More and more people are using their smartphones to monitor their bank accounts, send and receive funds, and to perform other financial transactions without having to visit the bank in-person.
Considering that the quality of contemporary mobile banking services are becoming more secure and more user-friendly every year, this trend is unsurprising.
Of course, innovation never stops and there are always new developments that could improve user experience even further and unlock additional possibilities for remote money management.
Looking into the future, we can identify several strong mobile banking trends that could change the way we handle money.
As we head into 2020, look for improvements in the following areas:
1. Cash withdrawals via phone
Mobile transfers are already the most convenient option for electronic transactions, but most people still use cards to withdraw money from an ATM.
That could change as soon as next year, as new ways for connecting the smartphone with cash withdrawal spots are being developed.
Using a mobile app to draw money from the machine would be the final step towards integrating all banking services on a mobile platform.
Security is still a concern, but the latest apps are using advanced encryption techniques to protect sensitive information.
2. Reduction of needless fees
Customers are always looking to cut costs, and banking providers are forced to drop some unnecessary fees if they want to stay competitive. More and more operators are axing the NSF fee and allowing their customers to overdraft their accounts without penalty.
Given that such fees have grown in recent years, their elimination is definitely a huge benefit that leaves more money in customer’s pockets without any reduction of service quality.
For now, only a few select providers are ready to eliminate overdraft fees, but others could follow their lead in 2020.
3. Voice controls for banking
Due to recent advances of speech-to-text applications, it’s now possible to instantly translate human voice into actionable commands.
This concept has proven to be very useful in the mobile banking sector, where it can significantly improve customer experience and allow for more effective multitasking.
Since the user pre-records their own voice and ties it to their personal account, this system can act as an additional security layer as well.
Voice-activated applications for banking are already out there, and they could go mainstream during the next 12 months.
4. Broader use of machine learning
Big data analysis and self-improving algorithms are probably the most important novelty in the business sphere right now, and they are increasingly being used in the mobile banking niche.
Such technologies are behind the latest wave of AI functions and empower the system to make very sophisticated choices.
For example, they can be used to train smart chatbots that guide the customer through his options, or for recognizing malicious users on the networks.
In 2020, we can expect mobile banking apps to gain additional smart features that will be based on advanced machine learning strategies.
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