7 Advantages Of Investing In Mobile App Development

Mobile applications have now become increasingly popular among almost all business sectors. From eCommerce businesses to different service providers like food delivery, trip planners, hotel booking, healthcare, education, and more, there’s no industry where mobile apps have not proved their value in the online market or proved to be the most effective mode of reaching out to the worldwide mobile users or customers.

While millions of businesses have already jumped into the mobile application bandwagon, if you are still behind, it’s time to look for an award-winning app development company for yours too. But before that, you must have a clear app idea in your mind and understand what you can achieve from your mobile application.

Here are the major benefits of having an application for your business today.

Mobile apps act as the direct marketing channel:

Mobile applications act as the direct marketing channel for a brand or business. Apps provide functions like prices, dimensions of products, materials of the products, general info about products and services, news feeds, user details, etc. Among all the benefits of a mobile application, one of the major pros is that an app gives complete information of everything to the customers or users. Also, with the help of push notifications, businesses or brands get even closer to the customers. Overall, it can be said that applications act as the direct marketing channel between the users or customers and brands.

Increased customer loyalty:

Building customer loyalty is a tricky and crucial aspect of business marketing. Applications help in smoothening out the marketing process by building a connection between the brand and the customers through constant updates, notifications, and reminders about their products, services, new arrivals, deal, offers, etc. These reminders, updates, and notifications sent to the users or customers create awareness about their offerings and encourage them to make the purchases. Also, offering the customers great deals, offers, and discounts through these notifications keep them engaged with the app, and buy products or availing services from the app, thereby increasing customer loyalty.

An amazing tool for customer engagement:

Proper communication between businesses and customers is important for effective marketing and maintaining consistent customer engagement. Customers love it when brands or businesses give value to their complaints and concerns and resolve the same within minimal time spans. This helps in improved customer engagement. Apart from this, easy accessibility of their desired products or services in combination with reduced costs act as the cherry on the cake when it comes to customer engagement.

Enhances brand visibility:

In the last couple of years, mobile applications have proved to be the best tools for enhancing the visibility of your brand. An engaging mobile application can incredibly improve your brand awareness and brand name. In fact, an application can work like a billboard sign that is used by smartphone users for almost everything today, right from travelling to buying products, booking cabs, reading news, playing games, planning events, and much more. A feature-rich and attractive application can grab the attention of the users, thereby, increasing the overall visibility of the brand. Also, the ease and convenience of using an application plays a major role in improving the brand or business visibility.

Boosts brand recognition:

When it is all about advertising, options like outdoor hoardings, newspaper ads, and flashy signboards do not work anymore and are outdated. Whereas, mobile applications are now the best advertising options that ensure increased brand recognition. When your application meets all the pre-requisites of the customers, then your brand starts gaining more recognition from worldwide customers. Your business will also get noticed by the other competitors and there can be automatic and increased recognition of your brand. Also, the constantly evolving app trends improve brand recognition among the users.

Apps boost sales and revenue:

Apps are easier to use as compared to websites. As per the studies, it has been found that applications are preferred and used more than websites now. All users need to have is the required app installed on their devices so that it can be opened with just a single tap or click on the app logo. And this ease of use has resulted in an increase in sales and revenue as well.

Helps to stand out from the crowd:

The significance of having a mobile application is no more a hidden fact. Applications are the fastest and the easiest way to reach out to a global audience. There’s no better and convenient way to grab the attention of the potential users and hold a larger part of the online market share than having an app today. Apps also help in effectively increasing your user base and building a stronger brand. Overall, it can be said that an engaging application can help your business stand out from the crowd.

Now, that you are aware of the key reasons why you should invest in mobile app development, make sure to look for an experienced, proficient, and resourceful app development company for your project. The App Market is already overflooded with different types of applications and to stay ahead you need a highly engaging and competitive application.

