Mobile Apps

Those days are certainly gone when for a simple banking transaction; you had to wait patiently in a queue for hours on end. Even those days are also gone when malfunctioning of the net banking apps is preventing you from carrying an urgent transaction, and you have no other option but to wait for the next banking hour for resolving the issue. From traditional offline banking to online banking or net banking to mobile banking and finally, the mobile wallet apps, we have traveled through the topsy-turvy evolutionary path of banking and finance for quite a long time. 

The evolution of banking is still on, and it is primarily being carried out by mobile banking apps. As of now, mobile banking apps lead the charge in the evolution of the banking sector. While modern and disruptive technologies continue to make value additions across all industries and sectors, traditional banking and finance have been slower in embracing technologies as the sector is more sensitive to the security questions than others. But things are rapidly changing. For example, in India app developer in a span of less than a decade has produced several innovative e-wallets and mobile banking apps. 

If security concerns earlier have prevented banking and finance apps from embracing technologies, the time has altered the roles now. Now, technologies have emerged as 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 completely preventing data-tampering efforts. 

People are already habituated to use mobile wallets instead of bank cards and net banking for carrying out transactions, whether for inline shopping and offline in-store shopping. This is why the next generation of banking apps must incorporate certain 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 of the expert reports on banking transactions tell us that the volume of cashless transactions is growing at an exponential pace and, in the near future, 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 wallet, 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 a wide variety of payment services taking care of all types of transactions, including bill payment, prepaid recharges, and payment through payment terminals in stores and supermarkets. 

The non-banking payment apps also helped in the growth of 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 extremely easier. 

Data and Transaction Security

Providing optimum security to safeguard transactions and banking data seems to be a no-brainer and 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 the 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 the security concerns associated with mobile banking apps now. 

Mobile banking app security doesn't depend only on safeguarding the app's code but a host of other concerns and threats. To ensure optimum security for mobile banking apps, the role of security experts is extremely crucial. The mobile banking security experts who have extensive knowledge about the fraudulent transactions, malware attacks, data breach, and tampering efforts and all the potential vulnerabilities can play a really important role. 

As the next level of security enhancement for mobile banking apps, Blockchain technology can play a really important role. Blockchain is known for providing a completely decentralized database that saves data in decentralized and fully encrypted blocks. The Blockchain database doesn't allow any over-writing, deleting, and data-tampering efforts and only allows adding data to the blocks. Apart from that, Blockchain protects data access through strong encryption that cannot be unlocked and violated easily. 

Intelligent Chatbot for Customer Support

Mobile banking apps and non-banking payment apps such as e-wallets find Chatbots as extremely handy solutions for providing instant customer support to the users. 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. 

There already several banks and financial organizations that provide chatbot support to the users. With chatbot support, a lot of customers can be provided support at the same time without making them wait for long. Chatbots can help these apps to reduce costs and boost support efficiency by simply doing away with the error-prone human support team. 

Personalized Banking

It is true that most mobile banking and payment apps have a whole array of common features and UX attributes that almost became standard for the entire sector. In spite of that, every banking app tries to touch one unique note or two for a superior user experience focused on the target user audience. Moreover, different users use mobile banking and payment apps for different purposes, and 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 a number of ways. The users can be allowed to create their chosen menu options to help to access the functions and features they need most of the time. Apart from that, the app can 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, for payment and banking apps, also the voice interactions are getting popular. 

Voice payment or making a payment with voice command is the latest mobile banking feature that has become popular among users. Yes, transferring money and making transactions are increasingly becoming as simple as saying 'Hello'. In the years to come, voice payment will become more popular across banking apps.

Conclusion

Mobile banking apps are continuing to evolve, or it is better to say, the revolution with the banking apps is still on. As digitization is continuing to become a force, the whole banking sector continues to become transformed with next-generation mobile payment and transaction features