Mobile app development is a challenging job to perform but when it comes to banking app development, it needs to implement proper security & latest market trends. Cyber-security, online payment solutions with proper authentication must be integrated seamlessly for a mobile app to be both functional and competitive.
With evolving technology, banking sector witnessed mobile app integration. Currently, users prefer apps to manage finances over traditional banking hassles. As per stats, over 70% users prefer mobile banking and using them regularly.
Banking apps have reduced long queues and operation time in banks. Now, customers execute almost every task with a tap on their smartphone. Thus, the future of mobile banking app development looks brighter. You will see mobile banking trends have become a necessity to integrate. If you are planning to build a financial app, check these important trends in this blog!
Latest Cutting-edge Trends in Mobile Banking
1. Voice Payment
The future of payment is voice-activated services. Voice-activated commands are the ever-growing mobile banking trends and engaging global consumers. Smartphone, computer, TV, even home appliances can take voice commands, then why not banking services? The voice command feature assures User Comfort and Security. Many banks already offering voice recognition features for two-way authentication. Several banks allowing customers to conduct money transfers with a voice command.
2. Big Data
Big data is the infrastructure on which the future of banking is based. The more insights you have about your clients, the better you can serve them with relevant security. As banks grow their revenue and expand services, chances of facing security risk or fraud is high. By the end of 2021, fraud losses on credit, debit, and prepaid cards will surpass $10 billion.
Big Data is an important technological advancement in mobile banking app development when it comes to safeguarding resources and protecting customers’ identity. The use of big data helps to address risk assessment process and provide streamlined customer experience.
3. Chatbots
Chatbots is the perfect means to deliver a personalized user experience. Artificial Intelligence powers bots to simulate human interaction. Chatbots can be integrated within the app to address Customer queries & doubts. The bank consumers get consistent support, 24/7. The level of expertise that Chatbots offers is out of this world, from solving issues and immediate response to inquiries, and even advice on personal finances.
Another benefit of using automated Chatbots is to help banks analyze their operations success by measuring customer satisfaction. The system is integrated with multiple tools to rate their conversation to study how useful it is and where it can be improved.
4. Cardless ATM Withdrawal
No one like queuing at an ATM to withdraw money. To deal with restlessness of customers at ATMs, banks have provided cardless ATM withdrawals service. The benefit of this mobile banking trend is its speed, convenience, and security against card fraud.
Money withdrawal without cards is not a new concept, but this feature is not present with every banks and financial institution. But, this trend is just catching up with banking app developer this year. This Cardless ATM withdrawal conveniently makes banking task simple and streamlined.
5. Blockchain
When we analyze the features of Blockchain, it makes relevant sense that the banking industry will surely adopt this technology. The banks sole objective is to connect groups of people and boost trade and commerce between them. Blockchain is perfect to accomplish this task while keeping it secure and transparent. By establishing a decentralized channel, banking apps use this technology to facilitate faster payments as well lowering the processing fees.
By introducing service with higher security and lower processing fee, banks can engage potential audience. Banks are exploring the ways to use Blockchain to enhance the digital security of their bank.
Wrapping Up
These are the top trends in banking app development that will be most in demand in 2021. If you are searching for the best technological upgrades for your customers, then reach out to a professional Mobile banking app developer to make the most of these banking trends. The team of developers will provide all solutions needed for engaging app development.
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