Are Mobile Banking Applications CIOs' Focus of Interest?

Banking CIO Outlook | Wednesday, October 16, 2019

CIOs are tapping into massive potentials of mobile banking applications to improve their banking institution’s service standards.   

FREMONT, CA: The changing lifestyle of modern-age customers creates significant impacts on banking requirements and encourages banking service providers to optimize their offerings digitally. With the dynamic growth of customer finance and banking needs in various sectors, the digital-age CIOs opt for advanced mobile banking applications. Mobile banking applications have experienced rapid adoptions in recent years. Today, mobile banking applications and interfaces have become the primary focus of banking service and product providers, as the banking innovation proves to bring massive digital transformation in banking operations. Modern banking applications offer benefits, from simplifying end-to-end banking processes to embedding banking products and services, which attract CIOs of banking institutions to invest in mobile applications.

• Interconnectivity And Cyber Resilience

Mobile banking applications can strengthen interconnectivity across different sectors of the banking institution. Secure communication between various departments improves banking operational transparency while reducing cyber vulnerability. Mobile banking interfaces offer precise information on banking account activities to both the customers and banks. Providing full control over any transaction and account detail sharing, advanced features of mobile banking applications maintain the right balance between robust security and safe-to-use customer experience. Advanced technologies like blockchain, artificial intelligence, extended reality, and cloud computing are also contributing to reshaping the digital age banking processes.

• Discovering New Opportunities

Innovative mobile banking applications deliver satisfactory answers to the never-ending quests of CIOs in terms of next-generation banking solutions. Mobile application features, such as digital payments, enhanced security steps, easy-to-use customer interface, and omni-channel customer interaction ability, let the banking professionals discover real-time business opportunities. The increase in 24/7 and real-time interaction with customers helps banking service and product providers customize their offerings according to the individual customer. The omni-channel presence of mobile banking application allows banking professionals to collect valuable insights into customer lifestyle, expenses, and finance usage. Personalizing banking services and products improve customer relationships, combat any fraud, and highlight new market opportunities for future investment.

• Next-Generation Banking

Voice control, gesture commands, and other smart features are gaining popularity across mobile banking application users. Standing at the edge of the future banking market, CIOs are highly conscious of bank account security. Several banks are implementing the voice-controlling features in their mobile banking applications, which perform multiple authentication processes. The integration of voice-controlling technology in the mobile banking applications allow banks to standardize banking processes and activities for customers, such as money transfer to trusted payees, instant transaction inquiries and report any issue or complaint effectively.

Mobile banking applications set new standards for banking institutions by enabling open banking systems. This allows banks to share user data with third-party transaction service providers through open application programming interfaces. The innovative solutions build a network of financial and banking services that can be accessible from integrated, controlling points chosen by customers. The high-tech interface in mobile banking applications frames a quick and transparent view of financial activities, allows instant and direct payments, and delivers convenient credit reporting. From the mobile banking technology and its numerous facilities, banking and financial institutions can expect improvement in their internal banking operations efficiency, increase in cost-effectiveness, and better protection of the financial assets against cyber forgery.   

• Digitalization

To keep up with customer expectations, banks put in efforts to adopt completely digital workplaces and hire technically informed employees. CIOs of banking institutions understand the need for technology-based work processes and forces. The combination of personal skill set, knowledge of the banks' workforce, and ever-upgrading technology tools help the banking institutions develop high-tech finance solutions for their customers. The continuous up-gradation in banking services and products not only locks in customer loyalty but also improves the substantial market value of the banking institutions in the global market. The competitive advantages of mobile banking applications can effectively bring revolution in banking operations.  

• Smart Customer Services

The highly personalized real-time banks’ customer experience explores new landscapes of customer service offerings. Mobile banking applications powered by cloud computing and big data significantly improve customer services and transform the ways of delivering information and response to the customer inquire. The powerful combination of cloud computing and big data creates a secure channel to access bank account details and activity status instantly. The accuracy in information delivery of advanced banking applications enhances user experience with banking and keeps the customer loyal. Smart chatbots powered by artificial intelligence improve the interaction processes with the customers by providing accurate bank account information. The introduction of intelligent chatbots across mobile banking applications can help to track every piece of financial transactions while suggesting and guiding the user efficiently. Smart bots hold better predictions and decision-making abilities and increase the efficiency of customer-driven banking solutions.

The present-day banking services and products curve the traditional graph of bank institutions’ growth towards success. Marking the new heights of business development and success of the banking industry, mobile banking applications are the ever-growing trend for the CIOs, who aim to balance the digital need of existing banking operations and the increasing demands of their customers. Mobile banking applications integrated with advanced technologies provide comprehensive, positive, end-to-end banking solutions to the customers and develop optimized and technology-driven strategies for banking business professionals. Reshaping the work system of banking institutions, the innovative applications are all set to simplify complex financial requirements of customers with a single thumb tap on mobile phone screens.     

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