Mobile Banking Trends in 2020

Mobile Banking Trends in 2020

Mobile Banking Trends in 2020

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Mobile banking is set to require over all other banking channels put together. The convenience of banking anywhere anytime has given mobile banking a competitive edge. According to Juniper Research, mobile banking users will surpass 2 billion in 2020, making it roughly one in four people worldwide. Among other factors, the surge in mobile banking has been driven by convenience and solving pain points.

As mobile banking technology continues to grow and expand, let’s look at the top global mobile banking trends to look out for in 2020.

Voice Payments Will Gain Popularity

Voice-activated commands are gaining ground with global consumers. With security being a high concern in Banking, voice recognition is being introduced as one of the methods for two-way authentication. Voice-first technology is also being used to provide access to private banking through smart devices like Alexa or Siri. Some individual banks are allowing customers to conduct money transfers to trusted payees, inquire about transactions, or report stolen cards, using voice only. Gartner predicts, by 2020, nearly one-third of all browser searches will be screenless.

Big Data Will Help Fraud Detection

The risk of security increases for banks and financial institutions with an increase in revenues and services. According to Forbes, card losses alone could surpass $12 billion in 2020. Fortunately, the use of big data engines enables banks to safeguard their resources and protect their customers’ identities. They can extract vast pools of customer data from various sources and improve risk assessment processes. The analysis could help to develop predictive models of fraud detection and also jump ahead of the competition by providing a streamlined customer experience.

Customer Service Will Improve With Machine Learning And Smart Bots

Offering highly personalized real-time experiences is a key differentiator for financial institutions. Despite 61% of customers making it known that they would switch banks if serviced poorly, 94% of banks have been unable to deliver on their personalization promise. Introducing machine learning and chatbots will enhance user experience with banking and keep customers loyal. Smart Bots use machine learning, predictive analytics, and make better predictions and decisions than bank clerks so there will be deeper insights into consumer behavior. This trend has developed with more banks adopting smart bots to give customers the personalization they desire efficiently.

 

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