By Genify on 05/04/2023, 12:28:00
With the emergence of mobile banking, users can easily and effectively access their bank accounts wherever and whenever they want using their smartphones. As a result, they can manage their financial transactions on the go, transfer money, pay bills, deposit checks, and manage their accounts. Not only does mobile banking facilitate high levels of convenience and ease, but it also provides features and services that traditional banking does not offer.
With that said, mobile banking has become an essential tool for modern-day finance management, and it is the ideal alternative to traditional banking. The future of mobile banking is expected to provide incredibly advanced features and services powered by artificial intelligence (AI), ultimately benefiting customers. This article will discuss mobile banking benefits and the importance of personalized experiences in the future of mobile banking. Continue reading to learn more.
There are various benefits of mobile banking, and they are as follows:
With mobile banking, users can conveniently manage their bank accounts and easily make financial transactions without going to a bank. Not only does this prevent customers from the inconveniences of commuting and waiting times, but it also eases banking operations. The digital transformation the banking industry has achieved is eliminating the need for paperwork and manual labor, saving time and effort and increasing accuracy and efficiency.
Banking mobile apps enable constant access to all banking services. And since these applications are designed with the user’s convenience and benefit in mind, they elevate customer experience, delivering various sought-after features and services. Such accessibility makes customers’ banking experiences more convenient.
Several security features are implemented in banking mobile apps, such as biometric authentication including fingerprint recognition. Also, these apps utilize encryption, which refers to the process of converting data to code, preventing banking and financial data from being read and accessed by unauthorized parties.
Open banking is a banking system allowing third parties to access customers’ banking data and financial information, which can only be carried out under the consent of each customer. Open banking systems deliver benefits and services that the typical mobile banking application cannot.
However, it is worth noting that open banking wouldn’t be possible without mobile banking, as open banking systems collect data from various resources, such as banks and financial institutions, and present them into a single integrated interface, through which users can access multiple banking accounts and personalized recommendations for financial products and services.
Furthermore, open banking provides incredible convenience and accessibility for customers without compromising security, as open banking interfaces utilize artificial intelligence (AI) technologies to detect unusual activity. Generally speaking, AI and machine learning algorithms learn each user’s behavior on the interface, enabling them to detect unusual behavior, indicating fraudulent activity.
Personalization is key to making mobile banking extraordinarily user-friendly and efficient. Therefore, banks constantly present new personalization features through their banking apps to enhance the user experience and elevate their banking and financial services.
Such features may include personalized recommendations, customized push notifications, and targeted offers based on transaction history. It is worth noting that personalized recommendations are based on each customer’s data analytics and behavior, as both indicate customers’ financial and banking needs, including loans, credit cards, and more.
By incorporating these personalization features, mobile banking apps streamline the user experience and provide tailored financial advice, assisting users in remaining in control of their financial situation.
Personalization reaches its utmost with open banking. Each open banking interface offers recommendations from a wide range of banks and financial institutions rather than one bank, creating better service diversity for customers and increasing their satisfaction.
Personalization is essential in mobile banking, banking apps, and open banking interfaces, as it provides a customized experience for each customer, attending to their financial needs and banking enquiries. In the context of open banking, for instance, open banking APIs implement AI technologies to analyze customer data and behavior, predicting the type of products, services, and advice they may need.
So, if such advancements are already implemented, what does the future of mobile banking and personalization look like?
Banks can further develop personalized experiences for banking app users in many ways, such as tailoring the app’s interface to each individual. This can be actualized by displaying frequently used features and accounts front and center while showing less used options in menus and submenus.
Mobile banking can also utilize data analytics to personalize products, similar to how open banking already operates. This can be hugely beneficial for customers who do not consent to give third parties access to their financial data as required in open banking systems.
More banking apps can provide chatbots and assistants, offering personalized advice and guidance for customers 24/7. This can be a great addition to all banking apps, increasing convenience and flexibility.
While mobile banking is heading towards further advancements in personalization features, open banking interfaces already provide those to-be-delivered features. With open banking interfaces, customers can receive highly personalized recommendations for financial products, banking services, and expert advice from many banks and financial service providers.
With the use of accurate, granular, and secure APIs, like the ones provided by Genify, you can ensure maximum customer satisfaction. Discover Genify’s APIs today for more details.