Latest Mobile Banking Trends to Watch
In today’s world, speed and mobility have become a top priority for all individuals and organisations. That’s why companies from every industry strive to support their physical operations with digital solutions. Of course, a sector such as finance, which makes its impact felt wherever people are, has not been an exception to digital banking trends.
Today, it is unthinkable that any bank does not have a digital banking solution and works only through physical branches. Almost every bank has a mobile application, and the competition among these mobile applications is quite high. Banks that offer the most modern and functional solutions outperform their competitors and place themselves at the top.
In this article, we will talk about the important trends shaping the present and future of mobile banking.
Top Mobile Banking Trends
Since smartphones have become an indispensable part of our lives, banks have been making great effort to deliver financial operations available on mobile channels. The areas in which mobile channels can be used in banking are expanding day by day. Mobile banking trends are also changing in this direction. We’ve compiled some of the latest trends for you.
Contactless ATM Interaction
ATMs emerged years ago as a revolutionary mobile solution that eliminated the need for a branch office for basic banking services.
Today, the need for a debit card to make transactions is a question mark on the functionality of ATMs. For this reason, it has become a mobile banking trend to eliminate the need for debit cards and enable easy, contactless transactions with the interaction of the mobile banking application and ATM.
Usually, a QR code is put on the ATM screen to be read by mobile devices, or a modern solution like NFTs is used. In this way, bank customers easily benefit from the nearest ATM, which can be displayed on the map by their mobile applications, whenever they need it.
Mobile Wallet and Touchless Payment
Shopping with credit cards or cash can sometimes become quite risky and troublesome. Mobile wallets and contactless mobile payment solutions like QR codes and NFTs allow customers to bypass the problems these transactions bring. With these methods, it is possible to easily handle purchases without even having to go to the cashier.
Especially in the post-pandemic period, the option to make contactless mobile payments is an element that radically increases the customer experience. When customers make their purchases through a mobile wallet, they not only keep their spending under control but can also shop from anywhere at any time.
Another mobile banking trend is to enable the application to detect voice commands and perform operations in line with these commands. Voice commands prevent the user from encountering dozens of menus and enable them to reach the action they want in the shortest way.
Moreover, the voice recognition feature is very important in terms of accessibility. Visually disabled users have a much more comfortable banking experience with voice commands. Therefore, almost all of the new generation banking applications offer the voice command feature.
Machine Learning & Artificial Intelligence
Machine learning is a technology that has the potential to shape not only the present but also the future of digital finance. When banks integrate machine learning into their mobile operations, they can make more precise predictions for users’ needs. In this way, banks ensure that they always bring the right service to the users. At the same time, machine learning activities supported by big data make online banking activities much safer against fraud.
Artificial intelligence (AI) chat robots help users quickly take desired actions and successfully provide customer support when supported by machine learning technology.
This solution eliminates the need to reach out to a staff member for assistance requests.
In this way, users continue their operations without interruption. This radically improves the user experience.
AI virtual assistants also reduce banks’ investment in customer service. Thus, the resources to be spent in this area can easily be channelled to other areas.
Mobile banking technologies are evolving to cover all the operations you can do through a bank. For this reason, the number of operations on the mobile application where the standard user will be confused, or their technical background will be insufficient, is increasing day by day.
Modern mobile banking apps offer educational solutions for the smooth performance of these operations. With these solutions, customers are informed with educational chatbots that can achieve communication performance close to human level, without the need for additional personnel.
Banks take a series of security measures for users to carry out their financial services safely. In mobile banking, these measures appear as challenging protocols, such as password control and SMS confirmation when entering the mobile app. However, with the development of technology, authentication methods that work with the unique passwords available within the user’s body have emerged. Using biometric authentication methods, such as face and eye scanning and fingerprint reading, enables users to access their bank accounts much faster and more securely.
If the application developed for mobile banking has a narrow operational potential where only small-scale financial activities can be performed, it becomes impossible for users to use the application as part of a complete banking experience.
Omnichannel strategies are innovations for all channels of an organisation to work as a single body and as a whole. In order to increase customer engagement, it is critical that mobile banking services are designed as a part of omnichannel investments and work in full harmony with other banking channels.
According to Invesp’s report, companies with omnichannel customer engagement strategies retain 89% of their customers. For this reason, omnichannel fintech solutions are no longer optional in order to gain a solid position in mobile banking.
Taking the Mobile Banking Experience One Step Further
Mobile banking is shaping the future of the banking industry. To stay on top in this field and one step ahead of your competitors, you need robust mobile banking solutions.
Foreks Digital aims to go one step further every day to bring you the most modern fintech solutions. We continue to provide the solutions you need for mobile banking as well.
If you want to create a solid mobile banking experience and support it with omnichannel investment solutions, contact our experienced team to find the most suitable solution for you.