The Use Of Mobile Apps In The Finance Sector Of The Economy
The rapid growth & widespread reach of mobile technology has led to the finance sector
of the economy deploy devices & apps that will aid in the performing of several financial functions more quickly & effectively. From process improvement to strategizing customer engagement, the finance sector has been largely benefitted from the services provided by mobile financial applications. Studies on the usefulness of mobile apps in the finance sector, concluded in the recent past, have revealed that the small finance enterprises are also benefitting from the use of mobile apps, contrary to the perception that only large enterprises deploy these apps. In fact, it is the mobile financial apps which have helped to rewrite the rules that small finance houses abide by, thus mobilizing the profits for these business units by large amounts and within a short span of time.
No matter what the size of a financial enterprise is, management of finance is an integral part of its commitments. On the other hand, effective management also has to lead to increasing the profits of the firm over the passage of fiscal years. In order to ensure revenue generation, all financial enterprises, especially small financial units, must deploy online financial service software. This software helps in management of cash flows, avoiding bookkeeping errors, making reporting & budgeting decisions, supervision of the payroll of the financial firm, foregoing delays in payments, etc. This group of software that a financial enterprise deploys to perform all the aforementioned functions is known as mobile financial apps.
The foremost utility of mobile apps in the finance sector is the ability to directly communicate with the existing & potential client base anytime anywhere. The constant engagement with the client base undoubtedly leads to generation of more profits for a financial firm. It is true that electronic data is easy to carry & share, as opposed to data penned on paper. Since the workforce of a finance unit is now armed with digital account documents and electronic version of the firms information, communication can be conducted even when the employees are travelling. Moreover, updates on financial information and follow up of the documents can also be procured while on the go. This not only helps one financial firm to ensure its own profits, but also assists it in remaining ahead in the highly competitive market by accessing the rapidly changing statistics as soon as they are published. All that is required for a finance firm to make effective use of mobile finance apps is internet connectivity.
However, security is one of the most important issues that developers have to take care of while designing a financial application. Since financial data is shared between employees as well as clients of a firm, an enterprise must make sure to deploy only such financial apps that will keep sensitive information secure. Therefore, analysts are of the opinion that financial enterprises must deploy such mobile apps which can be used over & over while also updating on its own on a regular basis. If the same app is used over an elongated period of time, it will lead to reduction of costs incurred for upgradation of the security standards of an app. Since financial services is one of the most heavily regulated industries of the world, maintenance of confidentiality, security, and integrity of data is important.
by: Yancy Marry
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