Influence of Mobile Apps on Household Saving-Spending Behavior

Introduction

Mobile applications (apps) have been defined as the technology downloaded and used in smart phones, tablets and personal digital assistance for multiple behavioral and psychological interventions (Elias, Fogger & McGuinness, 2014). Apps have been refereed as application softwares containing contents in digital shape and have been gaining momentum and proliferations globally (Olff, 2015). The use of mobile apps in banking industry have been promoted globally such as in India the Reserve Bank of India for accessing its multiple benefits like round the clock service, time saving, substantial decrease in infrastructure costs, ease in payments, money transfers and even to make people accustomed with digital transactions. It has been argued that transactions through mobile banking are more secured than internet banking. Mobile banking through the dedicated apps of the banks in urban India has exceeded transactions carried out via desktop, ATM outlets and even by branches. A number of features such as secured transactional capabilities, self-service blended with multiple product marketing features have shaped the mobile banking apps unique. Transition to cash less economy has been speed up after demonitisation which further has been accelerated after the governments’ fiscal incentives in its different forms. Literature has indicated the multiple facets of user-centric services such as entertainment and productivity have been provided by the service providers through mobile apps (Hew et al., 2015) and even developing new apps in response to changing consumer needs and demands (Zhong et al., 2016). The customer environment, involvement and assessment have been acknowledged as complex and critical task for generating and disseminating market intelligence of uniqueness of products and services and even firms’ unique selling propositions, notwithstanding many apps developers now have been confronting challenges (Hew et al., 2015). The apps developers have been effectively and efficiently assessing the needs and expectations of the customers (Zhang et al., 2015) for developing user-centric mobile apps. Big data- a huge database beyond the periphery of softwares to store, manage and capture which have generated through multiple information technologies and systems such as mobile apps (Chan et al., 2016) capable to provide valued information about customers’ behavior and opinions. Moreover, big data has enabled the apps developers to develop apps without accessing customer specific information and have supported to take data-driven decisions (Chen, Li & Wang, 2015). The use of smart phones for accessing its multiple inherent advantages have been acknowledged; e.g., as a tool for parsimony and time savings (Dennison et al., 2013), capable for longer duration use (MacKerron & Mourato, 2013), instant transfer of real time data and even in research studies for gathering data from the remotest corners and higher response rates resulting substantial drop out rates (Chen, 2011).