bankingciooutlook

Increasing Adoption of Mobile Banking Technology: Opportunities for Financial Institutions

By Banking CIO Outlook | Thursday, March 14, 2019

Mobile BankingMobile applications play a vital role in the everyday life of people as well as businesses. Consumers are spending more time online, and much of that time is spent on smart mobile devices. Today, consumers are more comfortable with online transactions and online shopping than visiting banks or outlets physically. Most of the banking processes and payments methods are now shifting to online payments because of easy payment processing and attractive offers. But on the other hand, hackers are taking this as an opportunity to steal the consumer’s money by hacking sites.

Plaid, a San Francisco-based financial technology company, has built a technology platform, which allows applications to connect with consumers’ bank accounts. The company is creating a new path where technology and innovations meet. It helps to generate an incredible profit opportunity for banks, brokers, exchanges, and money-transfer apps. The company makes software that allows a big step toward safer transactions in financial services. Private investors are now valuing the company to a huge amount of $2.65 billion. Although it’s a big number, there are trusted connections in the real story. While corporate boardrooms focused on software suites and apps to take their clients online, behind the scenes, this Silicon Valley Company worked conscientiously.

Mobile Banking Companies: TyfoneCOBISOndot SystemsChange Financial Limited.

Even the developers find Plaid’s application program interfaces as one of the widely trusted platforms. Today, Plaid APIs powers FinTech - based apps more rapidly and seamlessly. Venmo, PayPal owned payment system is one of the famous apps powered by Plaid.

Coinbase, a Cryptocurrency start-up uses Plaid to link bank accounts to crypto-trading accounts and flag fraud on its platform, and Robinhood, a mobile investment and banking app uses Plaid software tools helps customers to keep track of money from their accounts. Every aspect of the banking sector has begun to transform thanks to technology, and there are many more developments in customer service and improvements in processes.

Check out: Top Mobile Banking Companies.

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