As the number of smart phones users explodes, it becomes necessary for the businesses to attend to their clients and customers through the smart phone that they are using. Before the launching of smart phone every business was trying to have a website so that the prospective clients and customers could contact through the website. Now the smart phones have started replacing the desk top PCs and laptops. In this case it becomes mandatory for the all the types of business to have application so that the customers or clients do not feel any inconvenience. This principle is also applicable to the banks.
The initial mobile applications were focused on the mobile games. It took some time for developing mobile applications for the banks. Most of the people with the internet connection on their desktop PC and laptops had got used to operate the accounts from their residences or offices. Now that the banks have started offering services through the mobile applications, the accounts can be handled from the smart phones. When the transaction of money can be carried out through the banking application in your smart phone it becomes very easy. It saves not only your time but also money and resources.
Before the sophisticated functionality of the banking applications came into play, most of the banks had already understood the importance of making the customers know about the latest changes and transactions from their account. As technology progressed, the complexity of the banking applications increased. The banking applications now allow the application user to pay bills online as well transfer the funds from one account to another.
Studies have revealed that the use of the desktop pc and laptops for online banking has fallen drastically. On the contrary the use of the smart phone for the same purpose has increased drastically. In fact, when all the online transactions in US, Japan, UK, and other developed countries are taken into considerations, 40% of the online transactions have been found to be carried out through the smart phone.
As far as mobile banking is concerned the Bank of America is considered to be the first one to offer its customers the facility of online mobile banking. Those who have an account with the Bank of American can pay the bills as well as transfer the funds through the smart phone that they have.
There are other banks like the Commonwealth Bank to follow the Bank of America. The Commonwealth bank is known to incorporate the latest technical advancement in the banking application that they are going to put into practice. In case of Commonwealth bank it has been found that the portion of the logins to the banking services offered through the smart phone stood at 14%.
The only thing that may be stopping others from using the online banking services and the banking application could be most probably the security concern and the time taken for the operation to be carried out. If these two aspects are handled properly the users of the banking application can increase further.
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