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Banks and other financial institutions (FIs) use online banking to enrich their portfolio of services and operate more efficiently.

However, while digital banking has propelled revenue and profitability, it has also raised cybersecurity concerns.

Research shows that the finance industry is the second-most targeted industry for cyberattacks.

This alarming trend indicates that the finance industry needs to invest in more sophisticated threat detection solutions to prevent costly breaches because they can cost $3.7 million to resolve.

Why Should You Build a Mobile Banking App?The main reason for developing a mobile banking app is competitiveness.

An application stands out among numerous ordinary tools, as it has turned into the most convenient and effective channel of interaction with customers.Today’s consumer would rather choose a bank with a convenient website, Internet banking, a user-friendly mobile application and speedy services; indicators such as interests and deposit rates, or the place of a bank in some ratings, are placed on the back burner.

Hence, to win the loyalty of clients and remain competitive, a bank should be mobile.Some statistics to prove the increasing popularity of banking apps: Mobile banking users are expected to exceed 1.75 billion by 2019, representing 32% of the global adult population, according to Juniper research.45% of respondents named convenience the main reason they started using mobile payments, Statista found out.As of June 2018, the financial business is in the top of the most popular Android app categories worldwide, taking 53% of the market share.Statista also provided data on the availability of the world’s leading payment providers Apple Pay, Samsung Pay and Android Pay in global regional markets.

It turned out that the Asia-Pacific region has the highest number of total active markets across all three payment systems.

What are the main reasons you started using mobile payments?NCrypted has deep knowledge of banking processes and expertise in implementing banking software solutions.

With our solution, you can be assured of providing the best digital services to your customers.

Core Banking Solutions MarketCore Banking Solutions (CBS) as a process facilitates online centralized banking in real-time.

Over the past few years Banks and Financial Institutions have transformed phenomenally in terms of services, offerings and overall operations.

The Core Banking Solutions are proving to be effective for achieving customer satisfaction and hence loyalty.

Simultaneously, banks also acknowledging the efficacy & importance of CBS, are increasingly adopting & implementing these solutions.

Which in turn, augments the uptake of CBS resultantly increasing its market size on the global platform.Acknowledging the exponential traction the market is perceiving currently, Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insight up till 2023.

This growth mainly attributes to the technological advancements.Other predominant factors that foster the market growth of CBS include; augmented customer demand for advanced banking technologies that offer cost effective solutions allowing them to manage their accounts in real time, conveniently & more efficiently.