How Mobile App Development Services. Can Foster Financial Inclusion
Mobile app development services can bring the underprivileged
and the un-banked under the net of banking services. Technology can be used to
bridge the gap between the un-banked and financial institutions. Across
different corners of the globe there are large sections of people who do not
conform to the requisites of banking. The challenges are many fold. From the
geographical barriers that make it impossible to have a bank branch in an area,
the issues of logistics and transport and the primitive technological landscape
that prohibits the reaching out of banks and financial institutions to people,
there are diverse issues that can be addressed by using technology.
Other information : mobile app development company
Overcoming
the Challenges Imposed by the Brick and Mortar Model
The
traditional brick and mortar model of banking is fraught with many limitations.
To begin with rural areas and suburban regions may not have the threshold level
of customer base that is required to set up a brick and mortar branch. More
over the establishment of a brick and mortar branch comes at a substantially
high cost. Basic cost particulars include the semi fixed cost of space rental,
electricity tariff, variable costs like salaries of staff, consumables and
costs of operations. A small customer base or even a large head count of customers
with little or no deposits of saving can be big impediments to the setting up
of a brick and mortar branch.
For more information about : mobile
app development services
On the
other hand business process automation and the embracing of mobile banking and
mobile commerce can enable banks to reach out to these deprived customers with
innovative products like basic no frills savings accounts, term deposits based
on recurring mobile payments, micro credit for consumers and micro credit
solutions for self-help groups. In fact banks can enable the rural economy to enhance
the rotation of money by enabling farmers and cash crop sellers to execute
recurring billing and payments using mobile banking solutions. Mobile app
development for low cost smart phones that are highly used in rural areas can
increase the volume of transactions. With mobile apps for banking the customers
of rural areas ca have access to technology that reduces the cycle time of
monetary transactions.
For more visit : create android app
Exploring Uncharted Avenues of Business Using mobile
app development company
It is a
statement of the obvious that, banks are financial enterprises that work with
the goal of profit maximization. Any economically feasible model of banking is
built on the lending capacity of banks. Bottom line and top line in the banking
sector are highly dependent on the volume of loans that banks disburse to
customers. It is the lending capacity of banks that enables them to create
money. While mobile apps cannot be used to dilute the time tested model of
credit lending based on 3C model, character, capability and credibility, apps
can be a great addition to the marketing ammunition of banks. Banks can use
mobile applications development to great use to capture data of suspects and
prospects. This continuous collection of data and its insightful analysis can
enable banks to prune their credit offerings to strategically fit in with the
requirements of customers. Moreover banks can partner with telecom companies to
facilitate mobile transfer of money between accounts. In fact this will have
the indirect effect of reducing bad debt cases for banks and a lesser
proportion of non-performing assets due to credit defaults. There is yet
another reason for banks to focus on mobile apps development. It can enable
farmers to explore opportunities in the global markets. Farmers who have the
advantage of scale can receive inputs on prices of food and cash crops in the
global markets and thus carve out well laid strategies to produce crops not
only for sale in the domestic markets but also for exports. Similarly using
mobile applications farmers can plan and strategize on imports of High Yield
Variety Seeds, plant, equipment and machinery instantaneously.
For more visit mobile app
development services
Comments
Post a Comment