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Banks pinning hopes on mobile banking app

Banks pinning hopes on mobile banking app

Banks may have to follow Apple’s example and launch their own banking app store, new research indicates. As mobile commerce makes headway around the word, within the next two years, 25% of the top 50 global banks will have launched a mobile banking app store to improve app discovery, user experience and collaboration, according to research house Gartner.

mobile banking smartphone image

Banks will launch their own banking app stores

The burgeoning growth of apps is causing major challenges for the banking industry, such as confusion over customer choice and the increase in third-party applications coming online. The issue is most pressing for banks which offer an application programming interface (API). Banking app stores that either provide immediate downloads onsite or link to public stores like iTunes will often be most appropriate for banks with an API platform or those that have deployed 15 to 20 or more apps, says Moyer.

Banks with fewer apps may not need to devote resources to a purpose-built app store, but should still consider re-engineering their websites to make it easier for customers to find apps and provide feedback. “Left unaddressed, these challenges and others could really have a negative impact on banking revenues and customer experience,” said Kristen Moyer, research vice president at Gartner. “Banks can use banking app stores to improve app discovery but only if the added cost and complexity are warranted.”

The post Banks pinning hopes on mobile banking app appeared first on Payments Cards & Mobile.

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