BFC Bulletins Monthly News Digest
Tags Artificial Intelligence Chatbot Customer Experience Data Digital Banking Identification IoT Open Banking Startups
Mobile banking is a huge demand from banking customers as well as a major piece of many financial institutions’ marketing strategies. With that in mind, Juniper Research came up with a list of 22 mobile banking trends:
- Open banking permits many innovative FinTech offerings to be offered to mobile customers from a variety of startups as well as established non-banking online systems.
- Mobile-only banks, with their non-stop convenience, improved customer experience and bundled product offerings, will become even more prominent.
- Non-traditional banks will continue to push innovations and promote social awareness.
- Micro-lending of amounts up to a few thousand dollars via mobile apps will increase in popularity and usage.
- Peer-to-peer lending is removing the financial institutions as an intermediary in some lending transactions.
- Artificial intelligence usage will continue to expand, especially as related to improving fraud detection.
- Chatbots will continue to improve and be more widely deployed.
- Data mining, including geolocation data, will allow for more targeted offerings.
- Augmented reality will help customers find the places the need (e.g. bank branch, ATM location).
- Location technology will become more precise.
- Vocal pattern recognition for authentication and transaction processing will continue to improve.
- Touchless transactions will expand.
- Human digital banking (i.e. a personal human banker using digital assistance) will become more popular.
- The internet of things will enable increased automation for a number of banking transactions.
- Mobile digital wallet usage will expand, including those holding cryptocurrencies.
- Cloud-based mobile apps will enable a surge of innovation in mobile banking.
- Apps capable of doing more than one thing will become more popular.
- API integration, that allows for easier interconnectivity between systems, will become more important than ever.
- Social media messaging will become an increasingly popular way to communicate with customers.
- Mobile devices will continue to replace bank cards, even at ATMs.
- Biometric authentication will become more prevalent for identification and authentication.
- Early identification verification will help to identify an authorized user based on historical patterns of physical activity that are monitored and kept in a database.