Read More

Offshore Internet Banking Advantages and Disadvantages

The topic of offshore internet banking is a hot one and one that is increasingly growing in popularity not only within the consumer banking community, but also the business or corporate banking sector.

The beauty of offshore online banking is that in addition to enabling you to conduct banking activities allowed by traditional and local brick and mortar businesses, it allows you more variety and flexibility in terms of your banking needs. For example, if you travel often, offshore online banking gives you the flexibility to conduct business on to go from anywhere, while ensuring that you have access to the type of currency if you need at a time you need it.

Having said that, not all banks offer online or internet banking services as this service costs the banks a significant amount of money. Programming sophisticated and secure systems require the effort of several full time computer engineers, full security and compliance departments, as well as heavy overhead to support the service on an ongoing basis.

Because there are so many variables involved in offering this service, offshore internet banking services vary from one financial institution to another. Some have better systems while others have work to do. A lot of this is predicated on the resources the bank has dedicated to this initiative, both in terms of quantity and quality.

Opening an Offshore Bank Account

Before diving further into this topic, I want to clarify that engaging in offshore internet banking is not about evading taxes. It is about mitigating risk of capital loss due to no fault of your own. So when considering a foreign jurisdiction in which to establish an offshore bank account, consider one that is politically stable and financially strong. In addition, it helps to select a jurisdiction that pays an attractive interest rate and has low to no income tax. Some of the most preferred jurisdictions over the years have been Switzerland, Cayman Islands, Singapore, Hong Kong and the United Arab Emirates (UAE).

Opening a personal bank account is usually a very personal activity. With offshore internet banking however, there are ways you can get started remotely without having to show up to the bank’s local office, saving a ton of time, money and mainly frustration.

One such way is by visiting a local bank’s branch in your domicile state, or home country. Many big banks that offer internet banking have a multi-national presence. Chances are good that your selected bank has a local branch near where you live, despite being headquartered in another offshore jurisdiction.

In other cases, there are international banks that may not have local branches near where you live, but are willing and able to establish an offshore bank account for you through email, snail mail, fax and telephone. There are usually a set of documents required by banks in order to execute this process. Therefore you can still open a foreign bank account with an offshore bank without having to leave your country, but it may come with a little more effort, and sometimes the struggle involved in communicating with someone overseas.

The Advantages of Offshore Internet Banking

Here are some advantages of offshore internet banking that you should know about.

Protection from sovereign risk – as mention already above, parking funds in foreign bank accounts mitigates the risk of loss of capital resulting from freeze or confiscation of funds by Governments without any fault of your own. This risk is less of a concern in a developed economy with a solid banking infrastructure such as the United States, but it is nonetheless an inherent risk that exists.

Tax benefits – many offshore jurisdictions have low to no income tax implications on interest income, or income from business activities.

Higher Interest Rates – because many offshore banks operate with low costs, they can afford to offer higher interest rates compared to larger multi-national names. In fact, in developed economies like in Europe and North America, regulatory compliance requirements is seen by many as form of taxation on banks, thereby increasing overhead costs and lowering interest rates.

On Demand Access to Statements – offshore internet banking gives you instant access to your statements where you can view your activities on a real time basis. This includes past and pending deposits and withdrawals. You can therefore access your account balance at anytime.

Money Management – with offshore internet banking you can transfer funds between accounts across the globe instantly. Offshore banks have inventories of various currencies and can help you fulfill banking transactions in multiple countries. You can schedule automatic payments to vendors to release automatically.

There are several other advantages to offshore internet banking. You can open offshore trading accounts and establish offshore brokerage accounts to conduct trading and investment activity (there can be tax advantages to this). Conducting transactions online is not only mostly free, but also very efficient. Transaction time online is simply much less. You can also have streams of income potentially directly deposited straight into your offshore online bank account.

From a personal finance perspective, downloading banking activity from your offshore online bank account is easy and can be done instantly. Most online banking platforms are designed to feed information into financial or personal accounting software or to spreadsheets like Excel. Individuals can save a significant amount on accountant fees just by utilizing this feature. Not to mention more intimate knowledge and management of their own finances.

