Commonwealth Bank has joined the Android mobile phone crowd by offering Android apps for its smartphone customers, beyond the previous range of supporting simply the iOS devices available from Apple. Moving into the smartphone market is increasingly becoming an important strategy, as banks and other businesses realize that the market will become larger in the near future, with increased smartphone ownership and customers who want the quickest, easiest way to deal with chores as they can find.
Mobile apps provide a number of advantages compared to regular browser use; they offer one-button activation, rather than necessitating the typing in of an entire URL, which of course will win over clients due to its enabling of sheer laziness. This is not to be taken lightly, as anyone whose business practices were cultivated in the digital era knows that speed is essential.
Furthermore, mobile apps can avoid having to transfer certain data back and forth between the user and bank, such as the bank™s logo, the entire site, all its links and other details, instead sending only the information that is absolutely necessary. While many mobile apps, including Commonwealth Bank™s, as well as NAB and St George, simply direct clients to the mobile banking version of its website (which itself represents a data transfer savings compared to the regular site), a mobile app which stores its interface entirely within the phone will be ever so slightly faster""perhaps not enough to represent a significant difference, but perhaps worth the effort if the payoff becomes a cost savings provided by speeding up the communications of millions of customers.
Aside from speeding up its operations, mobile apps can also offer security improvements over traditional computer operations (if they can be called “traditional”), although this particular advantage comes only from the closed system of the iOS devices. These apps require approval, which drastically reduces the possibility of spyware having any possibility of proliferating on the device. Android devices do not have such an advantage, and although responsible customers may be able to avoid such hassles, it is likely that these smartphones will be susceptible to the same sort of malicious software hassles that ordinary computers so often experience.
Commonwealth Bank has obviously seen the advantages of mobile banking support (or, perhaps, has simply jumped on the bandwagon), and although it is unlikely that any bank will literally win over customers simply due to mobile app development, it is altogether realistic to assume that mobile app support will provide a certain segment of customers with a positive customer experience, and this is not something to be taken lightly. It will likely be considered part of an overall strategy, and an increasingly important one as a larger percentage of banking clients become smartphone users.
It is also possible that phone banking will become the new internet banking, as more and more clients move over to smartphone use, and can check balances, transfer funds and perform other functions from a couch, or in a car. With fewer reasons to use the regular site to perform these tasks, mobile banking is likely to replace a fairly significant portion of internet banking traffic in the foreseeable future, without much in the way of the possibility of a reversal. Banks, and other businesses, should take note.
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Read for detailed information regarding Commonwealth Netbank and all of its features, or sneak away to its competitor at NAB Internet Banking.
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