Financial Inclusion

Issues for Banks with Apps

A report by Gartner shows the challenges for banks of managing multiple apps. Issues arise, as consumers are not able to find apps or aren’t informed about them. In order to solve these problems two solutions are available.

The first is developing a banking app store; which enables for a description of the app, ratings and support. The app could enable downloads if the system allows. This is a solution for banks with more than 15 apps. Gartner forecasts that 25% of banks will use this solution by 2016. The second solution for banks with fewer than 15 apps, devotes an entire section of the bank’s website to listing all available apps.

Gartner also suggests that “CIOs, CMOs and LOB heads should continue to make banking apps available through the public stores, regardless of whether or not they deploy their own banking app stores. This is because it’s important to be where customers are, and many customers will continue to discover apps through the public stores. In addition, for some mobile operating systems (like iOS apps), a banking app store would still need to link to the app on iTunes to actually download the app.”

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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