Mobile Banking is essentially having a bank in your pocket at all times. All you need is a smartphone and a banking app that can help take care of all bank related activities. The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019 to 2026.
Over the last few years, digitization of user experience has been a high-level priority for most financial institutions. This has led to an increased usage of sophisticated technologies such as big data, machine learning and blockchain.
Benefits of Mobile Banking
Mobile banking apps not only help in managing money but also offer convenience and advantages. Listed below are some benefits that are worth enjoying.
- 24X7 access:Unlike a traditional bank with fixed working hours, mobile banking is accessible at all times. This saves a lot of time. You can deposit a cheque or make payments across the world — while sitting on your couch! Some apps also use real-time notifications and smart geolocations for easy assistance.
- Money optimization:Banking apps can also be used to understand monthly expenses like never before. Some apps help you organize your digital money and aid you in savings. Algorithms are designed to spot when you are spending excessive amounts, forecast your spending patterns and provide you with opportunities to save money.
- Better security:Apps usually ask you for a username and password when you log in to a mobile banking app. You can additionally incorporate multifactor authentication, for example, a code is sent to your phone for transfers above a certain amount. Apps also let you scan your face or use biometric authentication to protect your digital banking experience.
- Add-on benefits:Several mobile apps extend different offers such as personal loans, schemes and extensions of credit card limits to their users. AI-based algorithms can also help the user make important financial decisions based on their past spending habits. Apps are a great way to manage investments too.
- Intuitive banking:Banks are focusing on making investments in technology to improve the overall customer experience. New developments make banking interfaces easier, personalized and convenient to use. Banking apps can offer a comprehensive view of your financial holdings, expense schedules and easy to understand charts at the click of a button.
Going ‘Digital’ with Mobileware Technologies
We provide you with a unified platform that helps you in getting the work done online – with the touch of a button. Having helped various banks and financial institutions find a place in the digital world, we aim to give the users a seamless banking experience at their fingertips.
Mobileware Technologies provides a unified platform for all channels, such as mobile banking, SMS banking, and more. The solution can be integrated with ease with all major database softwares and has the highest security with AES encryption. Threshold checks on transactions limit and velocity security are at the product’s core.
You can contact us – here.
The Road Ahead
The ecosystem of mobile banking is user-friendly and focuses on providing an advanced experience to users. Some exciting trends to look forward to include touchless transactions, transaction-based insights, AI-powered services to provide customized financial advice, voice command, and so much more.
Users need stable, intuitive and secure mobile banking apps. Mobile banking is fundamentally redefining the way banking is done and the future is full of exciting opportunities and technologies!