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Role of Mobile Apps in BFSI

Rushikant Shastri,AVP-IT,State Bank of India

Rushikant Shastri, AVP-IT

, State Bank of India

In BFSI segment activities through Mobile App is a services provided by a banks or other financial institutions that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Commonly we can find following below services available through various Mobile Apps.
• 24-hour access to account balances, account
history, and transactions.
• All kind of Bill payments
• Managing Insurance, Mutual fund, Trading,
Credit Cards.
• Loan payments.
• All kinds of Money transfers.
• Security and fraud alerts.
• Travel services.
• Secure mobile check deposit, using the
smartphone camera.

Mobile apps have become choice for millions of BFSI customers to manage their finances. With expectations rising, digital teams from BFSI know they need to continuously iterate their mobile apps

to ensure that mobile banking experiences are built around customer needs as it helps customers keep all finances under control so they're able to monitor their balances, get account alerts, transfer money instantly, check deposits, and do much more without visiting physical branches.
In order to attract and retain Digitally native and Digitally migrants users it is an need of an hour for all Financial Institutions to not migrate their offerings and services through mobility but also keep the same upgraded and engaged the users on regular basis.

Best Practices to be followed:
Best Practices helps organizations what they have in common and what sets them apart from their competitors. It provides a valuable tool for digital BFSI leaders to understand what mobile functionalities are being offered today, identify best practices, and find new ways to improve their own stellar mobile functionality services. Financial Institutions make incremental improvements and bring innovative functionality to their mobile services year after year, thereby delivering outstanding services through mobile App.
Many new entrant banks competing to win customers with better digital customer experiences than those offered by the established banks. These digital banks have embraced mobile technologies to create differentiation, using digital platforms to offer simple, convenient, and more personalized customer experiences .Organizations continuously reviewing processes like how you design, develop and implement through Mobility will lead to maintain the edge in their offerings. Bolt-on approaches to add mobile to existing applications rarely leads to a great customer experience.

Future in coming days:
Mobile apps are certainly the preferred touchpoint for BFSI customers, for this reason digital BFSI teams are focusing their efforts on understanding customer needs and developing mobility experiences around them. In coming days understanding what are the functionalities most highly valued by customers, and provides actionable insight to improve one’s own mobile services will be key to success and survival.
Digital BFSI teams should not only review what they offer to customers but also how they work both with internal and external partners to design, develop, and deliver mobility services would help to develop better, sustainable digital banking strategy in secured manner.

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