1. Facilitating Economic Growth
Banks provide financing for businesses to expand, invest in infrastructure, and create jobs. They facilitate the flow of capital by lending to individuals and businesses, which helps stimulate economic growth and development.

Advantages: Promotes innovation, business expansion, and job creation.
Disadvantages: Can lead to risky lending practices if not properly regulated.
2. Providing Financial Products and Services
Banks offer a wide array of financial products, including loans, savings accounts, credit cards, and investment services. These products help individuals and businesses manage their finances and plan for the future.

Advantages: Variety of products to meet diverse needs, helps individuals achieve financial goals.
Disadvantages: Complex products may be difficult for some customers to understand.
3. Safeguarding Deposits
One of the primary functions of banks is safeguarding deposits. By providing a secure place for people to store their money, banks ensure that individuals and businesses can access their funds when needed.

Advantages: Security, insurance on deposits (up to a certain limit).
Disadvantages: Limited interest on savings, risk of losing money during financial crises (though protected by insurance).
4. Enhancing Payment Systems
Banks enable seamless payments and money transfers, both locally and internationally. Payment systems such as wire transfers, credit card payments, and mobile payments make it easy to buy goods and services, thus supporting economic transactions.

Advantages: Convenience, security, and speed in transactions.
Disadvantages: Transaction fees, risks of fraud and identity theft.
5. Supporting Government Functions
Banks play a significant role in supporting government functions by managing public funds, issuing bonds, and facilitating government transactions. They help governments finance infrastructure projects and other public services.

Advantages: Efficient management of public resources.
Disadvantages: Potential for mismanagement or corruption if not properly regulated.

1. Assess Your Financial Goals
Before selecting a banking service, it’s important to understand your financial goals. Are you saving for retirement? Do you need a checking account for daily transactions? Are you looking to invest in the stock market? Identifying your needs will help you choose the right services.

Advantages: Clear financial goals lead to better decisions.
Disadvantages: Might require additional time and effort to research and assess options.
2. Consider Account Fees
Banking services come with various fees, including monthly maintenance fees, ATM withdrawal fees, and overdraft fees. Make sure to choose accounts with fees that align with your financial habits. Some banks waive fees for students, seniors, or if you maintain a minimum balance.

Advantages: Helps you save money and avoid unnecessary costs.
Disadvantages: Fee structures can be complex and difficult to compare.
3. Look for Mobile and Online Banking Options
In today’s fast-paced world, having access to online and mobile banking services is essential. Look for banks that offer mobile apps, online bill payment, and other digital services that allow you to manage your finances on the go.

Advantages: Convenience, ease of access to account information.
Disadvantages: Risk of security breaches, reliance on technology.
4. Review Interest Rates
Interest rates play a critical role in choosing banking services, especially for savings accounts and loans. Compare interest rates for checking accounts, savings accounts, and loans from different banks to ensure you’re getting the best deal.

Advantages: Higher interest rates can help grow your savings faster.
Disadvantages: Lower interest rates may not yield significant returns.
5. Evaluate Customer Service
Customer service is an important aspect of banking. Good customer support can help you resolve issues quickly and effectively. Look for banks that offer reliable customer service through various channels like phone support, email, and chat.

Advantages: Quick resolution of issues, personalized service.
Disadvantages: Limited customer service hours or long wait times.

1. Traditional Banking Services
Traditional banking services have been the backbone of the financial system for centuries. These services include savings and checking accounts, personal loans, mortgages, and credit card services. Customers would visit physical branches to carry out transactions, and the banking process was often time-consuming.

Advantages: In-person customer service, face-to-face financial advice, and personalized services.
Disadvantages: Limited working hours, long wait times, and limited access outside of business hours.
2. Rise of Digital Banking
With the advent of the internet, digital banking services began to emerge in the late 1990s and early 2000s. Customers could access their accounts online, transfer funds, check balances, and pay bills all from the comfort of their homes. This was a huge convenience for users, eliminating the need for trips to the bank.

Advantages: 24/7 access, convenience, and reduced need for physical branch visits.
Disadvantages: Potential security risks, reliance on technology.
3. Mobile Banking: Banking in Your Pocket
Mobile banking is the next evolution of digital banking. With smartphones becoming ubiquitous, mobile banking apps allow customers to perform nearly every banking function from their devices. These apps enable users to deposit checks, transfer funds, pay bills, and even apply for loans on the go.

Advantages: Instant access, ease of use, and the ability to bank from anywhere.
Disadvantages: Requires internet access, potential security concerns.
4. Fintech and Banking Innovation
Fintech (financial technology) companies are disrupting the banking sector by providing innovative solutions like peer-to-peer lending, digital wallets, and blockchain technology. These services offer faster and often cheaper alternatives to traditional banking methods.