For those looking for anonymity, offshore online bank accounts also allow you to conduct banking anonymously as per bank secrecy guidelines.

The Disadvantages of Offshore Internet Banking

Merely establishing an offshore bank account can be a reason for the Government to put more focus on your activities. After all, many use offshore internet banking as a mechanism to conduct illegal activity and evade taxes. Some specific disadvantages of offshore internet banking as a result of conducting business through foreign bank accounts are the following:

Knowledge of Internet – There is a certain level of internet savvy required to be able to navigate your way through offshore internet banking platforms to ensure you are getting exactly what you want. This is a big reason why some elderly shy away from conducting banking online.

Deposit Timeline – Because many banks do not have the technology to be able to collect deposits remotely, you may have difficulty depositing all your proceeds. While many banks have developed electronic scanning technology, others have yet to catch up. There is no consistency to say the least.

Security / Fraud Implications – because banking is conducted online, offshore internet banking exposes you to the risk of network intrusion or breach. Because information is transferred electronically and stored in various databases, breaches can cause private and sensitive information to leak out into the wrong hands. But then again, this is no different than losing your check book if compared to traditional brick and mortar banking.

Spam Mail – offshore online banking also means that you will receive emails from the foreign bank you have your offshore bank accounts with. Internet predators recognize this as an opportunity for phishing, or fish for private and sensitive information. Many times you may see an email in your inbox from what seems like your foreign banking institution. However it is not. These are phishing emails hoping for you to login and enter your personal information such as login and password.

TIPS: Here are a few tips to avoid falling for phishing scams. First, when you receive an email from your bank, call them to verify that they sent the email. Second, instead of opening the email they sent you, visit the bank’s website directly and see if you can conduct what’s asked of you on their site by you logging in directly rather than clicking a login link in an email message.

Third, if you were to open the email and click on any link in it for whatever reason, once the link takes you to a website where you are required to enter personal information, look for security symbols such as an https URL address or a padlock on the lower right hand side corner of the web browser. There are other security measures as well that can be visible spotted. Read online for more on this topic.

Financial Security – some offshore bank locations are not very financially secure or stable. For example, during the global economic crisis of 2008, many savers lost money parked in offshore bank accounts in some destinations such as Iceland. I don’t mean to scare you by any means as this situation is rare, and in most cases those who suffer losses are compensated in some way over time. However, know that this inherent risk exists. Always look for deposit insurance. The bigger the allowance the better.

Credibility by Association – as I’ve already mentioned, offshore internet banking has negative connotations attached to it, often associated with money laundering, use of illegal monies, untaxed monies and support of illegal causes. Offshore bank accounts at times are tied to crime rings and terrorists. What does this mean for you? Although you may engage in offshore banking legally and legitimately, understand that there will be closer scrutiny over you by the Governments.

Access Restrictions – offshore banks are in destinations far away from you, therefore more difficult and expensive to access. In many countries, communication in person is preferred to communicating over phone, email and snail mail, therefore internet banking can get a bit difficult and frustrating. I see this trend slowly changing with banks understanding the need to communicate at all levels and mediums to satisfy a global audience.

Expensive – offshore internet banking is usually more expensive to set up and administer and thus more accessible and feasible for those more affluent or high income earners. It’s not so much that it is expensive to open a foreign bank account. It is not. However, many times you will need to go through a firm that specializes in helping expatriates establish and manage foreign bank accounts. All these activities cost money.

Internet banking today is very convenient and is accessible to almost everyone. For the average individual it can be a great offshore tax planning tool to add to the mix. For those that travel, foreign internet banking can provide all sorts of convenience, allowing one to transact anywhere and with anyone. So if you liked what you read about offshore online banking, I highly recommend you look into it further to see how it can help you meet your objectives.

Read More