McKinsey pointed out that the conventional banking system is growing at a slow pace with over 37% population using it, while the mobile app banking has reached out to 50% users at the same time. Read also: The Important Finance Industries Disrupted by the Fintech App Development The Benefits of Mobile Banking App The mobile banking is not only confined to developed nations, but developing countries like India and China are boosting their economies via mobile banking.Īnd as more and more individuals are opening their accounts and getting associated with banking system, the future of mobile app banking seems to be bright and lucrative. According to a research, it is expected that the number of customers availing banking services through mobile application will exceed to 1.75 billion by the year 2019. Let’s move on to some other interesting figures and stats. In fact, slowly and gradually, most of the major financial institutions around the world have already started offering internet banking and now mobile banking services to their customers.Īccording to Gartner, about 25% of the top 50 global banks have the native mobile banking facilities. They no longer have to visit their branch for availing the different kinds of banking services like opening an account, applying for any particular loan, depositing, or withdrawal of money, and so on. Today people have also opted for smart banking solutions. have all contributed their role in this escalation.
The advent of innovative techniques such as the Internet of Things, the Blockchain technology, introduction of the various cryptocurrencies, the Fintech and digital transformation etc.
The banking and financial system has undergone a phenomenal revolution with the transfer of upgraded and advanced technologies.
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