What Does 2017 Have In Store For Mobile Banking?

Mobile banking is a perfect example of how digitalization fits in our everyday life. It lends the comfort of doing things at our ease from wherever we want. It did not take the banking sector a lot of time to understand how trending technology can enhance customer experience and all major banks across the world were swift in embracing change.

While the mobile banking world looks perfect the way it is, the expert predictors opine differently. They believe that the years to come will see more enhancements and features in the mobile banking sector. It seems we do not have to wait to see that, there are some trends that are already hot in 2017 and let’s look that those.

  • Internet Bots and Artificial Intelligence (AI): When we think of bots, we instantly imagine a robot from a Hollywood movie. But, in reality a bot is Software that can interact with you and make data backed decisions for you. You would be thinking that this will take a long time to become a reality. But, the Bank of America already has an official chatbot “Erica” which was launched in late 2016. Erica operates on the AI and seems to be doing pretty well.
  • Digital Currencies: This is not a new trend and has been in existence for quite some time. However, the security advancements are something new. For example, the Block Chain technology from Bitcoins is a new addition to the security that digital transactions. It is technologies like these that will add a sense of security to the transactions and make create more mobile banking users.
  • Online Banks: A new type of banks are emerging that focus on the mobile banking aspects only. So, you do not have to ever go the bank physically; all you need to do is avail the benefits. The surprising fact here is that these banks are not operated by financial organizations but by companies that have had no connection with the banking domain. It would be interesting to see how these banks perform against these traditional banks.
  • Smarter Apps: Many banks have been involved in whole heartedly promoting their banking apps. The apps in itself offer a lot of services and comfort. But, looking at the rising trend, some countries have made stringent regulations and security policies that these apps should follow. This trend is likely to spread to other nations after the implementation of PSD2 in some nations. The trending apps should then adhere to these regulations.
  • Smart Payments: The mobile banking has been offering new ways to make payments and tech savvy customers are making use of these features. With the Internet of Things (IoT) paving way for itself, 2017 might see introduction of voice payments which will make your payment hassles a less complicated by simply sending a voice activated note. This can be done at your comfort and would not be a complex way.

The mobile banking trends in 2017 point toward a world where banking will become effortless. Banks will strive to retain customers by giving them the best possible experience which involves getting rid of age old practices of visiting bank branches. But, this will be a gradual improvement because customers would also need time to acquaint themselves with the technology and get rid of the inhibitions. Mobile banking industry has been thriving and will continue to do so in the coming years.

All the content shared in this post belongs to the author of Microsoft dynamics consulting company. Share your thoughts with other readers and let them know about your views.

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