The backbone of mobile banking is the client-banking system. It allows customers to make account transactions, and exchange documents and other important information with a particular bank right from personal devices. Technology develops rapidly and has many convenient advantages and features.

Easy Mobile Banking

Today, consumers can receive almost all types of banking services remotely, with the help of payment gateway integration. Online communication makes interaction convenient, and highly efficient for everyone.

Using their smartphones, customers can deposit into their accounts, transfer money to other accounts, and apply for insurance and mortgages. In addition, they can request information about the movement of funds. Customers can also make currency transactions, and pay utility bills, goods, services, fines, and much more.

Availability of Services

Mobile banking offers a wide range of services, allowing the customer top-notch and fast service.

Long lines are a common pain point around physical banking. Customers spend a lot of time driving and standing in lines. Transactions and questions have to be aligned with a bank’s operating hours and holidays. Mobile banking allows customers to do almost anything, anytime, from anywhere. 

Financial Optimization

Being able to control their money anytime is essential to the modern customer. Banking software development has made banking operations transparent and allowed customers to analyze their income and expenditures and monitor their deposits instantly. Applications save the history of receipts, payments, and money transfers with all the necessary details. And at the same time, banks can analyze customer spending and create personalized offers. 

Investments and Additional Features

Banks that choose to be customer-centric are spending time understanding what features and functions users enjoy/benefit from the most. Some of these features are for traders and investors, allowing them to build and manage investment products (securities, stocks, and bonds). 

Recording Card Transactions 

Dashboards for personal and business accounts make it easy for customers to track and manage their monthly, quarterly, and annual spend on all cards with the needed details for filing taxes and other reporting.  

Security

The financial industry registers an increase in the activity of fraudsters who come up with new ways to steal money. Considering this security as a major banking challenge, banks have decided to improve. To log into their mobile banking account, customers must authenticate and authorize. Different providers implement this feature differently: complex passwords, two-factor or biometric authentication, blockchain technology, customer geolocation tracking, and alerts on suspicious account activity.

Department and ATM Tracking

By setting up geolocation, a mobile banking customer can easily find the nearest ATMs or branches if they need cash or other services offline.

Friendly Interface 

A mobile banking interface means quick access and intuitive use. The home page always shows the customer’s cards, accounts, and deposits. Payments are made by tapping or dragging the appropriate icon. The roadmap indicates sections, products, and leads to online support.

By default, the essential elements and features are always in an easy-to-find location, but some applications allow customers to customize their dashboards on their own.

Mobile Banking Trends in 2023

Communication Personalization

Mobile banking makes it easier for financial institutions to understand how customers use the application, save, and spend their money. This makes it very easy for analysts to better understand customer needs and desires, from searching for new services to filling out online (in-app) applications. Each day of use is creating and updating individual portraits of users. Another trend is attention to family. The priority is to make all members of a particular family, customers.

The positive customer experience of mobile banking increases the number of people ready to adopt and use it. Quick online communication through in-app chats and chatbots, result in fast problem solving and query resolution. 

Open API and Fintech

Open APIs make the adoption of mobile banking for financial organizations easy because third-party applications can be seamlessly integrated. 

Using Big Data and Artificial Intelligence

Banks are spending a lot of effort working with Big Data and Artificial Intelligence. Collecting and analyzing big data allows them to understand and predict customer needs. Large banks are expanding their services with virtual assistants, voice assistants, and intelligent chatbots. As a result, natural language processing will become a priority in customer service. In addition, AI technology reduces call center workloads and is more productive than simple FAQ answers.

Generation Z as a Target Audience

Customers under 30 are a large segment who expect a bank to offer comprehensive, yet easy-to-use mobile banking. For them, the concept of “Internet” means “mobile Internet.” In turn, this segment prefers convenient technology, readily accepts innovations and software products, and is willing to spend money digitally. This audience can be influenced by gamification and marketing with the help of Influencers. The meta-universe is worth mentioning, which could generate up to $5 trillion by 2030.

Building interactivity with useful tools will significantly increase demand.

Author: Viktoriia Ruban, Business Analyst at Computools.