Mobile Banking Apps Of The Future
Mobile Banking Apps Of The Future
Would you transact at a bank that doesn't have its own mobile banking app?
Many like you can answer “yes” to this question. Because, most of the banks in our country do not have their own application for easy banking. However, this image of banking is changing in the developed world. Marian Lake, CEO of the consumer lending department of the largest bank in the United States, "JP Morgan", said so. According to him, 57% of Millennials (those born between the 80s and 2000s) would switch to a new bank for a better banking experience. That is, now these customers will leave the bank in which they have an account and open an account in another bank. And only if they don't like the service of the bank, they will change their banking habits.
Many people think that only balance can be checked with mobile banking apps. Their idea is wrong. The aim is to build an app for customers so that they can do banking more easily. Checking account balance can be one of the many features of a banking application. But usually any banking app has many features like paying utility bills, shopping or managing cards.
In the future, banks will add more features to their apps to attract customers. On the other hand, the customers will also check the pros and cons of the mobile application of the bank with which they will do business.
How is the future of mobile banking apps going to be?
New features will be added to the banking apps over time to make banking easier from your phone. What these features will look like depends on three things.
First, the new innovations or changes coming in the banking sector, depends on how the apps will look.
Secondly, features will be added based on how security is handled in mobile banking.
And third, the features depend on what the customer experience might be.
Besides, new features may be added experimentally by the bank.
Now let's see what features can be added in the mobile banking application in the future.
1. Using ATM without card
Almost all smartphones today have different levels of security features. In addition to biometric methods such as fingerprints or face recognition, phone information can be kept secure through passwords. As a result, using an ATM through a mobile phone is much safer than using an ATM card. Many banks in the developed world are now adding this feature to their banking apps.
This feature allows you to withdraw money from the booth or machine only through mobile phone without ATM card.
The feature is also available on Citibank's mobile banking app. With CityTouch's 'Cash by Code' feature, you can withdraw money from ATMs without a card. Even those who do not have a bank account, if they send money to them, they can also withdraw money from ATMs through this feature.
Like App, many banking apps in the developed world are ensuring the security of this feature through a code or password while withdrawing money. However, in the future, this feature can be used more easily through the phone's camera or scanner. Also withdrawing money from ATM will be more secure.
2. Customer service
Dialing customer care numbers for banking services is now obsolete. Younger customers are now preferring to chat online via messenger or other means for banking services. However, the importance of virtual banking assistance to serve customers will increase in the future.
To understand the virtual assistant, you can think about iPhone's 'Siri' or Android's 'Google Voice'. Various banks will bring such services in applications for their customers. As a result, customers can get instant answers to any of their questions related to banking or money.
As machine learning technology improves over time, the value of this feature or service will continue to increase. The app will make suggestions based on your personal banking habits about spending or depositing money at one time.
3. Many smaller banking apps
Another big change is coming to future banking apps. And that is to bring multiple apps from the same bank. Along with the core app of any bank, apps will be built experimentally for various purposes. And through these apps, customer satisfaction with the bank's services will be reviewed.
An example of this has been created by America's 'Fifth Third Bank'. Along with their core banking app, they have come up with another app called 'Momentum'. But Momentum has nothing to do with the original app. This app is primarily designed for those who are struggling to repay their student loans. If the app is installed on the phone, retail cents or pennies will be spent on paying off student loans when paying after a purchase.
According to Fifth Third Bank, using this app will reduce student loan installments for 3 to 5 years.
Technology is improving with time. And as a result of this development, changes are coming in the banking sector as well as in other sectors. Customers can benefit the most from this change. So, are you using the app to get future banking services right now?.