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Future of Banking – "App" Banking

April 26, 2013 - Tarun Sonwalkar


Circa 2000 A.D. A guarded enthusiasm greets the new gadget which goes by the name of “cellular” phone. A pocket-sized wonder which promises to take communication to an altogether new level. Mankind treats it with skepticism – paying money to “receive” calls is not such an attractive proposition, after all.
Cut to the late 2000s. From prince to pauper, CEO to toddler, cell phone toting humans walk the earth in large numbers. Man’s new best friend, the mobile phone, keeps him company through day and night, through his joys and sorrows, trials and tribulations.
It is this omnipresence of mobile phones that has made them such attractive channels of modern banking. The advent of smartphones and tablets and vastly improved network and data services have also contributed to this in no small measure.
Furthermore, these newer touch screen gizmos have engendered “App” banking. This affords an enhanced mobile banking experience complete with greater interaction and touch screen based navigation. This combination – that of a smartphone and an “App” – can potentially ring the death knell for traditional modes of banking as well as the more recent web-based version.
An “App” is compatible with a whole range of gadgets, not just a smartphone. It can be retrofitted in a PC (without the touch screen) and can also be used through a smart TV. For the banks, an “App” is an asset which can be easily deployed on a customer device. Carrying the banks’ unique functions and preferences, it is almost like a branch in the customers’ pockets. It provides the user with consistent experience irrespective of the device, be it a smart TV, PC or mobile. The “App” technology enables banks to personalize customer experience and branding. The “App” store concept allows for its easy and cost effective distribution.
Originally envisaged for web banking, the “Market of One” concept is brought closer to fruition through “App” banking.
Rapid strides in mobile telephony – 4G on last count – and an onslaught of smartphones will ensure that “App” banking will rule the roost for a long time to come.

Tarun Sonwalkar

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