3 Mobile Banking Trends Revolutionizing 2020

Banking CIO Outlook | Friday, January 10, 2020

Here are some mobile banking technologies that are all set to transform the banking experience for customers.

FREMONT, CA: New technologies have drastically changed the world of finance in the last decade. Starting from checking the bank balance on smartphones to handling the finances of an organization online, digitalization has changed the entire dimension of the banking industry. It has never been easy for customers to pay bills, make investments, and manage their money. Sources reveal that mobile banking has led the charge with about 22.39 million US households with mobile banking at a primary bank. Here are some mobile banking trends that will fuel 2020.

Rise of Vocal Commands                     

Speech recognition, the AI tech enables software programs to identify spoken language and change it to text. Voice recognition is an AI-enabled ability, enabling a software algorithm to match the identity of a customer to their voice. According to the Business Insider report, deployment and embracement of voice payments is expected to increase from 8 percent to 31 percent among customers in the US by 2022. With this facility, customers can use their voice to ensure the security of their accounts.

Cardless ATM Withdrawals

With the increasing need to have a convenient lifestyle, banks understand that their customers do not like queuing at an ATM. Banks have introduced cardless ATM withdrawals that will facilitate customers to withdraw money through an app-generated code or near-field communication. Cardless ATM withdrawals also mitigate cloned card fraud, adding an extra layer of protection to the users.

Biometric Security

Sterner customer and employee classification protocols to prevent identity theft have set the path for biometric identification technology to become an indispensable part of financial service security platforms. Acting as a robust authentication tool to help secure ATM, online transactions, and brick, and mortar, biometrics in banking helps in increasing customer trust and enhancing brand reputation.

Banks should implement convenient and more secures services due to the role of consumer trust and loyalty in the industry's success.

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