Bank of America had 29.17 million mobile banking users worldwide by the end of 2019
With evolving technology, just like every other sector, banking and finance evolved as well. Currently, users find it more convenient to manage finances over smartphones instead of traditional banking hassles. According to a statistic shared by Think With Google, 73 percent of smartphone users have signed up for financial services and are using them regularly.
Statista shows that around 48 percent of banking app users belong to the age group of 18- 24 years. Banking apps have reduced long queues and waiting time in banks. Now, customers can execute almost every bank-related task with a click on their smartphone. Therefore, the future of mobile banking apps looks brighter.
Moving forward, you will see a few trends of mobile banking supported by statistics and facts. Moreover, if you are a developer planning to build a financial app, you will have a sound understanding of the market once you are done reading this blog!
Now, without wasting much time, let’s discuss these mobile banking technology trends in detail. It will give you an insight into the financial segment and usage of mobile apps.
One of the most popular future trends of mobile banking is Cardless ATM withdrawals. Some banks have already introduced this feature into their ATMs. Using this feature will reduce or eliminate the need for debit cards in the future. With the usage of the banking app, users will be able to login into their bank account and do the transaction. According to a report by Small Business Trends, in the U.S., around 70,000 banks will offer cardless withdrawals in the future.
For the security of your financial information and bank balance, the mobile banking future is focusing on growing the usage of biometric authentication in mobile apps. Many banking apps have started using this feature. Instead of using PINs or Passwords to log in to the banking app, users are supposed to use their fingerprint through the touchpad of the smartphone. However, it will require fingerprint compatible devices as well.
One of the latest trends in mobile banking is the use of AI. Many banking services have started using Artificial Intelligence to respond to queries faster. Moreover, these AI-supported chatbots are smart enough to solve basic banking queries. With the speed their adoption is growing, it is expected that the mobile banking market will have a major role in Artificial Intelligence Technology.
One of the best future trends of mobile banking will include seamless Know Your Customer (KYC) verification. ABCD refers to AI, blockchain security, cloud space, and data. In this process, banking apps will collect a few personal information like transactions, ID, utility bills, etc. Moreover, the data will be secured in the cloud space protected by blockchain technology. In the final step, AI will generate a report on the eligibility of the user for loans and other financial services.
Well, the mobile banking industry has adapted the culture of banking apps a long back. With time, banking developers are adding new features and making these apps more secure and efficient.
Many banks have implemented their mobile banking technologies mainly into banking apps compared to their website. The reason behind this approach is that it is more convenient for users to use apps than a web browser. Therefore, they prefer banking apps for their financial needs.
Debts can give many banking users anxiety. However, It is expected that the future of mobile banking might have a more convenient approach for customers to manage their credits and EMIs.
Top financial apps like Wally and Pocket Guard are helping customers already in breaking down their expenses. Moreover, these apps also suggest convenient ways of paying back the credit to its users.
Voice commands are already a part of the latest trends in mobile banking. Banks are using technology like Google to use voice commands as instructions to execute app functions. Moreover, voice commands can also be used for an extra layer of security. If enabled, users will have to verify with their voice to get access to the information secured within their banking app.
To understand the mobile banking market, it is important to understand what is already going on in this segment. Furthermore, I will discuss a few mobile banking statistics to make you understand the market better.
As mobile banking technologies are improving, users of different age groups are adjusting with the same. After all, nobody likes to go to the bank and do all the hassle to make transactions.
Now with 57 million mobile banking users, the banking app sector will keep expanding. Moreover, safety requirements of these apps will increase as well. Therefore, you can use this growing market as the opportunity of establishing a good career as a financial or banking app developer.
In the end, we hope that you found these mobile banking technology trends useful. If you want to read more informative blogs related to app trends, keep visiting MobileAppDaily.
Almost 81 percent of consumers today use mobile banking on an average of 9 days a month.
Mobile banking helps consumers in handling their banking operations from anywhere. For more information on this, we suggest reading our above article on this.
There are multiple pros and cons involved when you try mobile banking. Consumers are advised to keep their research strong before they use any app.
A mobile wallet is a virtual payment card information in any payment or banking app on your mobile device.
He is responsible for marketing programs, brand management, and corporate sponsorships. He thrives on challenges, particularly those that expand the company’s reach. Next to work, Shadow, his dog, immensely contributes to his happiness.
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