We live in a day and age in which the need for genuine financial services is as big as ever. The latest trends in this industry showcase the desire of banks and fintechs to accelerate their adoption of digital technology and invest in modern digital onboarding tools.
Financial companies that want to stay ahead of the curve in 2021 must leverage the power of technology and meet the ever-changing needs of their customers while striving to exceed their expectations. One of the cleverest ways to do that is by investing in an eWallet application.
eWallet applications are probably the most promising apps available for smartphone users, as they allow people to make payments, send money, receive funds, and manage their finances, all in a frictionless and safe environment. Solutions such as Apple Pay or Amazon Pay have made it possible for hundreds of millions of people worldwide to seamlessly create financial transactions and stay in control of their money while on the go.
If eWallet apps are extremely beneficial to the end-user, they can become a gold mine for financial companies. Because the popularity of Digital Wallets is growing like never before, now is the right time for banks and companies to start investing in one of these modern customer acquisition tools.
What Industries Benefit the Most from eWallet Development?
Almost all industries today can leverage the power of an eWallet payment system, however, there are some that are really flourishing due to this technological innovation. These are the online retail industry, logistics industry, and financial services. If companies in online retail can make it easier for their clients to make purchases and pay for the products they order, logistic service providers can capitalize on the use of eWallet to better stay connected to their customers.
Corporations that activate in the financial sector can benefit the most from having their own eWallet solution. A bespoke Mobile Wallet enables them to offer a full set of services to their clients, including onboarding, loan application, savings account opening, money management, seamless money transfers, and other operations.
Should your company invest in an eWallet application?
Any business, regardless of industry or niche, can leverage the power of electronic payment apps to provide their customers with a higher level of satisfaction and enhance their services. Here are 6 proven reasons as to why companies should invest in money payment solutions and work with a trustworthy mobile application development company.
1. Expand customer database
A mobile payment app enables fintechs, banks, and companies in countless other niches, to quickly reach new customers. A properly-designed eWallet solution that is ridden with features, such as the one Tremend created for First Bank, can allow companies to be perceived as reliable, trustworthy partners.
Clients worldwide will simply love the new functionalities behind a contactless payment app and will migrate over to the main company, leaving the competition behind.
2. Provide enhanced security
eWallet apps are created with exceptional security protocols in mind. Whether it’s 128-bit encryption, two-factor authentication, fingerprint access, biometrics, voice activation, or any other PSD2 and open banking security measures, eWallet apps are built to withstand cyber attacks and to protect the data of users.
Also, banks and financial institutions are enforcing strict regulations and are willing to comply with all AML4 regulations, especially in European cyberspace.
Nevertheless, customers should pay attention to phishing emails and potential mobile hacks. In the end, the responsibility of private data falls in the hands of each user.
3. Improved onboarding process
There is no secret that the COVID-19 pandemic followed by the global lockdown has completely changed the business landscape. As a growing number of people are working remotely or are simply unwilling to leave the premises of their homes due to the risk of contracting the virus, banks and fintechs have found themselves diving into technological innovation and are eager to invest in eWallet software development.
The banking system resilience during the coronavirus pandemics translated into operations at a distance, digital signatures, and mobile onboarding. An eWallet app that comes with its own set of digital onboarding features allows the financial institution to provide their clients with a handy onboarding tool, enabling them to create their own accounts and submit documents from the comfort of their homes.
A contactless payment solution is simply a priceless tool and can skyrocket the performance of a company, triggering 50% reduction in onboarding drop-off, one minute to complete the registration process, and dramatic growth of customer satisfaction.
4. Budgeting & analytics features
Most users love the fact that they can perform analytics inside their eWallet apps. A good example is Revolut, a Digital Wallet solution that comes with exquisite features that allow users to create budgeting categories and see how they’ve spent the money in the past.
A good eWallet app can also generate reports that show specific transactions or assign a fixed budget to certain spending categories. Keeping tabs on their spending habits is a feature highly appreciated by a growing number of customers, thus making the Digital Wallet an invaluable marketing tool.
5. Increase lifespan of customers
Because an eWallet does not expire, users will be more than willing to keep using the app in the long-term. This improves customer retention and allows the company to focus more on the beginning of the funnel instead of trying to loyalize customers.
6. Provide frictionless transactions
Experts define the term of “frictionless” as “a method of using data from devices, apps and websites to integrate buying opportunities as simply and seamlessly as possible into consumers’ everyday activities and natural environments.” According to the latest stats from Statista, frictionless payments will grow by over 200% since 2024, reaching a whopping $8 trillion from $4 trillion at the end of 2020.
With a Mobile Wallet app, companies can allow users to store their credit and debit cards while performing daily transactions with just a few taps of the screen. Best of all, they can do all that in real-time, without having to invest any extra amount of energy or time. Since most people carry their phones with them everywhere, an eWallet app could really come in handy for the everyday user who needs to integrate his/her financial transactions in everyday tasks.
The Bottom Line
Digital wallet apps have come a long way, enabling users to conduct their financial transactions while on the go and reap all the benefits of the advancements in technology. Any company that wants to take their operations to a whole new level and are looking for the best eWallet app needs to hire a reliable mobile application development company.
Tremend stays out from all app development companies out there, providing high-end contactless payment app services to a wide range of customers from various industries and niches. Contact us now and get your own eWallet for business.