The mobile revolution has changed our world. We don’t need to visit our bank branch for handling our financial needs. Your mobile device can handle these needs. This trend began with online banking and ATMs. However, it has become big after the development of financial applications. Billions of people are using their mobile devices for handling their banking needs. Also, these applications are becoming more widespread with time. Thus, soon almost everyone will use their mobile devices for managing their financial data. In this article, we are going to talk about the 7 Biggest Mobile Banking Trends in 2020.
Importance of Mobile Banking Trends
Mobile banking apps are becoming more popular with time. Consumers are using these apps for managing their finances. According to a report by Citi, banking apps are currently the third most used smartphone applications. They are still behind weather and social media apps. Also, the usage of mobile banking apps has increased by 46% in a year. Most people prefer using these banking apps. They don’t want to visit their local bank branch. This report is even more stunning for millennials. More than 68% of them want to replace their wallet with these apps.
The growth of these applications is also going to affect other organizations. These trends will shape up financial services. Facebook is already trying to enter the cryptocurrency market by launching its own Libra coin. However, there were a lot of controversies. Thus, Facebook is not launching Libra coin currently. Still, there are many developments in the mobile banking industry. More people are going to use these apps for managing their finances.
Mobile Banking Trends
Consumers can use these mobile apps for managing their financial accounts. There are many new innovations in the field of QR code scanning. Thus, these apps can also interact with banking ATMs now. You don’t need to worry about carrying your debit card now. Consumers can directly scan their smartphone screen. Thus, this will reduce the usage of debit and credit cards.
It is important to protect your financial data. Multi-factor authentication is the best way to protect your data. It is becoming the new standard for bank security. The mobile devices can also capture biometric information. Your device can capture data like facial recognition and fingerprint scans. Thus, these things will protect you against bank fraud.
Voice search is becoming very popular with time. You can use voice requests to access your apps without opening your devices. Banking apps are also using these voice commands. You can use these voice commands for accessing banking services. This will ensure that you don’t need to waste your time learning about the app. You can directly use voice commands for accessing your services.
ML customer experience
Financial organizations are gathering a lot of data from their customers. Almost everyone is using their banking apps. Thus, they can easily collect data from their users. Financial institutions are using this data for improving the customer experience. They are using ML algorithms for creating chatbots. These chatbots will help people in using their services. They will help them in solving their issues. Financial institutions are combining the power of ML and voice technology. Thus, mobile banking apps are becoming more user friendly with time.
Financial organizations can collect a lot of data from their users. They are analyzing this data for detecting inconsistencies. These inconsistencies are mostly related to identity theft. Thus, it will help financial institutions in detecting fraud. For example, if someone is purchasing in another state but the app is actually operating from another location, then the bank will temporarily freeze the bank account. They will first verify these purchases. Thus, it will help in decreasing bank fraud.
Debt Paydown Services
Customers can use these online banking services for managing their debt. Many banks are also offering debt payment programs to their customers. They can manage these programs from their mobile applications. You can use these apps for setting up regular payments. These apps will also help you in rounding up your purchases. Thus, you can easily pay down your debts.
The biggest problem with mobile banking was that every financial program has its own application. Thus, customers were overwhelmed by these banking apps. It was very difficult to transfer money between different banks. However, this all changed after the introduction of API technology. Banks are now using open banking. Thus, customers can integrate several services in a single place. You don’t need to worry about using multiple banking applications. Customers can use their favorite financial services for managing their finances.
Mobile banking is becoming more important in 2020. Every financial institution is working on its banking application. Thus, it is important to ensure that you are providing reliable services to your customers. You need to build your application on a reliable IT infrastructure. Financial institutions can’t afford downtime. They can lose millions of dollars in a few seconds. If your customers can’t access your banking services, then they will switch to another application. A data breach is the biggest nightmare of financial institutions. Thus, they have to ensure that their IT infrastructure is secured.
Financial organizations should partner up with colocation data centers. They will provide reliable data centers to these organizations. Also, they are more secure when compared to cloud providers. You need to find the perfect combination of cooling, power, and space. However, every financial institution needs 100% uptime reliability. Also, they need to monitor their IT infrastructure. Thus, colocation data centers are perfect for financial institutions. It is important to protect the data of your customers. Thus, you must ensure that you are working with a good colocation provider. They will help you in protecting your customer’s data. Also, they will help you in delivering reliable services to your customers. If you need more information regarding colocation data centers, then you can contact Bleuwire.