Mobile banking technology is the use of digitalization to provide customers with banking services via mobile platforms.
Some benefits of mobile banking include its accessibility, specifically allowing consumers to conduct banking activities on their own time through the convenience of their mobile phone or device. This also allows consumers to obtain access to information about their banking account when they need it. The use of automated processes provides customers with more resources available to answer questions they have about banking in an efficient and easy manner that meets varying preferences due to its flexibility.
Studies show that digital banking is projected to be used by an increasing amount of the U.S. and world population over the coming years. This is up from its already high usage amount from millennials in the U.S. due to the security, personalization, and accessibility it offers. Many banks are adopting solutions to meet this demand.
As digital banking technology continues to develop in popularity and expand with the latest digital banking technology trends, here are some mobile banking future trends to look out for in 2020.
Top Mobile Banking Trends Coming in 2020
Voice Activated Commands for Banking Services
Voice recognition and voice-activated commands are already prevalent in society with the use of smart technology. This has transitioned over to the banking sector. For example, customers can use voice recognition as another means for two-factor authentication, thus offering another means of securely accessing their accounts.
Additionally, with the use of voice commands already used by customers, it is natural for many consumers to feel comfortable and easily understand how this can be used with their banking services.
Some banks have begun to apply this a bit further and allow customers to quickly use only their voice to conduct banking activities such as report a lost card or fraudulent transaction or to make a transfer of money.
Automated Assistance and Smart Bots for Better Customer Service
Automated assistance provides customers with access to answers for many banking questions. It also is done at a speed that representatives could not feasibly provide to all the bank’s customers. This allows some customers to get the answers they need quickly while saving resources provided by live representatives for the customers that need further information or have more complicated banking questions that automated assistance may not be yet equipped to answer.
This trend has developed and continues to do so with many websites and mobile platforms, including banking. It is not uncommon to first have an automated assistance attempt to provide customers with the answer or information they need. If unable to do so, then the customer can be transferred to a live agent.
As automated intelligence develops in sophistication, this trend will likely become more prevalent in how customers do banking. Smart bots are being adopted by more banks and taught to give customers the personalization they desire in an efficient manner.
Accessibility Regardless of Location to Banking
Through mobile banking softwares, geographical barriers are no longer as limiting for customers to conduct banking for themselves, as well as reach other areas of the world. This helps customers with activities such as selling products online, transferring money to family or friends overseas, and accessing their banking account while traveling. Another example that is emerging is the use of ATMs that do not require the customer to use a card. This allows customers to truly access their banking account when they want or need to do so.
Innovative Banking Apps
Through the increasing use of innovative banking apps by both traditional banks and more digitalized focused banks, there are more options for customers to conduct banking on their own time through the convenience of mobile devices. This gives customers greater flexibility and makes it easier for your customers to conduct banking transactions when they need to, instead of waiting for standard banking hours.
This provides customers with the freedom to do banking activities on their own time. Mobile banking apps also allows customers to save time by eliminating the need to travel to a physical banking branch or wait on the phone for a live representative.
Another benefit featured among some banking apps are methods to pay down debts. Given the ease of utilizing an app to help pay off outstanding amounts due, this will make it easier for customers to quickly pay off bills and loans. Also, some apps offer customers a way to easily save up small amounts at a time. Both features allow customers to better secure a brighter financial future and handle their current financial situation to meet their immediate needs.
More mobile banking apps will continue to develop in 2020 and banks will add additional features to keep up with the competition in the new way that many customers do their banking.
Mobile Fintech in Banking
Mobile Fintech allows customers to utilize technology and software to perform financial transactions. As such, mobile Fintech has become a key feature of the mobile banking trends that continue to develop and will be as mobile banking continues to grow in popularity.
Incorporating the use of technology with financial transactions allows customers to make transactions on the go, such as paying bills or sending money to a friend, and also provides a means for stopping transactions. The latter can help customers quickly stop potential fraud or rectify a mistaken transaction. These transactions are also easy to view on mobile applications since customers can have real-time access to their bank account and recent transactions made on it.
Easy Access to Information and Bank Account Status
With both automated intelligence and the use of chatbots as well as the ability to view banking information in real-time to pay bills or make investments, the convenience of mobile banking allows customers to handle their finances in a way to best suits them. As customers gravitate towards convenient solutions to handle everyday tasks and want to keep the personalization that many services offer today, this trend is sure to continue in the banking industry.
This also allows customers to easily view their current bank account status to better manage financial position.
Accessible Bill Payments
Through mobile banking, customers now have more options to streamline how they pay bills. They can do so through autopay or easily send money regardless of the time it is. Banks also can offer automated breakdowns that help the customers understand the types of expenses in which they are spending their money.
Easier Investing Tools
With mobile banking technology expanding, so too has the accessibility of many customers to engage in investment transactions. More platforms have developed over the recent years that seek to provide more people with the information and resources they need to begin learning how to invest and save for the future. Also, these platforms offer benefits to customers experienced in investing.
Banks will need to facilitate this to keep up with this growing trend and provide their customers with a financial feature that continues to grow in popularity.
Mobile banking solutions offer card-less transactions through peer-to-peer payment exchanges such as PayPal and Venmo to card-free ATM transactions. This provides the convenience and accessibility to access and transfer money when customers need to with only a mobile device. This convenience makes banking simple and easy, without much planning.
Transfer Money Overseas and Engage in Global Transactions
The latest digital banking trends can also facilitate the ease of converting different currencies. This provides customers more assurance when transacting in different currencies, and as such, greater confidence to engage in a wider array of banking transactions across the globe.
banking software development has already changed how consumers do banking. This will continue to grow in prevalence in the future as more technology is introduced and the benefits are accessible to more people and for more types of banking activities. As such, it is important for banks to keep up with the developing digital banking technology trends.
Jaideep Sharma joined Chetu Inc. in 2011 as Technical Project Manager. He moved up to become the Director of Operations in 2015. His primary responsibilities are to lead and manage technical teams that create custom banking software solutions. Jaideep comes with a high level of experience in banking technologies including Fintech , Blockchain & many others. He currently works for Chetu’s headquarters in Plantation, Florida.