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Are Mobile Apps Easing Banking Activities?Post Date : 26-Mar-2021Zoondia
When it comes to the most used smartphone applications, mobile banking apps rank third after social media apps and weather apps, as more consumers are turning to them to manage their finances more effectively.
The results for millennials are in the fore, with 68% of them claiming that banking apps could eventually allow their smartphones to replace their wallets altogether.
You can check your current account’s balance or transaction history anytime or anywhere with a mobile banking app
The apps can send you a notification about the upcoming deadline to make a payment or even pay your bills for you
With banks and fintech competing with each other to offer you the most attractive deals accessible exclusively through the mobile app you can save a significant amount of money
Banks and fintech startups find that it’s easier and cheaper to onboard new customers with their unique mobile experiences
With mobile banking, there is no longer the need to waste time waiting for your turn in your bank’s branch.
Adopting the use of mobile banking apps may lead to a better understanding of financial products and services.
Keeping track of your money has never been easier !
What’s next in the mobile banking scene?
With security being a high concern in banking voice-first technology will gain popularity as one of the methods for two-way authentication
The use of big data analysis will lead to developing predictive models of fraud detection
Offering highly personalized real-time experiences in Customer Service will improve with machine learning and smart bots
Cardless ATM withdrawals will continue to grow as it appeals to users for its speed and convenience
Debt lowering solutions through Paydown Apps will help users in better managing debt by providing detailed spending breakdowns, tracking debt and interests, and suggesting the optimal, customized payoff strategies
Open Banking will expand as mobile service offerings facilitate quick and direct payments, faster credit reporting, and improved user experience
Blockchain in banking will continue to grow as it shortens transaction times and facilitates settlement and reconciliation
Neo-banks, also known as mobile-only banks or challenger banks, are on the rise as they offer a seamless and smooth user experience and are popular with the tech-savvy millennial demographic who are habituated with using simple, intuitive and fun apps.
For the current tech-savvy generation mobile applications have become an integral part of their life. Statistics about mobile banking in the US show that 45% of Americans are already using mobile apps to access financial services, and security is the most in-demand mobile banking feature among the majority.
Mobile apps should be secure as well as provide a better customer experience by delivering flexibility and convenience for essential banking operations from mobile devices.