6 Mobile Banking Trends for 2022. Biometric authentication, AI-backed customer support, ABCD verification, Mobile app for banking activities, Convenient debt management, and Voice banking.
With cardless ATM withdrawals reducing the need for carrying debit cards,
the world is waking up to the immense potential of mobile banking. With the help of a banking app, users can log in to their online bank accounts and make transactions. So, what are the trends that will continue to shape up the mobile banking landscape and help fintech and digital banks remain at the forefront of innovation? In this blog, we will discuss some of these trends:
1. Biometric authentication
For the security of a user’s financial data and account balance, mobile banking is focusing on the usage of biometrics for mobile apps authentication. Many mobile banking apps started using mobile banking trends in 2021. It involves users using their fingerprints rather than using PINs or Passwords to log in to the banking app. However, this will need fingerprint-compatible devices to work.
2. AI-backed customer support
AI is one of the latest trends in internet banking. A number of banking services began using AI to respond to queries quickly. Moreover, AI-based chatbots are smart enough to take care of basic bank-related customer queries. At the current speed of adoption, the mobile banking market is expected to have a major role in AI Technology.
3. ABCD verification
One of the most powerful future trends in mobile banking shall include smooth Know Your Customer verification. The ABCD verification process refers to AI, blockchain security, cloud space, and data. Through this process, the banking apps collect personal information about customers like transactions, utility bills, ID, etc. Moreover, data shall be stored securely in the cloud and will be protected by blockchain technology. AI will then generate a report on the user's eligibility for loans as well as other financial services.
4. Mobile app for banking activities
The mobile banking industry has been adapting to mobile banking for a while now. With time, banking developers are adding new features in order to make apps much secure and effective. Moreover, It is very convenient for users to make use of apps instead of a web browser. Hence, they prefer banking apps to fulfill their financial needs.
5. Convenient debt management
With mobile banking, customers, as well as lenders, will have a convenient approach for managing their credits, EMIs, etc. Top fintech giants like Wally, Pocket Guard, and more are already helping customers in breaking their expenses down. The apps can also suggest easy ways of paying the credit back to its users.
6. Voice banking
Voice commands are a part of the latest trends in mobile banking. Banks use voice technology like Google’s to use commands to give instructions to perform app functions. Moreover, voice commands can be used to add an extra security layer. When enabled, users must verify their voice in order to access the information in their banking accounts.
Conclusion
If you plan to build a highly secure, cutting-edge mobile app, get in touch with a team of qualified experts who will provide you with better insights on how to develop or improve your digital banking products. Contact a mobile banking app development company today.
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