Digital transformation can be very complex, time-consuming, and doesn’t occur overnight. The reason several banks are investing in cross-platform app development to realize the real value of making digital investments. According to recent statistics, With the help of an experienced iOS or Android app development company, the banking industry in 2019 is heavily investing in chatbots, open APIs, and improve digital adoption. From digital assistants, such as Alexa or Siri, to banking apps and mobile wallets, there is a huge wave that is swiping away the conventional transaction methods.
7 Remarkable Mobile Banking Trends That Will Dominate the Future
1. Voice Payments Will Be the Norm
More global consumers are actively using voice-generated commands. According to a recent survey, more than 30% of the voice searches will be screenless by 2020. Just imagine using a smart refrigerator to quickly order groceries from your nearby store, easily pay for them, and receive the groceries at their doorstep. But how on earth it translates into the banking services? Most of the consumers are extremely concerned about the security services. The reason many high-end banks are looking for better ways to introduce voice-recognition techniques to deploy two-way authentication. One more application for voice-activated technology in fintech is offering easy access to mobile banking through the Google devices which include Siri or Alexa. Many software solutions, IOS and Android app development companies are dedicated towards making voice payments the new norm for their customers.
2. Easy Fraud Detection
Many financial institutions and banks can quickly grow their profit revenues and increase their services but end up running into a big risk. When we consider the extra cost of other mobile banking fraud types, such as account takeover, or identity theft, it’s hardly surprising that fraud detection makes one of the top priorities in mobile banking.
Another significant trend in mobile banking can help financial institutions safeguard their resources and protect their customers’ identity. The use of huge data engines enables banks and financial institutions to improve risk assessment processes and jump ahead of the competition by providing transparent customer experience while reducing the impact of fraud. This is the main element every iOS and Android app development company is focusing on.
3. Streamline Customer Service
The ability to provide highly personalized real-time experiences is becoming one of the biggest differentiators for financial providers. The pressure to deliver on that consumer expectation is high, as 55% of mobile banking customers say that they would switch banks if their bank offered a poor experience. Despite this huge claim, a staggering 89% of banks don’t deliver on the personalization promise according to statistics. One of the easiest ways to enhance user experience with banking and keep customers loyal is through the introduction of machine learning and AI chatbots.
These clever bots use machine learning, predictive analytics, and cognitive communication to assist consumers to conduct every piece of financial transactions, ranging from making payments and saving money to paying down debt. It’s probable that a smart bot can make much better predictions and decisions than a bank executive could. The reason only an enterprise-grade iOS and android app development company are working on using AI for customer service.
4. Cardless ATM Machines
Consumer patience is definitely narrowing because no one likes queuing at an ATM. To manage our collective restlessness, banks have introduced another innovation, namely cardless ATM withdrawals. While this crazy mobile banking trend is not entirely new, the growing adoption of this solution by banks attests to its evergrowing popularity. First, credit and debit cards were pushed out by mobile wallets for online and in-store purchases; now, it’s their turn to step down at ATMs.
Depending on a bank or financial provider, two ways are available to withdraw money which includes an app-generated code or near-field communication (NFC). The first method involves validating transactions with a QR code displayed in your banking app. The usage of NFC resembles contactless ‘Tap and PIN’ card transactions, but, this time, you tap the ATM sensor with your phone to take out money without any card.
5. High Debt Payoffs
Incurring debt is much easier than paying one off. Currently, consumer society facilitates overspending, and we’re all pressurized into buying more than we can afford. The next amazing mobile banking trend offers a faster way for consumers to get back on track with their finances. A wide array of mobile savings apps and repayment tools are available that help loan holders get hold of their debt fast.
Banking apps automatically round up a user’s purchases to the nearest dollar and deposit the difference to their saving’s account or toward paying off debt. There are other debt reduction solutions like Debt Payoff Assistant or Undebt. It help users better manage debt by providing detailed spending breakdowns, tracking debt and interests, and suggesting the optimal, customized payoff strategies. When it comes to iOS and android app development company, they are finding ways to help customers track debt.
6. Open Banking
Open banking has become a new standard for financial institutions that enables banks to share user data with third-party providers through the use of open application programming interfaces. The standard use focuses to create a comprehensive personalized customer experience with new products and services. By using this concept, banks, and financial institutions can create a network of financial services accessible from a single integrated point of control chosen by the consumer. The major benefits include a more transparent view of one’s finances, quick and direct payments, faster and more convenient credit reporting, and enhanced user experience.
Most of the people have several bank accounts. One bank provides an enticing saving scheme, another has low interest rates on personal loans, and then there is another one that provides debit cards at no fees. Open banking makes it seamlessly possible to choose a provider that will act as a centralized hub for all these accounts and services, so that you no longer have to log in to each service individually but get a single, comprehensive dashboard to manage all of them. Most of the iOS and Android app development companies are focusing on making banking apps streamlined for the customers.
7. The Common Use of Blockchain
Blockchain has grown from an irritating, all-over-the-place buzzword to one of the key enablers of transformation in the banking industry, mobile included. The latest technology has the potential to solve numerous industry problems, and banks and financial institutions are well aware of that fact.
90% of bank executives are currently exploring the use of blockchain to enhance security. The banking and finance sector is the largest consumer of the technology as high-profile institutions hope blockchain will help them improve efficiency, increase cost-effectiveness, and better protect their assets.
When it comes to blockchain, the transactions are carefully monitored and visible to all participants in real time, to enable data transparency and fraud reduction. Blockchain reduces a few risks traditionally related to data centralization, such as unauthorized disclosure of confidential user data or manipulation of information by third parties. The technology makes it possible to shorten transaction times and facilitates settlement and reconciliation.
Need to create a mobile banking app to streamline your services? Get in touch with ITSolution24x7 for tailored support and create a responsive app with the help of our ninja mobile app developers. We are the leading IOS and android app development company in Canada creating high-end banking apps.