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Financial institutions can collect data about how their services are used as more people use mobile banking apps and utilize that information to enhance the total customer experience.
FREMONT, CA: Mobile banking apps are becoming a vital tool for consumers to effectively handle their finances. With the growing adoption of online banking, organizations have to understand how these trends can transform financial services and money management in the future.
Here are six mobile banking trends impacting the way people handle their finances:
Multi-factor authentication is becoming the conventional approach for security, especially in financial institutions. Smartphones capturing biometric data such as fingerprint scans and facial recognition will become more advanced to offer better protection against fraud and make mobile banking apps more intuitive and streamlined.
Mobile banking apps are implementing voice commands to allow users to access the services faster and easier instead of going through different menus or searching for the correct option.
Machine Learning Customer Experience
Financial institutions can collect data about how their services are used as more people use mobile banking apps and utilize that information to enhance the total customer experience. Machine learning algorithms can also power bots to guide people to services that will resolve their issues or needs. By combining voice technology and machine learning, mobile banking can be more user friendly and responsive.
Mobile App ATM Connectivity
New advancements in near-field communications (NFC) technology and QR code scanning will enable customers to easily communicate with banking ATMs. They can also access funds by scanning their phone screen or when near an ATM.
Debt Paydown Services
A number of financial services provide debt payment programs that can be managed over mobile applications. They can set up regular payments and round up purchases to the nearest dollar and use the remaining balance to pay down debts.
Big Data Fraud Prevention
Big data can collect and analyze data about how people use financial products, making it easier to recognize discrepancies related to fraud and identity theft.