App development is now at the core of most financial and technological business models. Whereas apps used to mainly be built for fun and games to pass time for bored commuters, they now provide practical and useful convenience for consumers. In the finance sector, a wealth of opportunities are available and are beginning to be exploited.
Technology Is Changing The Financial Services Industry
1) App Innovations: Embracing Technology
Before we talk specifically about finance, we need to first look at the way mobile apps are changing. Let’s look at two examples: augmented reality and the ‘Internet of Things’.
Some of the most popular apps may still be games, but the way that we engage with them is changing. Whereas popular apps like Candy Crush and Flappy Bird have entertained millions, it was one that embraced technology at every turn that took hold last year. Pokémon Go best utilized data and geo-mapping to take the app to the next level with augmented reality; bringing Pokémon to life and placing them in a user-relatable scenario.
This may not necessary be of use to finance providers, but it demonstrates the way that apps and technology are developing, particularly with the advancement of the ‘Internet of Things’, which allows interconnection through devices embedded in everyday objects, which allows them to send and receive data.
For example, through the Internet of Things, you could set your heating on as you left the office, so your home was already toasty warm when you got home. Technology allows for ease in everyday tasks and needs from one person to the next and for new generations growing up in a world where you can bank with your phone, use a contact less card and have your eye scanned for security measures, it’s truly fascinating to see develop.
Businesses within the corporate sector are measuring and investing how app innovation can unify its workforce as apps continue to save us time and money. From Business to Finance, companies are and will be looking to utilize the latest technology.
2) How Can this be Implemented in Financial Services?
App development can help financial businesses/services not only reach new customers, but also solidify the base of their current customers. Push notifications allow the instant delivery of financial/ economic news to customers, whereas fingerprint scanners on mobiles allow people to see their balance or transfer funds at the touch of a button… literally.
Plus, due to advancements in app security, many brokers offer trading apps to their traders; which allows their customers to trade in hundreds of markets on the go thanks to real-time updates. However, this technology is still relatively new in the markets, and is still subject to refinement. Innovation of these platforms will likely be the future of trading, with brokers spending big money to ensure that their platform is the best.
One example of this is ETX Capital endeavouring to switch their platform to a HTML5 one, which will allow trading without the need for Flash software installation, while still allowing day traders access to charts, calendars and news.
Much of the data required to drive these app improvements actually comes through data capture within the app itself. Apps currently allow for an analysis of any customer’s app usage, which can then be used to form a development plan for each business and its respective app. As a result, quick sign-up and effective data capture are the keys.
3) The Future of Apps and Tech
Apps are the future of technology as they provide tangible benefits for both end users and businesses. After all, thanks to the advancement of smartphones and Apple’s continued dominance of the mobile and tablet market, apps look here to stay, and companies are continually looking to stay ahead of the curve and reach new customers. Be it through finding new ways to display information to them or entertain them in different ways.
To conclude, the ways that we consume apps as customers is changing. Whereas pure gamification used to be the focus, such as in Candy Crush, augmented reality is now being used to add an extra dimension to play, such as in Pokémon Go.
Or, the Internet of Things is being used to add extra usability, such as app that allow for central heating to be turned on remotely. In the world of finance, we’re seeing an additional boost in compatibility and speed in trading platforms, as well as the rollout of HTML 5 platforms. What does the future hold? We’ll have to watch this space.