Technological tools are constantly evolving, because innovation is one of the aspects that defines our generation. Thanks to new elements, the services have been transformed over the years to improve their efficiency. This is the case of digital finance in Mexico, especially in the development of mobile applications which has taken on even more importance due to the pandemic and the social distancing born of covid-19.
Behind countries such as the Philippines, Russia, the United States, Indonesia, Brazil and India, Mexico “leads the growth rate of app installs in Latin America, having recorded a ten financial apps.
The three types of financial applications that have been registered are investment, payment and banking. Regarding the first, the analysis concludes that its relevance is due to the greater activity of the stock markets and cryptocurrencies. Meanwhile, payment ones rebounded thanks to the pandemic and prevention measures. And banking apps have proven useful because of their easy access and user experience and because they offer various solutions for digital finance.
The success of this innovation and technology also lies in its ability to proactively create service processes by customizing many of its models, although success depends on both vendors and customers.
Likewise, it offers the possibility of responding to market developments and opening up digital channels to represent and rethink the main functions of a banking institution: from data management and customer service, to risk control policies.
Regarding customer service, they often still need to travel near the bank, in particular to deal with files requiring advanced levels of security to be processed in banking applications. Over time, however, mobile finance apps will likely upgrade their tools to the point where no contact is needed to perform these actions.
Similarly, financial firms have embraced the mobile-first strategy: the web design movement, which focuses first on mobile phones and then migrates to larger devices, such as laptops and tablet computers.
The strategy aims to favor the use of smartphones – for banking applications – over other technological tools, thus innovating in customer service by personalizing one’s own device.
Another of the services they offer are the so-called smart branches, which streamline movements and banking services using technologies such as 5G, artificial intelligence smart cameras and smart automated teller machines (STM). The smart branches not only recognize each of the customers, but guide them through the process and also, as we continue in the pandemic, take their body temperature in the event of an emergency.
Digital payments have been implemented through the same mobile technology, as it is increasingly common to purchase products and services over the Internet; According to market analysis data from International Data Corporation (IDC), mobile payments grew by 60% in the first quarter of last year in most markets in Asia and the Pacific.
The increase in the number of Internet users has forced banking companies to better attract customers and digital transactions, such as transfers, deposits, obtaining account statements and paying for services. However, one of the most important implementations has been direct customer support: technical assistance has expanded and is available 24 hours a day, every day of the year.
The quality of customer service reflects a fundamental advance in the user experience of consumers of digital financial applications.
The more we adapt to the new normal, the fewer contacts we will need to perform tasks that previously required the customer to be present at service facilities. Obtaining products has also migrated to online payment platforms and it is difficult for them to return to pre-pandemic dynamics.
It is in this convergence that digital financial applications have taken root by offering a range of solutions and tools personalized for each user.