Mobile banking is expected to evolve drastically over the next few years as more and more banks develop mobile solutions for their customers’ needs. Research shows that more banking functions will be shifting to the mobile channel in the very near future. In fact, a recent Bank Technology News article by Bonnie McGeer outlines four critical areas of development that will shape mobile banking technology. Banks must pay close attention to these trends if they want to stay competitive and ahead of the curve with emerging technology.
1. More Features
The correlation between the features available with mobile banking and its usage among consumers is not surprising. Additional features will make mobile banking more useful, which will in turn make it more widely-used. Features such as person-to-person payments, mobile bill pay, expedited payments and receipt management will drive customer engagement and will therefore be major differentiators for banks.
2. Voice Command
As voice-command technology develops and advances, some banking executives think it could be transformative for the industry. In fact, some predict that it will eventually replace typing. While the timeline for this shift is still unknown, it’s something for which forward-thinking banks should begin to prepare.
3. Money Management
While money management has been a feature of mobile banking for some time, it’s expected to become much more of a core function. As banks consider how they will meet customer needs, they must offer mobile money management functionality that is intuitive and easy to navigate.
4. Mobile Wallets
Mobile wallets will play a large part in transforming the capabilities of mobile banking. Not only will they offer payment methods, but with the help of analytics, they could help consumers make better financial decisions. If banks don’t move quickly to develop this technology before third-party providers swoop in, they could lose a tremendous opportunity. Consumers are currently more likely to trust mobile wallet technology from their own banks as opposed to an outside provider, so banks need to seize this opportunity before they lose it.
As it shapes the future of banking, mobility will demand more advanced technology solutions. That’s where MDI comes in with our 25 years of IT specialization and experience. Designing, planning, testing and implementing IT solutions is what our highly qualified consultants do best.
How can you expect to see mobile banking develop in the near future? To read more, check out the article at AmericanBanker.com.