New Trends and Technologies in Mobile Banking

mobile banking apps

Fintech is making the banking industry undergo rapid innovations. From an interactive mobile banking app to voice-controlled banking operations, newer technologies are setting newer trends in modern banking. Smartphones have made mobile banking easier, and plenty of other transformations will make banking more personalised than ever.

Some of these are as follows:

· Voice-Controlled Banking

Made possible by voice-recognition technology, consumers can soon carry out banking transactions using their voices only. Just as Alexa and Siri can be activated and controlled by voice, banking operations will soon become possible with voice commands for people who do not want to type out instructions.

· Wearable Technology

Customers can take hard token devices everywhere to authenticate banking transactions. Very soon, wearable technology will facilitate banking operations. With wearable devices such as smartwatches or fitness trackers, consumers can soon carry out financial payments, account management, and other credit operations on their bank accounts.

· Blockchain Technology

Given the layers of digital security in blockchain technology, banking operations will begin to utilise the innovation. Banks will run operational networks on blockchain technology to increase financial security and boost seamless banking operations. Compared with how cryptocurrencies take the world by storm, banks will consider embracing crypto transactions and applying the technology to other financial products.

· Geolocation Targeting

Did you observe how your mobile device asked you to switch on your location when accessing some financial apps? Doing so enables the bank or online lender to pinpoint your exact location before enabling you to perform some transactions, helping proves to credit organisations that you are honest about where you claim you are, and personalised services can be tailored to meet your needs.

· Mobile Banking App

You have yet to see everything with mobile banking apps, and soon these apps will empower newer services that we are yet to imagine or visualise. Did you notice that your bank requires you to update your banking app constantly to access newer offerings within the app? With new services and offerings becoming available, you can access them in mobile banking.

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