At the Austin offices of iTexico, it’s fairly common for staff members to be engaged in custom application development for enterprise customers. iTexico is a mobile app developer that works with a variety of frameworks including titanium, angular.js, and node.js. One of their strongest selling points is that the right app can save a customer a tremendous amount of money.
While it’s true that companies can spend handsomely to have apps developed for their businesses, a well-designed app more than pays for itself in short order. And once that is accomplished, the app hopefully goes on to save the company money by streamlining business operations. As anyone from iTexico can tell you, a well-designed app makes a company more efficient and agile. That saves money.
Mobile Apps for Banking
It’s easy for companies like iTexico to say the right app can save a lot of money; it is another thing to see it in action. So we can look to the banking industry to prove the point. According to a January 3 (2017) report from NASDAQ, Bank of America currently boasts 34 million active accounts on its digital platform. That platform, known as Online Plus Mobile, allows customers to manage their accounts and complete online transactions using either a mobile device or desktop computer. Some 21 million of them access the platform with a smartphone or tablet.
NASDAQ further points out that Bank of America serves roughly 47 million customers. That means 45% of those customers are banking to some degree using a mobile device. That equates to 21 million customers who are not having to visit local branches to complete transactions.
You may have noticed that the waiting lines at your own local bank have grown shorter in recent years. You may have even noticed that there are fewer tellers than you remember from just five or six years ago. Mobility is the reason. Bank of America is just one of dozens of financial services companies that are seeing reduced traffic without any noticeable change in the total number of transactions being conducted.
Saving Money with Less Overhead
In keeping with the banking sector example, it’s easy to see how a well-designed mobile app can save money by reducing overhead. NASDAQ cites JP Morgan Chase as a good example. According to NASDAQ, the bank claims it costs sixty-five cents to process a customer deposit at a retail branch. By contrast, it costs just eight cents at an ATM and three cents to process that deposit through a mobile app.
Custom application development has undoubtedly saved JP Morgan Chase a tremendous amount of money just in customer deposits alone. They don’t have to spend as much money on overhead because their retail locations are not seeing the traffic they used to see. Bank of America is enjoying the same benefit. Their average cost for doing business at the retail level has fallen some 34% over the last six years thanks to lower overhead.
Mobility Is about Efficiency
At the end of the day, mobility is all about efficiency. In that sense, the mobile app developer is a digital efficiency expert who makes it possible for companies to improve the bottom line by increasing their own efficiency and reducing the cost of doing business. Efficiency is one of the big reasons custom application development for enterprise level customers is expected to grow rapidly over the next several years.
If your company could save money and increase efficiency with a well-written mobile app, why would you not have one built? You would, and that’s the point.