Advantages: More cost-effective, faster services, and greater accessibility.
Disadvantages: Regulatory challenges, security concerns, and lack of customer service options.
5. Future of Banking: AI and Blockchain
Looking forward, the future of banking will likely be defined by the continued integration of artificial intelligence (AI) and blockchain technology. AI will enhance customer service through chatbots and predictive analytics, while blockchain promises to make transactions more secure and transparent.

Advantages: Enhanced security, automation, and speed.
Disadvantages: Implementation challenges, regulatory hurdles.

According to the AppsFlyer, an app marketing company, the global uninstall rate for apps after 30 days is 28%. Entertainment apps are most frequently deleted, whereas apps based on Finance is least frequently deleted. No matter which app category you belong to, your strategy should be to remain in the mobile phones of users for a long time, and not just sit around but to fulfill your purpose as well.

If we analyze the encounters of users with an app step by step, it can help us unveil the critical factors that influence mobile app audiences, so that we can work upon those and achieve our purpose. Here are the details:

Step1. Finding Your App in Appstore

For this, we have to first find out what exactly users type to search an app. Based on a research, it has been found that 47% app users on iOS confirmed that they found the app through the App Store’s search engine and 53% app users on Android confirmed the same.

What have been their search queries? Interestingly, as the per the data provided by the TUNE research, 86% of the top 100 keywords were brands.With little scope for non-branded categories, most of the keywords were either of games of utility apps. Common keywords in the non branded category are: games, free games, VPN, calculator, music, photo editor, and weather.

Leaving brands aside, if we analyze the user-type of a Non-branded category, we will get two types of users:

1. Users are informed, and they know what they are search

2. Users are exploring possibilities, have no precise information in mind.

If you are a mobile app development company, targeting non-branded users, then your efforts must be directed to creating apps that compel these two types of users. To do so, we have to analyze once they are on an app store, what keywords they use to search. Regina Leuwer, with expertise in marketing & communications, bring some light to the subject. She reached out Sebastian Knopp, creator of app store search intelligence tool appkeywords, who shared with her the data of unique trending search phrases. And according to that data, in 2017, there were around 2,455 unique search phrases trending in the US.

Now, if we study these data to get information, we will find that name of the app is critical to attract the attention of the users.

If your app belongs to non-branded category, then make sure your app name is similar to the common search queries but also unique in comparison with your competitors. So that when your app name is flashed, they click it on to it, finding it purposeful and compelling both.

Step 2. Installation

Remember your users are on mobile devices has limited resources, from battery to storage and RAM to Internet. Everything is limited. So better create an application that is easy to download or say get downloaded with 5 minutes. One critical advice here:

1. Keep the application file size small.

If you are a developer, use APK Analyser to find out which part of the application is consuming maximum space. You can also reduce classes.dex file and res folder that contains images, raw files, and XML.

Step 3. Onboarding

After the user has successfully downloaded your mobile application, don’t leave anything on assumptions. Guide them properly. This you can do through an onboarding process, where users can learn the key functionality and where to begin with the mobile app. Below are the 3 things you need to keep in your mind when creating an onboarding process for your users.

Short and Crisp: The entire guidance of features and functions should be completed within few seconds, with easy options loud and clear option to skip.

Precise Information: Don’t introduce them to the app. They already know what they have downloaded. The objective to inform about the key functions and features.

Allow Users to Skip: Let the tech-savvy users skip the intro. Your app is to meet their requirement and not to have a friendly session.

Step 4. Purpose and UI
Here, the stage is set for your app and it is the golden chance for you to impress your users. What is needed here is the collaboration between purpose and UI of the app. It totally depends on the problem-solving capability and ease of use of the mobile app. Interface design plays the critical role, allowing the users to access features of the apps easily and quickly to perform the task for what they have downloaded the app. When it comes to interface design, make sure that the design is interactive and task-oriented. Here are some factors that you must take care off while creating mobile app interface:

1. Usability: The Mobile phone is an epitome of convenience and if your users find it difficult to use your app, then there is no way there are going to make the space for it in their mobile phones. From screen size to the color of the app, there are many factors that are equally critical and need attention.

2. Intuitive: To create an intuitive User Interface, you have to read the mind of the users, and develop a model based on that. The next should be precise, clear and ‘obvious’ in an interface.

3. Availability: Key features should be hidden in the drop down menu or even if so, it should be obvious for the user to look into the drop-down. An intricate work of design and research is required to make essential features available for the customers and they don’t need to navigate here and there.

If you need more help with the user-interface and innovative ideas for a mobile app, write to me webmaster@finoit.com and I promise to get back to you with interesting mobile app designs.