Mobile banking is increasing with new ideas from voice-first development, to putting humans back into the digital experience; to artificial intelligence and exceptional biometrics. There is even an increasing trend for ATM withdrawals without a chip card—which would have appeared like a magician’s card trick just an age ago. Here are few of the mobile banking trends that experts see approaching fast in the mobile realm in 2019.
App-exclusive ATM withdrawals
The technology most experts are looking towards the capability to withdraw money at ATMs using only an application. That means no more annoying situation without cash if the consumer does not have their card on them or if it is stolen. Some ATMs are utilizing near-field communications technology and Apple Pay. Others can use a QR code or offer codes to punch in. Chase Bank, for instance, is offering cardless, app-based ATM businesses at specific locations, working with Apple Pay, Samsung and Google Pay.
Prominence and ascendance in voice banking
Numerous experts are determined that voice will be the prevailing user experience in the next year or two. By 2020, 50 percent of all web explorations will be voice generated; hence, organizations must begin to support a voice-first conceptualization or get left behind. They also need to do more than modify for sound-driven search. Voice user interface [VUI] enhances customer engagement, insights and conversions.
Making mobile human
Today customers want and need more than a digital-only experience from their banks. They want assistance to navigate those moments when life and money meet. Umpqua recognized early on that human connection is essential, even as DIY digital banking tools continue to multiply. They have launched the Umpqua Go-To app, their first Human Digital Banking platform giving every consumer the opportunity of personal banker devoted to their financial needs regardless of account balance.
The growth of biometric validation
As people continue to see a rise in data breaches, which are also advancing towards sophistication, biometric technology is no longer merely a must have but rather a necessity. As a recent MasterCard study displays, users are equipped and willing to adopt biometrics as password replacements; they see it as a more protective, favorable process. With this, financial institutions worldwide are spending in mobile banking authentication for representatives and customers alike to advance security levels.
Earlier identity verification
Identity confirmation at the earliest point reduces the potential for fraud and those banks that use global consortium data will have a momentous edge. ‘Crowdsourced’ data modifies financial institutions to track digital identity and monitor transactions transversely multiple entities and geographies. That provides them a more global view of the machine and the person behind it.
Using data for customer’s advantage
One can say that the most critical technology in mobile banking is not the application itself but preferably the AI and machine learning algorithms that need to work behind the scenes.
Recently, according to a study, only 34 percent of banks point that they always use data in a way that better serves their consumers. Perhaps that is why, in the same report, 52 percent of millennials said they would switch banks for better mobile or digital capabilities. Hence, there should be increased for these customers if the bank continuously analyzed customer transaction and journey data.