In the age of online transactions, mobile banking remains a popular option among people globally. The thriving banking sector also fac...
In the age of online transactions, mobile banking remains a popular option among people globally. The thriving banking sector also facilitates customers to avail the advantage of technological advancements while performing banking-related activities on the move. Today, smartphones are used to check the balance and transact online. What’s more, banking mobile app solution enables companies and individuals to manage their expenses by going through financial records.
Latest Trends in Mobile Banking Sector and statistics For 2021
Talking about popularity, around two billion people are expected to use mobile banking by the end of 2020. A Statista survey has predicted that over 23 million households in the US will bank on mobile banking in the year 2021. How about going through some trends that are going to drive the popularity of mobile banking in the coming years? Here we give top mobile banking trends to watch for 2021 and beyond.
TOP MOBILE BANKING TRENDS:
1. ATM Withdrawals
The advent of NFC (Near-Field Communication) has brought radical changes in online transactions. Globally, many banks will integrate this technology to ATMs through various apps like Apple Pay and Google Pay. Some banks are going to add QR codes to enable their customers to get instant access to their accounts. Soon, these technologies will make the ATM withdrawal hassle-free and convenient enough that people can withdraw money on the move.
As mobile wallets become prevalent, the banking mobile app solution can enable the users to withdraw money on a 24/7 basis in the coming years.
2. Biometric Authentication
2. Biometric Authentication
When it comes to online and mobile-based transactions, security concerns always loom large because mobile apps are highly vulnerable to cyber-attacks. This is one of the biggest roadblocks in the way of the prevalence of mobile banking. Let’s understand this through an example. Suppose, a phone with active mobile banking is stolen, thieves can access or attempt to access the victim’s bank account or even purchase goods. The integration of more biometric options into devices and apps can give protection in such circumstances.
We can expect that the BFSI sector will add a fingerprint scanner, facial recognition, and other biometric authentication-related features in the mobile banking apps in the coming time. The integration of such options will not only offer more security but also make mobile banking more convenient as the users need not remember the passwords.
3. Voice Banking
3. Voice Banking
Voice-based search becomes a new norm as people tend to search by using voice in Google Assistant and Bing. Voice search facilitates people to find stuff while on the move. The banking and finance sector is also going to leverage the benefits of voice-based searches in the near future. Voice banking can make banking services more accessible and secure for customers.
Also, the voice recognition feature is useful for two-way authentication. Banks can provide an additional security layer by integrating this feature into a customized mobile banking app solution. The BFSI sector can also give a facility to customers to ask on financial transactions, money transfers, and complaint status using VoIP (Voice over Internet Protocol) concept.
4. Integration of ML
4. Integration of ML
AI (Artificial Intelligence) and ML (Machine Learning) concepts have revolutionized the business processes across different industry sectors and the BFSI sector is no exception. As banks and financial institutes want to give personalized services on a real-time basis to their customers, the mobile banking app development company has integrated ‘smart bots’ into the app. The smart bot can utilize advancements of AI, ML, and predictive analytics to understand the user’s behavior and give personalized services like a real human being.
Mobile app users can get instant assistance with the help of smart bots and help them save time and effort. These ML-powered smart bots can enable app users to get rid of visiting banks for trivial reasons.
5. Big Data
5. Big Data
Fraud has remained one of the biggest concerns for a thriving banking sector. Technological advancement can lend a helping hand to face this challenge. We are talking about Big Data. On one hand, it can help banks and financial institutions to analyze the customer’s behavior and market trends, and on the other hand, it assists to find security threats in advance. Big Data concept is designed to harness huge data gathered as people use various devices and equipment like ATM counters.
In the current scenario, when the incidents of fraud and cheating with banks are at an all-time high, you just cannot skip the inclusion of Big Data in your banking app. You can hire banking app developers to integrate big data-related features in your existing or a new app.
6. Implementation of Debt Management
6. Implementation of Debt Management
Debt management plays a vital role in the profitability and growth of the banking sector. In the age of online shopping, use of credit and debit card is prevalent across the world, and it makes the debt management for an individual highly complex. For example, if an individual user wants to know their spending for a month, it is necessary to consider all the expenses done by using various means. A few mobile banking apps have started to give this facility to users. In the coming time, this trend will become more popular and more banks will include this feature to keep their customers aware of high spending. Some mobile apps also provide a facility of debt repayment at the end of the month.
Here we have covered only major mobile banking trends that will reshape the future of mobile-based transactions. It is interesting to see how the mobile banking app development company integrates these trends in futuristic apps.
In a Nutshell
The growing popularity of mobile banking indicates that this trend is here to stay. Advanced digital infrastructure and 5G rollout will boost this concept in the coming time. Banking app development services will also evolve to develop user-friendly apps. We can also expect wearable-based banking solutions over the period. Altogether, the users will get more convenience and pleasant experience with enhanced freedom through such apps.
