BFSI fires up Mobile Apps

Recently the RBI advocated digital mode for payments and other financial services, especially through mobile applications to enforce social distancing. Banking Frontiers carried out a study to understand (i) new mobile application features and strategies during lockdown (ii) usage pattern & promotions and (iii) technology integration. The findings are narrated in 3 different articles:

- Ravi

The COVID-19 pandemic has affected all markets and industry sectors disrupting daily life globally. However, there has been no inhibition in the flow of cash. In fact, the pandemic has been a catalyst for adoption of digital payments methods. Digital payments in India had jumped 3-fold over the last 2years to 3 billion transactions a month. Mobile applications of BFSI companies have played a key role in this surge.

According to a recent research report by CLSA, within digital, mobile accounts for 50-75% of transactions in volume and value. Already, India’s retail digital payments were expanding - retail volumes at 56% CAGR from December 2015 to December 2019 and value at 30% CAGR.

NEW MOBILE APP FEATURES

BFSI companies have been constantly upgrading their products and services to offer better convenience for their customers with equal thrust on security. Akhil Handa, head - Fintech, Partnerships & Mobile Banking, Bank of Baroda, says some of the recent upgrades the bank has undertaken in its mobile app are fingerprint login, automated assistance, spend analyser, quick view balance, setting up debit card limits for ATM and POS transactions and introduction of pre-login screens for quick access. “We have provided options to apply for various asset and liability products such as FD/RD account opening, subscription to APY, PMJJBY and PMSBY, pre-login link to apply for export credit, etc,” he says.