A decade ago, the outlook for the banking industry wasn’t positive. There was a significant drop in business and consumer confidence, and that affected the global economy on a deep level. The most intense stage of the banking crisis started in September 2008, with the collapse of Lehman Brothers.
But the banking industry is not the one to stand and wait for devastating effects. Changes were made, and we’re way beyond that point. Currently, we look at banking and capital markets with great optimism. We expect more technology and more convenience than ever before.
Banking apps, in particular, change the way consumers approach the industry. That’s where we’ll see the greatest progress.
How about we take a look at some predictions that will define the banking industry in 2019?
7 Online Banking Apps Predictions for 2019
Virtual Assistance in Apps
The Bank of America mobile app was a huge hit as soon as it showed up. Erica is the factor that makes it special. It’s a virtual financial assistant that speaks. With voice search trends constantly on the rise, it’s only expected for the banking industry to follow up.
“How much money can I spend today?” Wouldn’t you love having a personal financial assistant, who would answer that question right away? You’d get a realistic answer, based on the app’s calculations of income and expenses. It’s much more convenient for you to ask the app than to call a personal advisor or to make the calculations yourself. We’re heading in that direction.
Updates in Privacy Policies
More people than ever will start using banking apps in 2019. This brings us to a serious issue: privacy.
According to the 2019 Deloitte Banking Industry Outlook, consumers have higher privacy protection expectations than ever before. Instead of just meeting compliance requirements, the banks will have to approach privacy issues in a more holistic way. That means they will have to be more transparent and accountable with the way they use the information of their users.
Privacy became a big issue for all industries that handle information online. As an example, students always go through a GradeMiners review before making the decision to purchase something on that website. They will also research the banking apps they try to use. If the privacy policies are not strong and transparent enough, they won’t do business with that bank.
Robotic Process Automation
The word bot is no longer an insult. It actually refers to something smart.
Robotic process automation technology aims at completing labor-intensive, repetitive tasks with ease. It’s being used for basic customer support, sending emails, and transferring data from one banking system to another. As an example, chat bots are common for services that offer assignment help online. They make the process of getting information much faster.
This changes the way that banks work. The consumers will handle most of the banking processes via apps. Front-line banking employees will focus on more advanced operations.
The Digital-First Approach
In March 2019, Apple and MasterCard announced the launch of their digital-first product. It’s a card designed as a digital-first product, with the physical card given as an option.
Digital wallets are soon to become the only type of wallet that people own.
Just think about it: you won’t have to go through bills and change to pay the right amount. You won’t have to pick the right card, take it out and risk damage. No one will be able to see the number at the back of the card. Digital wallets are way safer and more convenient.
The Focus Is on Consumers, Not Apps
Digital transformation is important for one thing and one thing only: the consumers demand it.
Vivian Richards, a freelance writer for Assignment Holic, explains: “As a freelancer, I work from home and I don’t like going out solely for bank visits. That’s why I rely on apps so much. But it’s not just about having an app. It’s about the convenience it provides. Currently, I struggle with crashes and lack of features. I need my bank to focus on consumer experience.”
Banks Aim Towards Consumer Services Ecosystems
Banks are about to get more serious about partnering with other industries, such as retail, healthcare, online gambling, and freelance platforms.
In June 2018, Amazon, JPMorgan Chase & Co. and Berkshire Hathaway Inc. announced collaboration with the intention to reduce wasteful spending. This is only one example of a holistic financial experience, enabled through an ecosystem of partners. It’s a trend with a lot of potential in future.
We already saw initiatives that target specific demographics. Apps aimed at Millennials, loan options for older people, and so on. But the approach is shifting towards greater personalization.
Roberta Smith, finance assignment writer at Brill Assignment, explains: “It’s about time for banks to start providing an individualized experience. They will start targeting consumers not only according to age, but by interests and values as well.”
The customer-centric approach is the foundation of many industries. It’s how Amazon targets its users, and it’s quite successful in that aspect. It’s also how writing services like PaperWritingPro.com approach their customers – they base the offer on the individual needs of the user. Banking apps are lagging behind, but they will catch up.
The world is going forward. We’re lucky to live in a time of such advanced technology progress. The above-listed trends are only a glimpse of what we expect to see in 2019. We can’t predict it all.
Scott Mathews is a college paper writer, enthusiastic Reddit user, and a regular with Quora answers. He works as an academic writer from the economy niche for Ninja Essays. He is also part of the editing team at Pro Essay Writing. In the meantime, he is getting educated on how to live a more sustainable life, without hurting the environment.