought probably has to do with social interaction, like WhatsApp or Instagram; entertainment like Netflix or Candy Crush; or food like Chipotle or Chick-Fil-A. On a daily basis, I am opening apps to view medical records or my health tracker, finding new recipes, or browsing options for crepe pans.
But I’m also just as frequently opening apps that allow me to track my account and manage my household budget (because nothing is more frustrating than trying to order a chicken sandwich on an empty bank account).
We’ve explored application software before, including:
- A deep dive into what application software is and why it matters
- What skills a software developer should have
- What a software company really does
Today we’ll look at how mobile apps bring value to financial service companies like yours, as well as to their customers.
The Value of Financial Mobile Apps
When you think of a financial mobile app, your first thought is probably of a bank’s mobile app. And this is a perfect example of an app used by a financial service company that is beneficial and valuable. But there are also apps for bookkeeping, invoicing and making payments, monitoring investments, and much more. These apps are not only helpful and useful for your customers, they can also bring value to your business.
Management of Customer Expectations
Financial service companies are unique in that they are dealing directly with a customer’s personal wealth and assets. While other service industries are paid by customers, none of them are responsible for actually handling a customer’s money. While this could be a tenuous situation, it also has the potential to solidify your relationship with your customers. A mobile application gives them control of their finances, provides complete transparency, and builds their trust in your company.
When I log in to my online banking app, I am in control: I can transfer money between accounts, set up an online payment, make a deposit, or decide I have enough in my account for breakfast AND lunch at Chick-Fil-A. The point is that my bank understands the money in the account is mine, and has made it simple and intuitive for me to do with it what I choose. I like that, and your customers will appreciate it from your company.
Consumer Lifestyle and Preferences
Your customers are turning to mobile options for so many things in their lives: communication, work, health tracking, even grocery shopping. The majority of them prefer to do things online, because it’s where they’re already spending their time. When you make it possible for them to view and manage their finances from their phone, you are fitting right in with their lifestyle and preferences, and ensuring your relationship lasts. Imagine how difficult it would be to retain customers if they were required to physically enter your office anytime they wanted to view their accounts, make a payment, or move money to their savings accounts.
Reduced Expenses and Operating Costs
Clearly, it’s beneficial for your company to offer value to your customers. You earn their respect and their relationship. But a financial application can also provide direct value to your company. One of the ways this happens is by helping you to cut costs. When I use the mobile app for my bank, I can check my account balance any time of day I want, and my bank no longer needs to send me monthly account statements. I receive a better service, and the bank saves money on paper. Making a deposit no longer requires a trip to the bank or paperwork, which decreases my bank’s operating costs. Offering your customers a mobile application allows you to streamline your expenses and focus your team’s time and energy where they are most needed.
A mobile application can provide instant data for you and your customers. Do you have a customer wanting to know how much they invested over a given time period, or how much interest they earned on a specific account for the past 12 months? These are the kinds of things that can (and should) be easily found within a financial application.
This custom tool can also provide you with valuable insight in how to better serve your customers. Do you notice that a large number of customers aren’t taking advantage of a certain feature? Find out why they’re not using it, or create an email explaining how to get the most out of this tool. Does your app show that you helped a customer increase their investment holdings or spend less on invoicing? Show them this data and other ways you can help them manage their financial resources for greater return.
Mobile Applications Crafted with Care
While a financial app can offer an incredible return on investment if built intentionally, it can be a disaster for your company and your customers if it’s not built well. You can’t trust just any software development company to build a tool for your business. You need a company who knows how to build a tool that fits your company and your audience, and how to ensure you protect privacy and data.
Our software team knows financial applications inside and out. We’ve worked with dozens of different companies to build tools that help them cut expenses and provide greater service to their customers. Our apps are created with an intense focus on security: we encrypt all personal data and passwords, consistently update our framework for all of our apps, and make sure we are using the most secure code base possible.
If you’re interested in learning how we can build an application that will provide value to your customers and your company, we’d love to set up a discovery call with you. Click the image below to set up a time to meet with our team.