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How Mobility Solutions Helping Financial Sector?

Thursday, October 13, 2016 1:05
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(Before It's News)

The impact of mobility solutions on every facet of world operations increasing day by day. Likewise, the importance of mobility solutions for the financial sector is at its peak. Now almost every transaction was performed through smartphones. People need everything on their smartphones. It won’t be a mere communication device in future. The possibilities of mobility are high especially in banking and financial sector

Now financial companies considering mobile technology when they are doing the strategic planning. This is because there is a huge set of people who are using mobility solutions for almost every financial transactions. It means there is the huge set of customers who were using mobile applications. Now a lot of real-time financial transactions were performed through mobile platforms. It includes mobile banking, m- commerce and so on.

The reach of the smartphone was endless. The interesting thing is that India is the second largest in smartphone making. The study made by giant Cisco indicates that by the next four years, the number of smartphone count will cross 650 million.Mobility has simplified every task. It has opened thousands of doors to industries such as retail, manufacturing, Government sectors and all other industries.

How Financial Industry Now Changing Its Face ?

According to growth in mobility solutions, a revolution is being happened in the financial sector. A long time delay was there because of the complex regulations and high barriers to entry. Now it is being in a phase of disruption. In earlier days, what we have seen is the long queue for transactions in the bank but now all such things were replaced by paperless and cashless transactions. Now e-wallets, e-commerce everything performed through smartphones and that demands mobile phones numbers for verification. Each day the financial transactions are being simplified. Mobile application development companies constantly coming with new financial apps. Where ios developer and android developer were actively doing research on this. Now paying bills, making investments, money transfer everything is just a touch away. Now the next leap is going to be in the case creating awareness. Proper awareness will bring more popularity on this.

The Influence of Mobile Technology In India

In India, mobile technology has a wide reach. Studies also indicate that the number of smartphone users is also going to increase. So in this scenario, the mobility-enabled service will create an impact. Now the situation is that financial transactions can be done from anywhere using digital marketing. Apart from banking transactions other monetary transactions also accomplished through mobiles. For example, now almost every mobile charging happens through mobiles. For this people are using services such as paytm and internet banking. The financial sector is fully matured in the case of billing. Cash transactions can be easily done through the smartphones. The popular banks are depending mobile application development companies to build their own customised banking apps. State Bank Of India’s Buddy is an example for this.

While considering the future of Indian financial sector. Definitely, mobile technology having a key role. It has simplified everything and made all possible just a touch away.

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