The digital transformation of the banking industry makes banking process efficient and provides convenient services to customers. The mobile apps are being more flexible and proactive in a customer's life. Also, the digitalized banking services are an essential function of the bank which acts as a revenue generator, cost saver, and a productive play.
Mobile banking came into existence before a long time, but the customers started to use mobile banking gradually. The number of banking app transaction is going up by 57 percent with more than 30 customer transactions every second. The tasks performed by customers with respect to time include accessing details like savings, credit cards, and investment accounts. Also, the customer's visit to the banks is reduced because of the rise of mobile banking services.
The security breach is a major setback in the mobile banking system. Due to the security breach, many customers do not find it safe to input their bank details on their smartphones. The barrier is being handled by several banks ensuring the best security system. Banks have invested more than 80 million dollars towards security system where they are vigilant about their customer's account 24/7.
Other than security setback, the customers should be able to access their bank accounts in various platforms such as iOS, Android, and Microsoft. The flexibility and optimum customer experience can be achieved by working on different platforms. Further, mobile banking has to adopt different digital innovations which include blockchain and needs to create hyper-personalized customer journeys.
To improve mobile banking, the banks need to come up with new mobile banking strategies and promote it. The strategy must level up with the current trends encouraging the customers to use it. The future must be planned by looking at the long-term vision, and banks need to embrace various technological platforms such as blockchain. The banks need to rethink their processes, partnership, and collaboration to stay aligned with the technological advances in the market. Mobile banking can provide various benefits by finding newer ways to solve customer problems and eliminating them.