The use of mobile technology has become rampant in every sector of the economy, finance notwithstanding. According to a research study released in early 2012, the finance sector reportedly increased its investment on mobile technology (including devices and apps) by more than 80 percent from 2010 to the second quarter of 2011. The number was indicative of the fact that an increasing number of financial experts were prepared to invest in mobile not only because it is the current trend but also because deployment of financial mobile applications lead to mobilization of the finance firm's profits.
It will be noticed that any enterprise, irrespective of its size and type, has a department for proper management of its funds and resources, and to disburse effectively the salaries and perks offered to its workforce. Therefore, it can be said that a finance mobile application can be deployed in all enterprises. Moreover, individuals also prefer investing in these types of apps since they help in better regulation of personal money. The popularity and usage of finance mobile apps thus spreads across industries and individuals. Let us take a look at some of the functionalities performed by finance mobile apps:
* Better management of cash flows
* Avoiding errors in bookkeeping
* Finalizing decisions on budgeting and reporting
* Helping in supervision of payrolls in firms
* Avoiding delays in payment
Understanding the growing importance of financial activities in the lives of enterprises and the common man, mobile application developers have come up with software tools that run on all forms of mobile devices like smartphones and tablets. Listed below are few of the most important and most popular financial applications:
* Mobile banking apps
* Mobile stock trading
* Mobile bar coding
* Mobile credit cards
* Mobile peer to peer apps
* Mobile gambling
* Mobile proximity and retail apps
According to the opinion of mobile market researchers, the eight finance mobile apps together work to put an end to the financial instability affecting the working of several sectors of the economy. For instance, use of the mobile banking system in reality leads to greater involvement of nationalized banks with international financial units. This in turn leads to mobilization of funds for both the parties involved.
With the increased deployment of financial mobile applications, it has come across as a challenge to app designers to build secure software tools. In fact, security is the main issue affecting the acceptance of financial applications in certain enterprises. Data related to finance is considered sensitive information; since it is shared between the senior management, clients, and employees of a firm, developers must make sure about the security upgradation of a financial app. Some rules to be followed here are:
* The regulatory provisions on the use of finance applications must be flexible for all parties, including non bank financial players.
* The part of the workforce which has access to use the finance app must be provided an in depth training session in order to be made aware of the skills required for participating in putting the app to good use.
* Clients should also be provided training on the features of finance apps so as to facilitate end user satisfaction.
Use of finance mobile applications is rampant in modern enterprises and the trend is here to stay, say researchers.