From traditional offline banking to online banking or net banking to mobile banking and mobile wallet apps, we have traveled through the topsy-turvy evolutionary path of banking and finance for quite a long time. Those days are certainly gone when you had to wait patiently in a queue for hours for a simple banking transaction. Even those days are gone when malfunctioning net banking apps are preventing you from carrying out an urgent transaction, and you have no other option but to wait for the next banking hour to resolve the issue.
The evolution of banking is still on, primarily being carried out by mobile banking apps. As of now, mobile banking apps have led the charge in developing the banking sector. While modern and disruptive technologies continue to make value additions across all industries and sectors, traditional banking and finance have needed to be faster in embracing technologies as the industry is more sensitive to security questions than others. But things are rapidly changing. For example, in India, the app developer has produced several innovative e-wallets and mobile banking apps in less than a decade.
If security concerns earlier have prevented banking and finance apps from embracing technologies, time has altered the roles now. Now, technologies have become the biggest bait for securing transactions and banking data. The emergence of Blockchain technology and cryptocurrencies like Bitcoin has shown how banking can utilize a decentralized database while altogether preventing data-tampering efforts.
People are already habituated to using mobile wallets instead of bank cards and net banking for transactions, whether for inline or offline in-store shopping. This is why the next generation of banking apps must incorporate specific features and values that help them stay ahead of the competition. How can mobile banking apps of the future revolutionize the entire banking sector? Well, here below, we are going to find the answer.
Cashless Payment
Most expert reports on banking transactions tell us that the volume of cashless transactions is growing exponentially and, shortly, can catch up with the regular cash transactions in many countries. The extreme pace of digitization around the world is making it seem probable.
Digital wallets, blockchain wallets, and mobile banking apps are constantly on the rise, and they are the most preferred mode of payment for the young generation and millennials. Moreover, non-banking payment apps are coming loaded with various payment services taking care of all types of transactions, including bill payment, prepaid recharges, and costs through payment terminals in stores and supermarkets.
The non-banking payment apps also helped grow peer-to-peer payments that users generally use for making or receiving payments for individual transaction needs. Thanks to these apps receiving and sending money to and from between accounts became significantly more straightforward.
Data and Transaction Security
Providing optimum security to safeguard transactions and banking data is a no-brainer. It is bound to be a persistent focus area for banking and finance apps all over the globe. But, even the security requirements continue to evolve as malicious attacks and security concerns change over time. For example, the security concerns associated traditionally with the banking sector may not be the same as those related to mobile banking apps now.
Mobile banking app security depends more on safeguarding the app's code and other concerns and threats. To ensure optimum protection for mobile banking apps, the role of security experts is exceptionally crucial. Mobile banking security experts with extensive knowledge about fraudulent transactions, malware attacks, data breaches, tampering efforts, and all the potential vulnerabilities can play a vital role.
As the next level of security enhancement for mobile banking apps, Blockchain technology can play a vital role. Blockchain is known for providing an utterly decentralized database that saves data in decentralized and fully encrypted blocks. The Blockchain database doesn't allow over-writing, deleting, and data-tampering efforts and only allows adding data to the unions. Apart from that, Blockchain protects data access through solid encryption that cannot be unlocked and violated quickly.
Intelligent Chatbot for Customer Support
Mobile banking apps and non-banking payment apps such as e-wallets find Chatbots convenient solutions for providing instant customer support. The inclusion of intelligent AI-powered Chatbots helps mobile banking apps to give professional consultation and advice as and when it is required for the users.
Several banks and financial organizations already provide chatbot support to users. Chatbots can help these apps reduce costs and boost support efficiency by doing away with the error-prone human support team. With chatbot support, many customers can be provided support at the same time without making them wait for long.
Personalized Banking
Most mobile banking and payment apps have a whole array of common features, and UX attributes that almost became standard for the entire sector. Despite that, every banking app tries to touch one special note or two for a superior user experience focused on the target audience. Moreover, different users use mobile banking and payment apps for other purposes. Hence, they need to be addressed with some amount of personalization that helps to make their user experience better.
In a mobile banking or payment app, personalized user experience can be initiated in several ways. The users can create their chosen menu options to help access the functions and features they need most of the time. The app can also offer personalized suggestions based on transactions and previous choices for investment and savings.
Voice Payments
Voice interactions have become more popular than ever before. An increasing number of people search on Google and YouTube by using voice commands. Naturally, voice interactions are becoming popular for payment and banking apps.
Voice payment or making a payment with voice command is the latest mobile banking feature popular among users. In the future, voice payment will become more widespread across banking apps. Yes, transferring money and making transactions are becoming as simple as saying 'Hello.'
Conclusion
Mobile banking apps continue to evolve, and the revolution with banking apps is still on. As digitization continues to become a force, the banking sector continues to grow, transforming with next-generation mobile payment and transaction features.
