According to forecasts, throughout the years more consumers will use apps on their smartphones to make financial transactions, instead of computers or going to the bank.
It has been predicted by CACI that 72% of the UK population will use online banking via apps by 2023 and only visit a branch twice a year.
Nick Ford, Chief Technology Evangelist at Mendix, commented: “As more consumers move towards mobile first, the success of the financial services sector now relies on meeting ever-heightening demands. The trend will only continue to favour mobile, putting additional pressure on the industry to live up to expectations.
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“Crucially, now is the time for financial services firms to incorporate new tools and methodologies that can adequately support this mobile transition. Simply put, the size of the opportunity means banks can’t afford to get application development wrong!”
CACI also found that rural areas will see the largest increase in mobile banking users between now and 2023, because of broadband access pushing customers towards mobile networks.
“Providing customers with a better mobile experience means investing in technologies that enable you to design, roll-out and constantly improve custom mobile applications with ease. In particular, low-code development platforms take a visual approach to application development to enable all areas of the business, not just IT, to be involved in building apps that fully serve customers’ needs,” added Ford.
“This approach combines the speed of delivery with the ability to scale up and modify applications based on real user feedback during the development process. With the minimal need for coding know-how, business teams can work with their IT counterparts to ensure the solution fits consumer needs and be easily adjusted to changing demands.”
Because of this, major UK banks have been closing hundreds of branches, with more plans announced recently.
Nevertheless, Ford noted that other industries should look towards financial services as innovators in the mobile application space and take inspiration on how to apply those learnings to their own digital transformation and drive for competitiveness.
Written by Leah Alger