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How Mobile Banking Can Help Improve Customer Experience

By CIOReview | Tuesday, March 30, 2021
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Several banking companiesare adopting mobile banking strategies to improve customer experience by fulfilling their banking requirements through mobile payment applications.

FREMONT, CA : Even at art fairs and farmer's markets, mobile payment apps have made cash unnecessary. The coronavirus then accelerated the decline of cash in even small businesses. It is another step towards the digitization of the commerce system.

The arrival of mobile banking also helped in the transformation. The days of people managing financial transactions at the local bank branch are a symbol of a bygone period.

Automated banking started with the proliferation of ATMs and online banking, but it gained popularity with mobile banking apps' development. Millions of people now use their smartphones for most of their banking needs, and recent mobile banking trends suggest that these apps will become much more important and widespread in the future.

What is Mobile Banking?

Mobile banking can be defined as the financial transactions performed on a mobile device, such as a phone or tablet, through an application supported by a bank or other form of financial institution. Account activity updates, bill payments, point-of-sale transactions, wire transfers, check deposits, and pretty much every other role the bank plays are examples of such transactions.

Mobile Banking Trends for 2021

Mobile App ATM Connectivity or Cardless ATM

Customers can already monitor their accounts with mobile apps, but recent developments in near-field communications technology and QR code scanning will make it easier than ever to connect with banking ATMs. Users can soon get access to funds by simply scanning their phone screen or being near an ATM instead of fumbling with debit cards and entering passwords in a public environment.

More Biometrics

Multi-factor authentication is quickly becoming the industry standard for security, especially among financial institutions. Smartphones' ability to collect biometric data such as fingerprint scans and facial recognition would increase, allowing better fraud security and making mobile banking applications more intuitive and easier to use.

Voice Command and Voice Recognition

Digital banking apps are using voice commands to help users get the services they want with minimal friction, much like voice requests taking over mobile search and enabling people to access apps without even touching their phone. Voice commands would allow them to access services more quickly and conveniently than sifting through various menus or searching for the correct option.

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