Kontistapp

Introduction

Looks like banks were waiting for an opportunity of this sort to come by. The good part is that even state run banks in developing economies, with their cobwebbed style of functioning are enticed to pull this rabbit out of their hats. What are we talking about? It’s Mobile banking!

How about empowering yourself with banking on your palms? Read this article to let you know how.

How banking became mobile

Prior to embracing mobility, banks had invested hugely into computerizing their infrastructure, in tune with times. The arrival of internet prompted banks to set up websites and offer some over-the-counter services like account balance enquiry, cheque requests, money deposit status, enhancements to account and so on. Banks were keeping their customers informed via the Short Messaging Service utility in mobiles. Notifications of money in their account or transaction alerts were communicated via SMS. These do exist even now. All that the customer had to do was register his/her mobile phone number with the bank. After completing a few verification steps, the customer was brought into the bank’s information service system.

But the customer yearned to do more than just receive alerts. Questions, provoking capability like “I want to transfer money to a friend’s account but I’m stuck in this highway “, “I want to check my tax credits,”, “I want to pay my utility bills” and such umpteen questions made their way into the strategy rooms of banks. Given the stiff competition in today’s financial services industry, banks were looking for ways to extend their web based services to other, perhaps nimble domains. The introduction of wireless application protocol for mobile web aptly enabled banks to steamroll services into mobiles, thus heralding the era of banking mobile apps.

Why are Software Companies Salivating?

Banking and insurance constitute the largest chunk of any software developing company’s revenues. They had already developed the web versions for services which were well received. Now the prospects of turning these services into mobile format meant another huge opportunity.

But all of them cannot replicate the web model to mobile platform as it is a different ball game. That is why banks started courting niche mobile application development companies developing dedicated banking apps. App developers in these firms use the mobile enterprise application platform to develop apps offering a familiar feel of the interface and ease of navigation to the customers.

Banking via mobile has brought about empowerment to even the rural populace that can afford a mobile. Customers can check their account balance, transfer funds, place requests for services, halt fraudulent transactions, view tax credits and so on, while being mobile. Mobility companies indulge in the following mobile banking app developments:

• · Android application development
• · Windows phone application development
• · iPhone application development
• · iPad application development
• · Blackberry application development

These platforms provide scalable opportunities to develop and enhance banking related products such as Kontist and the kontist mastercard.

What is the future of mobile banking?

Banking is set to undergo further changes in the coming years. Tablets and phablets, also mobile devices, offer another opportunity to develop customized banking apps because of their larger screen size and navigation patterns. The features and safety offered are expected to increase, requiring rework of architecture to keep the app light, robust and fast.

The term “Mobile Banking” has grown in popularity in recent years, especially with the proliferation of cellular phones around the world. The term does not refer to specific technology, but instead is broadly used when discussing several different methods of using your mobile phone to perform various banking tasks, such as checking balances, transferring funds and making payments. Some mobile customers bank via text messaging, others by accessing their bank’s on-line banking web site via their Smartphone browser, and yet others by using bank-specific applications developed for the mobile phone. Whichever method is selected, the overall trend is the increasing popularity of mobile banking in all demographic groups.

At the end of 2012, a survey and report were prepared by the Consumer Research Section of the Federal Reserve Board’s Division of Consumer and Community Affairs, known as the DCCA. It was a follow-up to a similar study done the previous year. All findings indicate that Smartphones are becoming more and more ubiquitous in the U.S., and as a result, banking via Smartphone is on the rise. The reasons are obvious – portability and convenience make Smartphones a logical choice for keeping track of your finances. And more banks have apps available to mobile customers for a variety of devices, making it even more readily accessible and simple to navigate, even for novice users.

How many mobile owners utilize mobile banking?

87% of adults in the U.S. own a mobile phone, with 52% of those being internet-enabled; the technology referred to generically as Smartphones. Mobile phones that are not able to access the internet can bank via text message, but the survey reports that Smartphone users are much more likely to utilize banking applications than those with non-internet phones. 48% of Smartphone users have taken advantage of mobile banking, but the overall percentage of cell users banking by phone is just 28%. Even that number is on the rise, up from 21% at the end of 2011. Another 10% of cell phone users responded that they most likely would begin during 2013, indicating that the trend will continue. Of course the mobile phone has a wide variety of uses, with banking being far down on the list. It has been noted that even making phone calls is far less common on Smartphones than checking the time, browsing the internet and playing games.

What groups are most likely to bank by phone?

• Younger mobile phone users are much more likely to adapt banking via their mobile than their older counterparts, with over 38% of those aged 18-29 banking on their phone versus just 8% of those over the age of 60.
• The higher the household income, the more likely a person is to have banked via their phone, with those earning over $100,000 per year at a 28% usage rate compared with 16% for those earning less than $25,000.
• Education also factors into banking on a mobile, with 37% of college graduates having banked by mobile phone while less than 6% of those without a high school education have done so.