How Mobile Banking Revolutionizes Banking Industry

Banking CIO Outlook | Saturday, June 11, 2022

Mobile banking applications are quickly becoming an essential platform for customers to handle their finances more effectively.

Fremont, CA: The days of people dealing with all their financial needs at the nearest bank branch are quickly becoming a relic of an era gone by. Whereas the trend started with the proliferation of ATMs and online banking, it led to the development of mobile banking applications. Millions of people are now turning to their smartphones for most of their banking needs, and if recent developments in mobile banking are any indication, these seem to become much more common.

Why you should be aware of the future developments in mobile banking

Mobile banking applications are quickly becoming an essential platform for customers to handle their finances more effectively. According to a new survey by Citi, mobile banking applications rank third among the most commonly used smartphone apps, just behind the social media apps. The same study found that there is a significant growth in the number of people using mobile banking applications during the previous year and that nine out of ten of these users preferred to use them to visit a physical branch. The findings are even more remarkable for millennials, with 68 percent believing that banking apps will eventually allow their smartphones to replace their wallets altogether.

Below discussed are some of the key Mobile Banking trends to have an eye on!

ATM Mobile App Connectivity

Although mobile apps have made it easy for consumers to handle their accounts for a long time, recent advancements in near-field communications technologies and QR code scanning will enable them to interact with banking ATMs effortlessly. Rather than struggle with debit cards and type credentials in a public setting, consumers will soon be able to access funds by merely scanning their phone screen or standing within proximity to the ATM.

More Biometrics

Multi-factor authentication is rapidly becoming a safety standard, particularly when it comes to financial institutions. Smartphones' ability to capture biometric data, such as fingerprint scans and facial recognition, will become much more advanced and offer more excellent protection against fraud and make mobile banking applications even more intuitive and simpler.

Voice Commands

Even though voice requests take over smartphone searches and allow people to navigate applications without touching their phones, mobile banking apps use voice commands to help users get the services they need with minimum obstruction. Instead of sifting through multiple menus or looking for the correct alternative, voice commands would make it easier and quicker to navigate services.

Check out: Top Banking Tech Solution Companies

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