Technology is the only reason why we have such a globalized financial market today. The introduction of international databases and the incorporation of the internet has helped financial markets such as stocks, FX, and various others to reach shores it had never reached before. This technology has helped us grow the volume of our trade to immense proportions and create new prosperity never seen before in the world.
However, when something is good, it doesn’t mean it can’t be better. The financial and technological innovators of today are collaborating to find something new and exciting for the bustling market all the time, and they have results to show for it as well.
The greatest gift we’ve received in the 21st century is probably the smartphone. It’s a whole computer in our pockets, able to handle 10 and even 100 times more complex sequences than the best computers of the 90s. So why not use these phones to connect to the largest markets in the world? Why not use them to make financial life easier? Well, that’s exactly what’s been going on for the past couple of years.
Almost every single bank, payment platform, financial service provider, and other financially related companies have started pouring millions in developing their own smartphone applications to cover as much of the current market as possible.
The time when some forex apps would just provide us with information on the exchange rates of currencies is long gone, replaced by a time that a single swipe is enough to place a trade on the busiest market in the world.
Why did these apps gain traction?
The main idea behind these apps is that they were developed not only by tech enthusiasts but financial experts, marketers and other executives. The whole creative mass of the financial industry gathered behind this innovation. The marketers found out that the modern man or woman is always on the move, and therefore can’t distract him or herself with trading or other financial responsibilities. Financial experts realized that it would be much easier to communicate via a chatbox with their customers, thus making service faster, better, and more enjoyable for both parties.
Overall, the addition of financial applications brought nothing but positivity to the markets and they will continue to grow whether we like it or not.
Financial applications are already very well nested in the financial markets themselves. Their use is currently taking somewhere between 25-30% of the market share. But experts believe that if growth is maintained like this, it could reach nearly 50% market share in the near future.
As for the app market itself, financial applications amounted to 5% of all downloads, making them a remarkable part of the platform. Their growth is expected to increase as new “potential customers” reach financial literacy ages every year.