With the evolving technology, every sector is adapting to the new changes and the banking sector is one of them. Today, mobile banking apps are available for the users to manage their finances on smartphones.
Mobile Banking Statistics
79% of smartphone owners use their device to make an online purchase
In 2020, 86.5% of Americans used a mobile device to check their bank balance
The total value of payments made using a mobile device reached $503 billion in 2020
There are 5.22 billion mobile users worldwide in 2021
Bank of America is the industry leader with 30 million active mobile users
Since 2015, mobile app fraud transactions have increased over 600%
89% of digital fraud losses are caused by account takeovers
In 2021, the mobile app market will generate over $693 billion
Bank of America introduced an AI-drive chatbot in 2019 to include credit card debt reduction
Mobile wallets usage rates were lower in 2020 compared to 2019
The UK is the European leader in mobile payments with 74% of its population using mobile devices to manage their finances
Security is the main problem for people who want to make regular mobile payments
Trends for Mobile Banking to look for
1. Voice command and voice recognition
Voice command search helps users to access the mobile applications without even touching their phones. It makes it faster to access the services with minimal obstructions.They are using voice commands to access the services faster with minimal obstructions.
2. Machine Learning and Chatbots
Chatbots are a growing trend in mobile banking apps.There has been a growth in the use of mobile banking apps and chatbots are great to provide personalized experience for the users. Chatbots are powered by ML algorithms that interact with people in a personalized way. With the help of chatbots consumers can be provided with 24/7 customer support and chatbots can also act as advisors for users.
To provide secure and faster payments, the banking and finance sector is largely using blockchain technology and improving security. The transactions in blockchain can be monitored in real time, which helps to reduce fraud and also reduces the processing fees. For the future growth of mobile banking apps blockchain can help to keep data secure and transparent on a large scale.
Mobile banking in future will largely focus on the use of biometric authentication in mobile apps. For mobile banking security, a biometric authentication process makes the process more secure and effective. There are many banking apps that are already using fingerprint for login verification instead of PIN or password on the compatible devices. So, in the future verification through fingerprint, voice or face scan could be mandatory for all mobile banking apps.
5. Big Data
For the future of digital banking, big data will be an important base for banks to build their infrastructure and safeguard their resources. As more and more the financial sector will grow and expand their services, there are more chances of security risk and fraud. When you know about your clients it becomes easy to find the inconsistencies and save the clients from the fraud. For mobile banking to grow in the future fraud detection is the priority and big data will be important to protect customers and banks resources.
The mobile banking technologies are improving and customers have a lot of expectations for the mobile apps that they use for the banking and financial transaction. People want their data to be a secure and seamless experience of the app that keeps them engaged. The mobile banking sector will keep growing in the future with more safe and secure infrastructure.
Next read - What are the common App Development Mistakes?