There will be over two billion users of mobile banking apps by 2020, according to a recent report by Juniper Research.
What is most interesting is how consumers are welcoming change. According to the Millennial Disruption Index, 71% of millennials would rather go to the dentist than visit a bank.
This opens up not only threats to a traditional financial institution but also opportunities in many areas, from mobile banking, payments, and customer loyalty to insurance and asset management.
What’s Different About BFSI Development?
Use of mobile devices in the financial sector is growing at an unprecedented rate. It is predicted that by 2021 one out of every two users will access financial services through some form of a mobile device like smartphone, tablet, PC or wearable device.
Keeping up with this changing environment has its own set of challenges for the finance industry. Regulatory and security concerns are the primary hurdles faced by this sector. There is also the problem of legacy IT, lack of skillset and other issues.
Organizations with an action plan to address these challenges will emerge as the forerunners in this technology race.
Our BFSI Solution
Mobile technology poses on one and as a disruptive force but on the other hand offers huge opportunities. Organizations have the change to offer their customers with cost-efficient, customer-centric services that are innovative.
Some of the leading technological changes are associated with the mobile-centric market. Some of the more relevant examples are:
Mobile banking is on the move. Apart from customer convenience, it offers financial institutes to connect with a larger customer base and improve loyalty with their customized solutions and promotional offers.
Mobile Payment gateways have changed the way customer pay for their purchases. Reports indicate that over 30% customer’s user mobile payment gateways to make payments. Apple, Google, and Samsung are now challenging banks in this space.
IoT & Wearables.
From smartwatch banking to using advanced technological sensors, financial institutes are now improving underwriting and reaching new markets.
Offering a newer range of insurance products and reducing closure times due to mobile technology has allowed Insurance companies to broaden their customer base and look at the next generation of customers with this tech-savvy approach.
With the use of AI, mobile technology is now in a position to provide customized investment advice allowing retail investors to manage their portfolios through their smart devices.
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