Banking Apps are often created by those in the Neo-banking industry, as they offer exclusively online banking solutions that are aimed at resolving the issues that are often related to traditional, legacy banks that rely on physical banking locations for users and customers to access their banking services. Unlike legacy banks, smart Banking Apps are usually built on a smartphone platform, like an iPhone iOS or Android-based application.
This technology is the most popular for the new generation of consumers that are seeking fully digitized banking solutions, as it allows them to access their banking and financial services from anywhere in the world. Smart Banking Apps offer a range of features that are available through an online interface with no physical locations for customers to visit.
The features offered by mobile smart banking apps include:
- Convenience with no limits, at all times.
- 24-hour access to banking services.
- A secure, bank-level security system.
- Mobile banking with a mobile app.
- A universal bank account that can be accessed through your phone or computer.
- Free international ATM withdrawals across Asia, Europe, and the Americas.
- Direct transfers, Smart Money (transfer money internationally via apps) and other peer-to-peer payment options in the app.
The following are some statistics that are relevant to the smart banking app development market:
In the Asia Pacific region, 100% per cent of financial institutions have signed on to use Smart Banking Apps, whereas, in Europe, 70% per cent of financial institutions have signed on to use Smart Banking Apps. In the Americas, 90% per cent of financial institutions have signed on to use Smart Banking Apps. As can be seen, an increasing number of banks and financial institutions are moving towards the smart banking app sector, due to the many benefits that it provides for both customers and banks. This is also further increased by Neobanks and fintech start-ups wishing to provide customers with exclusively online banking solutions and services.
In addition, 80% of financial institutions have signed on to use Smart Banking Apps and 75% of financial institutions have signed on to use contactless payments via smart banking apps. The primary reason that banks are moving towards mobile banking is that it allows them to meet customer needs and provides more flexible options for people. In addition, banks can also expand their reach and reach new potential customers with the help of mobile app development mobile apps as they increase availability and access to customers.
Mobile banking provides convenience and flexibility to customers because it allows them to bank anywhere, at any time. Smart Banking Apps offer customers the convenience of banking anywhere with no limits, at any time, from any device and in any location. Banking Apps are designed to allow customers to access their accounts, deposit/withdraw money, and pay bills as quickly and conveniently as possible.
In conclusion, it can be said that traditional banking allows individuals to bank in person at a physical location, with the presence of a teller. In contrast, smart banking offers customers convenience and functionality from the point of view of their mobile devices, such as the ability to deposit money via a smartphone app.