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The banking system has grown so much in the past years due to technological growth. With every technological advancement, our mode of communication changes, and we progress in every aspect from communication to banking.
Which brings us to the question, “Who made the first mobile banking app?”
The Royal Bank of Scotland [RBS] created the first mobile banking app to give customers control over their financial activities.
How was this bank able to achieve this feat?
The Royal Bank of Scotland has always had a fantastic track record for creating outstanding technology. This includes RBS being the first of all today’s digital banks in the UK to create a full internet banking service. In 1997 it launched its first mobile banking app via text. Later, the Scottish financial institution also introduced a mobile phone banking service in 2007. And not to be forgotten, mobile phone top-ups have been accessible at their ATMs since 2004.
The next step was for RBS to introduce a fully working banking app for smartphones.
The timeline of phone technology is a little different from those of these finance-related mobile apps. In 1993, the first smartphones entered the market. In 2002, BlackBerry handsets with email capabilities were accessible. And then 5 years later in 2007, Apple’s game-changing iPhone debuted.
As more people started using smartphones for business, leisure, and many of life’s daily routines, it changed how all companies viewed the future. The smartphone then became a tool the banking industry decided to include in its own business model.
When was the first app made?
The Royal Bank of Scotland introduced two free services in 2009. They are on-demand text-based quick statements and an iPhone app. The latter enabled users to view recent transactions and account balances while on the go. This was only the start. Customers’ opinions were solicited regarding the app, and their comments served as the basis for subsequent development.
It then moved on to release the first completely functional banking app in the world in May 2011. This app was initially only accessible on Apple gadgets.
The RBS app for Apple’s iPhone and iPad devices exceeded company expectations of how frequently users would be active with mobile banking services. Because of this, the Scottish financial institution realized more people needed access. The Royal Bank of Scotland decided to expand its digital strategy beyond Apple’s iOS platform. The financial group wanted to become a renowned UK bank for its mobile banking services.
In June 2011, RBS released an HTML5 app for the BlackBerry Playbook. This native Blackberry application is an alternative to using a web browser to access mobile banking services.
Instead of utilizing one of the various cross-platform development tools, Royal Bank and Natwest built the app internally using native programming. The company was able to target both the youth market and its corporate audience by using the Blackberry platform, which has helped the Blackberry Messaging (BBM) market in the UK grow.
Because the team used a cut of the iPhone app, they could create the app at record speed, which made the development process far faster than past RBS development cycles.
Previously, RBS and Natwest released a Monilink app for Blackberry cellphones utilizing the Monitise platform, a mobile supplier. The new native app offered a more user-friendly interface and better system interaction with RBS.
Since the financial institution had to choose between using outdated systems or building new infrastructure to handle mobile banking, Royal Bank and Natwest decided to employ a hybrid system. It combined their seasoned and highly reliable platform with more recent mobile technologies.
Customers used the app to locate ATMs, check account balances, and top off pre-paid mobile accounts. More than a million people signed up for the free service in the first six months, and more than £1 billion was transacted on the app.
Since the first functional banking app, the finance industry has grown tremendously. Several apps with mobile utility exist today in all countries, China to the US. There are also various improved payment platforms, virtual cards, etc. But it certainly isn’t the end of technological advancement, so the next innovation in the banking sector is one to watch out for.
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