How Mobile Apps Are Transforming The Banking Sector?

The number of visits to the bank in a month has reduced drastically and all the credit goes to digital banking. With the tremendous advancement of technology, banking has also transformed and it has become a hassle-free process. The more modern take on traditional banking is mobile banking apps. They are built in accordance with the latest trends and make banking a hassle-free process. The mobile banks have evolved banking from going paperless to making ultrafast transactions. Let us walk through some of the tumultuous breakthroughs triggered by mobile banking services.

mobile banking services

Cashless payment

According to the report of the world payments, the non-cash transaction of the globe grew by 10.1 percent to reach 482.6 billion and it is expected to grow to a CAGR of 12.7% throughout 2021. With the rise of cashless payment, mobile banking apps are skilled adaptors of the game. Non-banking applications are also providing a cashless payments facility. The growth in Peer-to-Peer payments is also seeing tremendous growth in which the customers can send or receive money directly via the application.

 Secured accounts

The advancement in technology has brought its threat such as users’ accounts hacking and fraud. These problems can be put to an end with dedicated mobile apps. The mobile banking solutions are enabled with advanced security features such as fingerprint scanning and face recognition. In addition to the regular sign-up options, voice security is introduced in the mix. Frauds and fishy activities can be detected easily with the aid of artificial intelligence. AI helps in deducing the patterns regarding any suspicious activity in real-time and it also forecasts how the behavior will affect the future. Biometric authentication has replaced multi-factor authentication as it is thought to be time-consuming.

Chatbot assistance and voice transaction

The QR code scanning has made in-store and online transactions easy as the users have to just scan the code on their banking app. In addition to this, the use of voice assistance is increasing tremendously as it is considered to be a simple way of connecting various devices and smartphones. Soon fund transfer will also take place with voice assistance. It is predicted by mobile banking app providers that voice payments are going to have a great place in the payment sector. A chatbot is another technology that has become a part of mobile apps. The banks are exploiting this AI-based assistant to help the customers. The Chatbots will answer the questions of the customers without any waiting.

Financial planning 

One of the biggest challenges that are prevailing among many is budget management. Though there are various apps to do that for you, your mobile banking app is the safest option to do that. The app will help you in making the right financial decision and provide witty tips for money management, increase savings, improve investments, and much more.

Mobile banking solution

Finacus, one of the leading mobile banking app solutions providers helps the bank to leverage their consumer behavior and build innovative solutions with their complete mobile banking solution. Our mobile payment transaction switch FinMOBICONNECT, along with the mobile banking solution offers an interoperable infrastructure for banks. The benefits of our Mobile Banking System are

  • Customer engagement
  • Easy, Convenient, Secure
  • Anywhere, Anytime access

Bottom line

This is the perfect time to embrace a robust mobile banking system to manage all your transactions efficiently and meticulously. We as one of the best mobile banking system providers in India will offer you the required information needed when requested for a demo.

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