Challenger banks and financial apps like Monzo, Starling and Revolut might seem like a natural step in the digital revolution, to today’s consumers. Similarly, Netflix and Spotify have disrupted the film and music industries and set digital delivery and a totally in-app experience as the norm. So it hardly seems surprising that banking and financial services have followed the suite – and new apps with fluorescent bank cards seem to launch every week.
Mobile banking and the usage of mobile to carry out financial transactions have become prominent around the world. With the proliferation of mobile devices globally, millions prefer to have financial data available at their fingertips using their mobile phones and smartphones. Banks and financial services firms are faced with different challenges to address this new user driven trend of mobility and how to capitalize on it. So what are the top priorities for banking application developers?