Banking Apps disrupting traditional banking relationships

3 billion users will have access to banking services via smartphones, tablets, PCs, and other smart devices, according to a study by Deloitte.

Digital disruption has arrived in the financial services sector. The traditional relationship between consumers and their local bank is disrupted by applications downloaded from the App stores. Digital Banking applications are now the relationship layer between institutions and their customers.

Every day more banking services are delivered through mobile devices and Apps. COVID19, the closing of bank branches, and the rise of the digital-savvy customer have accelerated the need to adopt digital banking applications.

But traditional banks with long legacies in helping the communities they operate in don’t need to fear the rise of neo-banks. The opposite, having access to a treasure trove of data and long-lasting relationships with their customers is a tremendous competitive advantage.

Most banks have no idea how their mobile applications are being used. They don’t survey their customers, and they assume providing the usual account balances, statement, and transaction history will suffice.

However, to fully embrace digital banking, it is more than hiring a few frontend developers to skin a quaint mobile application. It requires sophistication, nuance, and the seamless marriage of purposely designed frontend experiences with robust and scalable backend processing and ubiquitously accepted systems.

Youtap’s Digital Banking platform and applications do just this.

Our experience deploying digital banking platforms and applications for our clients has given us a unique insight into consumer and institutional needs. With scale and innovation built-in, we have taken lessons learned from working across the globe to build digital banking platforms and banking applications that are fit for purpose today, tomorrow, and beyond.

If you are interested in driving growth both now and in the future, get in touch with our team of experts today.

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