Fintech, Technology | 28 February, 2019

Mobile banking is the third most downloaded app

Manuel Pinto

For almost 3,000 years we have known about the existence of money, and its main properties, and yet it is only now that one of its main characteristics, its functionality as a means to pay in cash, is beginning to gradually fade out in light of digitalisation and mobile banking apps.

Technology is changing and redefining practically all of our main customs, in a continuous race to try to offer customers the best experiences. The creation of new previously unknown utilities is leaving behind those who can’t adapt, no matter how big the company is, as happened to global giants such as Blockbuster and Kodak.

The number of mobile phone users currently stands at 5 billion people (66% of the world’s population). Moreover, at present, there are even more mobile lines than people on planet Earth. So not only the present but also the future is associated with the use and evolution of mobile terminals.

In the United States, the growth of mobile banking-related apps continues to skyrocket. To the extent that they are now the third most used app behind social media and weather forecast apps. Users are demanding ease, security, and speed when it comes to operating.

The new financial industry, Fintech, applies technology to improve the user’s financial activities. Users can manage and query their accounts, request money immediately, pay bills, make transfers, classify expenses, and even operate in real time in financial markets.

The most demanded mobile banking functionalities are payments and purchases through the app, as well as managing bank accounts.

In the most recognised day of sales worldwide, the famous Black Friday, US sales amounted to $6.2 trillion dollars the last 2018, more than one-third of this figure comes from purchases using smartphones, which represents a jump of 29% compared to the same period last year. The results of known sales in Cyber Monday are even more significant. The increase is more exponential meaning an increase of more than 50% compared to the same period last year.

According to a study published by ‘Global Web Index’, 63% of people are already accessing mobile banking services. These data multiply among the age range between 25 and 34 years old.

BBVA’s private banking customers in Switzerland have a mobile app designed to offer the best financial solutions. One year has elapsed since the launch of this revolutionary app that allows you to access your personal finances and accept investment proposals with a single click, from your personal mobile and tablet.

If you are already a customer, you can download our app from our website.

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