14 Dec 2023
If you want to send money online to your children studying abroad, or back home from abroad as an expatriate, for several reasons, including financial support, you can do so with your smartphone nowadays.
In this context, do you know what is the biggest technological ease in the financial world as well as in the remittance industry?
Yes. You guessed it right!
It is the launch of mobile apps by innumerable service providers, including banks allowing you to move funds in a way that is simple and convenient.
But, it is essential to understand how important is the user experience for you if you use such an app, the security of the app in the context of its usage for moving funds – a sensitive matter, of course – and how you can improve your user experience while using it.
This blog will allay your concerns about the points stated here and share other necessary and associated details.
Let’s first understand what user experience is while using a mobile app.
As the title suggests, it is the feeling you get while you use an app, regardless of the purpose you use it for.
If you look around, you will find several apps that millions of people use and have diversified opinions about those based on their feelings and experiences.
Remember, these feelings are based on the following few factors.
The basic factor is whether the app is aligned seamlessly with the purpose it is designed for.
If setting up the app is easy or complicated.
If the app is widely and freely available, that’s important. Because several apps are region-bound and also have paid versions and, therefore, have restricted free usage unless paid for.
If the app has, a limited number of steps to serve the purpose the steps involved are many. For example, if you use an app for any financial need, such as paying bills, depositing fees, sending remittances, etc., then see if the process is simple and short or complex and long.
Most importantly, what is the level of security if you use an app for financial purposes and your confidence in the app that its security is tight enough to betray scammers, etc.?
These are some of the basic points that serve as a basis for your user experience of a mobile app.
Let’s take a quick look at some pertinent statistics on the volume of money transacted through mobile wallets worldwide.
A report by Statista said that the number of mobile wallet transactions in the Far East and China in 2022 was 4,276,390.61 (million USD); in North America 682,440.67 (million USD); Europe 345,403.68 (million USD); Latin America 105,994.91 (million USD); and Rest of the world (ROW) 1,082,714.96 (million USD).
The same report forecasted the transactions for 2023 to be: Far East and China 4,668,614.21 (million USD); North America 801,974.42 (million USD); Europe 444,033.2 (million USD); Latin America 150,633.07 (million USD); and ROW 1,186,467.72 (million USD).
These statistics are enough to explain the speed at which mobile apps are overtaking conventional methods of making payments online.
It is also important to take a quick look at the number of global migrants and the volume of global remittances, a major chunk of which is transferred through smartphone money transfer apps.
A UN migration report stated that one in every 30 is a migrant which brings the total number of international migrants to 281 million in 2020, accounting for about 3.60% of the total global population.
A World Bank report said that the volume of global remittances is expected to reach $630 billion in 2022 at a growth rate of 4.2%.
As stated earlier, migrants use mobile apps to transfer remittances as these apps provide the best user experience and tight security.
The presence of the following few features in a mobile app will lead to a good user experience.
A mobile app design has to be practical and easy to use. The appearance of an app is critical for engaging users. From colors to images to typography, etc., every aspect of it has to be captivating. Its icon should be distinct because of is constantly displayed on your screen.
The app must have precise functions to serve the purpose it is designed for. A catchy design with unnecessary or complex functions can lead to confusion on the part of the users.
A proper sequence of the content is essential so that the users can find what they need within seconds while using the app. The app’s functions and content must complement each other.
Security holds prime importance if you use an app for a money transfer. User has to be confident about the security of the app they use, particularly for financial purposes, which will only add to a good user experience.
An app has to offer a search feature as different users use the same app for different purposes. Therefore, the availability of the search feature will mean that the app caters to diversified needs.
The user-friendly app of ACE Money Transfer allows you to initiate, track, and complete an online money transfer right from the middle of your comfort zone or on the go along with offering all the features a brick-and-mortar remittance service provider’s office is mandated to offer you.
Mobile app upgrades are essential to enhance user experience by adding new features, improving performance, and fixing bugs. They also help strengthen security by addressing vulnerabilities and staying up-to-date with the latest security measures.
You can ensure you have the latest version of a mobile app by enabling automatic updates in your device settings or manually checking for updates in the app store (e.g., Apple App Store or Google Play Store).
Mobile app updates often include improvements in user interface design, responsiveness, speed, and the addition of new features or functionalities based on user feedback and evolving technology trends.
App upgrades improve security by addressing known vulnerabilities and implementing encryption and authentication measures. Users should enable automatic updates, use strong and unique passwords, and be cautious of granting app permissions to maintain security.
While app upgrades generally improve user experience and security, there can be compatibility issues with older devices that may not support the latest features or updates. In such cases, users may need to consider upgrading their device or using older app versions if available.