Mobile Banking – Banking Anytime Anywhere!

Published on :- 2023-24

In today’s time, as the bank’s ‘digital maturity’ grows, a personalized Smart Mobile Banking app is a must for them. After the major pandemic situation, the world seemed to come to a halt.
People moved online for their everyday needs, as humanity was in house arrest. This gave a major boost to the online and mobile app industry.
Now, even if the situation settles, going online for all our needs has become a part and parcel of our lives.

Mobile app adoption for subgenres like Mobile Banking, Digital Wallets & Payment, and Personal Loans saw rapid growth in 2022, due to consumer demand for self-service and real-time access to their financial accounts.
From opening a savings account, to managing your personal account all became easily accessible at our fingertips.
Before switching to any bank’s mobile app for all your transactions, you should make sure that the app is secure, comprehensive, and future-ready.

Below are few Current Trends for Mobile Banking:

• Biometric Authentication – As per Business Insiders, mobile banking users are demanding biometric authentication. Research claims around 38% of users demand features like ‘fingerprint scanners’, which is among the fourth most wanted feature for their mobile app. Features like ‘face scan’, ‘eye scan’ and ‘voice command control’ are also in demand. Banks should combine several different login methods along with traditional ‘password log-in’ to keep the audience happy.
• ML and AI – This is the hottest mobile banking technology trends. Not only the tools are extremely beneficial but also there is a constant technological development process. To make the software more and more ‘smarter’, the algorithms are becoming more and more complex as well. So, to stay ahead of the herd , you have to be technologically updated and future ready.
• Security - The fear of being a victim of cyber crime is the main barrier for potential customers switching to mobile banking. Your mobile banking API must be fully secured with a high level of data protection, so that users can do the transactions tension-free.

Going ahead, mobile banking is expected to experience prolonged growth in adoption rates, as more and more customers make a switch to digital banking. Banks should be ready with their tools, to impress their potential customers and gain a competitive edge .

If you are wondering how to upgrade your existing mobile banking application and stay on trend, don’t hesitate to contact us now at sales.uk@eonglobal.com BankFlex Mobile Banking Apps are ready-to-deploy, future-ready, smart and highly secure digital banking solution.