Mobile technology is dramatically changing the banking world since the last few years. Millennials are increasingly turning to cashless payments and online banking features, leading the trend further. The percentage of cash transactions in several countries has hit a record low of 13%, exhibiting our move towards a completely cashless society.
To keep up with these evolving preferences and stay competitive, financial institutions have to tap into the latest mobile banking trends. Here, we will explore such patterns that are known to have the most significant impact on the financial sector.
Security has always been a fundamental interest in mobile banking. Integrating sophisticated biometric technology such as fingerprint scanner and facial recognition software into mobile devices is proven to resolve such issues to some extent. These biometric identify checks will eventually replace passwords in the future.
Voice searches are expected to make online banking highly secure and serviceable for consumers. Several financial institutions have already added this feature for two-way authentication. Voice recognition software acts as a supplementary layer of biometric security for accessing bank accounts. Some banks also let users transfer money, make inquiries, and report stolen cards using voice commands.
Fraud Detection Using Big Data
In the coming years, financial industries will be using big data to detect security threats that might influence mobile and online banking. Several financial institutions have already planned to harness the data gathered through the usage of mobile devices to identify fraudulent actions. This helps businesses recognize risks within their organization and protect consumers.
Mobile ATM Withdrawals
In the next couple of years, several banks will introduce near-field communications technology to their ATMs and integrate apps like Google Pay, Apple Pay, and Samsung Pay. Some financial firms will also add QR codes, which can be scanned to log into the account instantly. This trend will take the hassle out of using ATMs.
Sophisticated mobile apps like Debt Eliminator and Debt Tracker Pro helps consumers deal with debt. They offer valuable spending breakdowns and helps you in learning the finest way to pay back your debts. Some apps also round-up the cost of your purchases and guide you to pay back at the end of every month. We can expect more such powerful apps in the coming years.
Leverage Mobile Banking Technology to Gain a Competitive Edge
The above mobile banking trends validate that innovations are continually unfolding. Moving at lightspeed, technology presents a surge of opportunities for financial institutions keen to embrace. To remain prosperous, modern banks should strike a balance between their traditional and mobile banking offerings.