The current decade will go down in history as the witness of mobile revolution. Indeed, the usage of mobile phones has increased by leaps and bounds in the last few years and at the same time, mobile technology has seen great progress. Today, a number of activities which required elaborate manual intervention once are now just one or two clicks away.
Let us take banking as an example. It is no longer required to stand in long queues at the bank counters for depositing cash or cheques. If you want to pay someone money, all you have to do is transfer the money to that person’s bank account using your smartphone. In today’s time, almost every bank has launched its own mobile application which is available for free on Google Play and App Store.
These mobile applications help bank customers to do a number of activities such as account management, money transfer, scheduled payments, monthly report generation, etc. The most remarkable thing is that the banks are consistently trying to develop more and more features which can be incorporated in their mobile banking applications so that customers’ experience can be enhanced.
Among the mobile banking solutions which are being developed currently, the best is the video assistance. Many leading banks are testing the feature of video interaction of banking advisors with the users. If this feature is implemented, the users can reach out to designated banking experts with the help of mobile applications and seek banking related advisories.
At the same time, the banks are also working towards designing their mobile applications in such a way that the customers can access them in a more personalized way. Personalized services seek to provide the experience of the mobile application in local languages, which would eventually increase user interaction and foster user loyalty to the bank.
Another mobile banking solution which is being worked upon is the enhanced version of open banking architecture. The banks are planning to give shape to this with the help of in-application mobile wallets. The e-wallets would definitely help in faster transaction among banks. Moreover, the introduction of digital wallets connected to the savings and current accounts of the customers would help the banks to derive more customer trust.
The only thing that the banks should keep in mind while developing newer features in their mobile applications is digital security. The data of every customer must be fortified. A single breach of data security would result in the damage of customers’ trust on the bank and so, it must be avoided at all costs. Thus, banks should go for as much investment as it takes but should never compromise on the front of security.
