Manifest Survey Highlights Benefits Of Big Data For Financial Apps

There are clear benefits of big data for financial apps. It can help gather more complete knowledge and keep things more secure.

October 18, 2018
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Big data has played a crucial role in the financial industry. There are also lots of benefits of big data for financial apps. Manifest is one of the organizations that has used big data for adding more value to its customers. This is supported by a recent survey they conducted.

Big data is used for a variety of purposes, including:

  • Actuarial analysis in the insurance industry
  • Scoring risk profiles of loan applicants
  • Identifying money-saving opportunities at the personal financial level
  • Aggregating data on lending and insurance options to help consumers identify the best rates
  • Mitigating the risks of fraud and cybersecurity threats

Manifest Survey Shows the Importance of Big Data in Financial App Development

Based on a recent survey, most businesses agreed that their apps are a financial success. Through managing a good development team and executing their project vision, we can see an increase in successful apps that support their client’s needs.

And how did businesses do this?

Through app development.

Previously, mobile phones were electronic races to replace conventional phones. During the mobile phone evolution, the smartphones started to provide telecommunication and application services.

This created a sea of transformation within the information technology world. The first phase the desktop personal computer has been replaced with laptops and palmtops.

Survey Results

The Manifest’s survey states that companies dedicate about 31-70% of their app development budget to promotional activities shows the importance of good marketing for apps to be noticed amongst the 2 million Apple iOS devices.

The revenue for app marketing increased to 80% since 2016. But developers have a greater challenge when boosting retention, reliability, based on a June report by App Flyer.

This means that iOS app development services have to lead to an increase in company profitability, customer service, and download rates. For businesses, investing in app development will help your company grow in its consumer base.

The importance of apps in the financial industry has been especially high. MLSDev published an article on the benefits and challenges of developing apps in the financial industry, which was very insightful. However, they showed addressing security risks remains a challenge.

“Research by IOActive, conducted in 2013, into the security of banking apps on the iOS platform from 60 influential banks found security lapses in 40 of the reviewed apps. Similar research two years later showed that the same security issues persisted. Fast-forward to 2017, and research into the security of 400 apps revealed different vulnerabilities; notably, apps for HSBC and the Bank of America Health fell under the category of products with security issues. Information such as this shows the challenge facing the financial industry in making apps that are safe and secure from hackers.”

Introducing Operating Systems

Everyone can enjoy the features of a smartphone with the best applications placed on it. This has made it essential for websites that have to be compatible amongst the operating systems. These operating systems are Android, iOs, Blackberry, and Windows. The best iOS app development services will have experience in creating platform-specific apps.

All About Smartphones

Usually, most smartphones are highly functional. However, it’s the Internet connection which is required to make the mobile phone a working device. With this, you can access all of your websites and applications.

Now, service providers can provide telecommunication and Internet services. These smartphones are used to assist the business and not be for fake time. The knowledge of these developments in the markets is sold by mobile app development companies.

Finding the Pioneers

Some iOS app development services give their customers the latest trend of attracting them to mobile application services. These companies provide the best developer services to the developer and the by far the most profitable tool. Depending on your audience, you can select the right platform and with minimal downtime.

Staying on Pace With the Development Process

Some people think that limiting their mobile application will be compatible with every operating platform. These companies have the best development services to their developer and help your consumers stay tuned to your brand.

While some businesses will say that mobile interfaces are costly. But think about the return on investment, the rate of change will become more affordable in the long run. If your website isn’t compatible enough to appeal to multiple app devices, you won’t see any revenue or results. So try to make sure your team has a good development process so that the app is deployed correctly.

Big Data is Changing the Future of Financial App Development

By the use of iOS development services, we can see a lot of businesses tailor their apps towards their customer. This is due to advances of big data.  And due to Manifest’s survey, we can see businesses making a lot of progress through using them. Thus, you should consider trying to ensure that your business becomes successful!