Nowadays, it is almost impossible for banks to acquire new clients if they do not have a mobile app. Particularly, the millennial generation, which is the main part of consumers in any industry, values the ease and accessibility of mobile banking — research shows that 57% of them even switch banks in order to get a better user experience via an app.
Mobile banking is a part of FinTech — financial technology solutions — and as this industry is growing within the last years, banks are required to implement new features regularly. These are the mobile banking trends of this year:
Open API
Opening up mobile banking APIs allows customers to integrate third-party applications into their banking experience. It enhances user practice with increased access to data and accounts transparency. From entrepreneurs to online markets, the ability to build or integrate tools makes the lives of banking clients much easier.
Cloud services
Cloud computing allows better examination and use of big data, which is an important part of providing successful banking services. Secured cloud base is very beneficial to mobile banking services as it allows to store data of growing amounts of users. It also enables quick and easy transactions, accessing processes anytime, anywhere, without a long validation procedure.
Chatbots
High-quality chatbots, or Conversational Interfaces, provide quick solutions to customer’s concerns and questions. It makes the user experience more convenient, reducing clients’ time on looking for answers on the FAQ page. More than that, correctly programmed chatbots can provide such services as opening accounts, providing financial information and validating transaction processes.
Banks without mobile apps will be far behind any FinTech solution. Creating a mobile solution for banking services makes the bank highly competitive on the market as it meets all customer’s preferences in banking. Quality service and open technological platform will create a unique experience for users and attract more clients.
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