Do you know the latest trends of Mobile Banking Trends in 2020?
We all know that digitization rules the world right now. Why should the banking sector be any different? Banking apps have successfully changed the banking industry for good.
Right from checking your account balance to depositing a cheque just by clicking its picture – everything can be done with the banking apps.
The increased convenience with these banking apps is attracting the attention of users. So, here we are to discuss the upcoming mobile banking trends that you should look out for in 2020.
If you want to cash in on the current trend and get an app developed then you can always hire iPhone app developer or Android developer as per your needs.
Before we get down to discussing the trends in mobile banking, we will tell you some mobile banking features and advantages of mobile banking.
Mobile Banking App Features:
- Bill Payment
- Effective budgeting
- Account history
- Online shopping
- Secure mobile cheque deposit
- Loan payments
- Money transfers
- Security & fraud alerts
- Travel services
Benefits of Mobile Banking:
- Easy accessibility
- Increased security
- Track your finances
- Environment-friendly way to carry out banking activities
- Less number of errors
Now, that you know the features of mobile banking and mobile banking benefits, let’s have a look at the latest trends in mobile banking.
Top Mobile Banking Trends:
Trend 1: Improved Biometric Authentication
Security is the major concern of mobile banking today. A lot of people still think twice before using a banking app as they are unsure about the security level.
Let’s say your phone is stolen. What is the guarantee that there will no monetary transactions after that? The answer is a sophisticated biometric technology in smartphones.
This sophisticated biometric technology is eventually believed to replace the passwords entirely. Biometric authentication will not only improve security but also make the banking apps more convenient and efficient.
The improved biometric system is definitely one of the mobile banking trends that are needed.
Trend 2: Voice-Activated Commands
Voice recognition is already being used to get work done. The voice-activated commands are expected to be implemented in the banking apps too.
For instance, the voice-recognition feature can act as a means of two-factor authentication. Moreover, as people are already using voice commands in other apps, they will be comfortable using it for banking apps too.
Some banks have already started applying it but the voice commands have not taken over completely. This is among the eagerly awaited mobile banking trends.
Trend 3: Automated Assistance & Smart Bots
One of the most important mobile banking trends is the smart bots to provide immediate assistance to the customers. It’s obvious that bank representatives can’t respond to all the queries at the same time.
These smart bots can answer the basic queries of customers while the live representatives can be saved for more complicated queries of customers.
These smart bots will bring a certain level of sophistication in how customers interact with the banks. Also, these smart bots can be considered responsible for significant mobile banking growth.
Trend 4: Big Data
Every industry is using Big Data today to improve customer experience. Financial institutions are also using Big Data to analyze consumer trends.
It is one of the must-have features in a banking app. More and more financial institutions will use Big Data in the coming years to identify and security threats that may affect online transactions.
As Big Data will help identify fraudulent activities, it is one of the important mobile banking technology trends.
Trend 5: Easy Accessibility Regardless of Location
Mobile banking apps have managed to remove geographical barriers. Now, customers can transfer money overseas or access their bank accounts while traveling.
Another example of easy accessibility is the ATMs that don’t ask customers to use a card. Due to all these changes, customers can really access their accounts whenever the need arises.
Trend 6: Easier Debt Management
In our ever-busy life, there are so many times when we can’t keep track of our debts. On the other hand, credit cards have made it easier for us to spend money.
So, if you are someone who struggles with debt management then this is one of the essential mobile banking trends for you.
Mobile apps like Debt Tracker Pro and Debt Eliminator have emerged to help you efficiently manage debts.
They will provide you with spending breakdowns to help you figure out the best way for paying your debts. Thus, debt management apps are one of the mobile banking trends that we are looking forward to.
We have told you about some of the exciting trends to expect in 2020. Now, we will give you some mobile banking statistics to assure you of the increasing and safe use of banking apps.
Trend 7: Easy Bill Payments
The millennials prefer everything on the go! Right from accessing their work files to booking an appointment for personal wellness.
The mobile banking apps are just an attempt to fit in this requirement of the millennials. Online banking apps have made it easier for you to manage your bill payments cycle.
As there are more options to pay bills the entire process has become streamlined. The payment can be done with the autopayment feature or money transfer at any time of the day.
Also, the apps will offer automated breakdowns so that you can understand the types of expenses done by you. All of these features will result in controlled spending every month.
Online Banking Statistics:
You might have already guessed that mobile banking is here to stay. As per Business Insider Intelligence’s Mobile Banking Competitive Edge Study, approximately 89% of the survey takers responded positively about using mobile banking. Furthermore, about 97% of millennials also said that they use mobile banking.
Mobile banking is not restricted only to the millennials. There is a visible increase in people of other generations that are using banking apps.
These online banking usage statistics are a clear indication of the popularity of banking apps among users.
Last but not least take away from this blog – a list of the best mobile banking apps.
☛ Top Mobile Banking Apps in 2020:
- HDFC Bank Mobile Application
- ICICI Bank’s iMobile Application
- Axis Bank’s Mobile Application
- SBI’s Anywhere Personal Application
- Bank of Baroda’s M-Connect Plus Application
- IDBI Go Mobile
As per the statistics and increasing usage of mobile banking apps is an indication is that the apps are here to stay.
Moreover, advanced communication infrastructure is also one of the key factors in the increased adoption of mobile banking apps.
One of the trends that we have not mentioned here is the banking app for wearables. It is still a far-fetched dream but it is definitely a possibility.
It can be definitely said that all of these mobile banking trends are meant to improve the user experience. The apps will give more freedom to the users to carry out their banking transactions from anywhere in the world.
We hope that these trends have inspired you to adopt the latest technology in your own banking app. Whenever you hire an iPhone app development company, you can discuss your ideas with them.
They would be the right people to tell you whether your idea can be implemented or not. If at all your ideas can be implemented, what are the chances of their success/failure.
Some other qualities to look for in a development team are experience, responsiveness, and charges per hour. After their cost per hour will have a huge impact on the total cost of the project.
Another factor to influence your choice is the geographical location of the team. If you don’t know, let us tell you that the geographical location is also a crucial factor.
Therefore, hire your development team after careful scrutiny. Are you planning to get a banking app developed that provides an unbeatable user experience?
Do you want a development team that will provide results in less turnover time? Look no further! Get in touch with our team at [email protected]!