the,Finance,Sector,Benefitting technology Is the Finance Sector Benefitting from Mobile Apps?
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Yes, like all other sectors of the current economy, the finance sector also deploys and benefits largely from mobile applications. Apps are software tools which cater to the management and operational departments of every industry, including finance. Today, mobile app development companies create software that specifically fulfills the demands and requirements of the finance sector. These software products are known as financial mobile applications. Finance apps are created both at the individual and enterprise levels. Mobile market researchers are of the opinion that the finance sector provides increasing opportunities for the development of more mobile apps. Let us take a look at few areas of finance which have benefitted from the development of mobile applications the most:Stock Market Mobile apps that provide stock market updates are a blessing to a large number of businessmen who invest in this sector. Gone is the need to remain hooked to desktops and laptops whole day through for news of the rise and fall of stocks. Merely downloading and installing the stock market mobile app suiting his/her needs will send the latest report on a mobile device.Banking The most used finance app is perhaps that for mobile banking. The major banks worldwide have gone mobile. Bank customers now login to their accounts using an id, and then type the bank account number for conducting all types of financial transactions from their mobile devices.Personal Finance The management of personal finance just got easier with the use of financial applications. With apps one can now prepare monthly budgets, keep bills in order, set alerts for bill payments, and manage miscellaneous expenses.Paying of Bills Payment of mobile and other bills was never as easy as it is today. There is an app for paying electricity, telephone, etc bills just at the click of a button. No time is lost on the part of the customer in going physically to the payment store for closing a bill amount.Tax Filling Filling up of income tax sheets are compulsory if you are a working individual. The income tax departments of most countries have introduced mobile app facilities that will enable customers to fill and declare their taxes from the comfort of their homes or office cubicles. Though there is a section of tax payers who complain that filling income tax sheets on a mobile device is difficult, there is no doubt about the fact that income tax apps have helped save time, money, and effort of tax payers.Modern enterprises, irrespective of their sizes and types of products and services that they cater, are increasingly deploying financial mobile applications. This helps to cut down on the lengthy paper work which was earlier involved in the management of financial transactions within an enterprise. Moreover, conducting finance related work with the help of mobile devices and apps makes the process more accurate and efficient, thereby increasing the total productivity of the firm. According to a research report published in 2012, there are more than 10 million bank customers using financial mobile applications. Though security is a primary concern of these types of apps, the total number of users is projected to rise to at least 50 million towards the end of 2015. But enterprises must cross check the authenticity of the developer before deploying any financial application.