By Naveen Goel, Sr. Vice President & Country Head, Supply Chain Finance, Induslnd Bank
I remember my school & college days, when we had to go out for buying anything, doing a banking transaction or hiring a cab which was cumbersome, time consuming, unsafe and many a times not available as well. Now in 21st Century with the advent of a small hand held device called Mobile phone, development of technology and availability of internet, whether it is about shopping, ordering your favourite food, saving money, hiring a cab or any other routine activity online, we can do with just a click on our smart phone through a magical sign known as“Mobile App(Mobile Application)”. So everything has quickly moved from Brick model to Click Model. Our cellular device has emerged as a real friend in need and is playing a crucial role in simplifying our daily tasks, changing our outlook towards information. Apps usage is witnessing exponential growth and the apps have become an integral part of the digital ecosystem.
We can do anything and everything with mobile phone, from booking a hotels to booking flight tickets, a cab , ordering grocery or even social networking, this all is just a click away. Almost every sector including hospitality, education, retail, real estate, advertising, travel and automotive and many more have already started selling their product or services through Mobile Applications as having a mobile App for a business helps the enterprises in both Demographic & Geographic segmentation of the Market.
For tapping on all these users activities, enterprises have noticed this transformation and are investing in mobile app development to grab maximum market shares in their respective fields
For example: Banks are increasingly investing on Apps, by enabling the mobile web and mobile app channels for online banking, and by providing new mobile payment services. Mobile banking apps let customers check their balance, download a statement, Make or break a Fixed Deposit, transfer funds from one account to another instantly, Request for a Cheque book or Statement of account or even interact with their Bank manager through Video Branch.
Similarly Airlines companies are offering their passengers a complete chain of services starting from checking the availability of a flight to booking the ticket to desired seat allocation thru Web checkin to cancellation and refund of amount through Mobile Apps. There are endless examples which can be given here
Why Mobile Applications are becoming successful day by day
More and more people are using Mobile Apps now a days because of following reasons
Mobile Apps are now a necessity for Business Houses and not a choice:
Mobile technology haschanged the way businesses interact with end-users, whether the end-user is a customer, employee, business partner, or even a service or smart device like an IP-enabled refrigerator, thermostat, or car. In order torapidly innovate and remain competitive in a mobile society, an organization must have a complete mobile app development platform as it is beneficial in following ways:
Higher Engagement, cross sell and Deepening of any customer relationship
For instance, a bank that uses a good mobile enterprise app platform with extended design patterns and support features like push notifications will have more control over how customers engage with their system and highly engaged clients can be sold other products. Simultaneously, customers will benefit from a much more convenient and efficient mobile banking experience who will further deepen the relationship by keeping more wallet share of their wealth with such bank.
Retention of existing customers:
Through the apps organisations can do more data analyses from end-users, draw more insights, and ultimately interact with end-users in a way that allows better understanding and matching the customer needs and more personalized services. Such higher engaged customers through use of apps will remain for long with an organisation.
More business through Referral of new customers by existing happy customers: organisations can get more referrals for new clients by incentivising the existing engaged customers for the same.