5 Mobile banking trends to watch out for in 2023 

The evolution of technology brings rapid transformation in several industries, especially in the banking sector. Nowadays, smartphones are enough to handle our daily responsibilities and banking activities. It made our life simpler by delivering excellent services. Everybody has an E-Banking Mobile App to access their financial elements easily. When a new technology arrives, it comes up with new trends. People opt for them to lead an effective lifecycle. Here we have discussed the top five trends in mobile banking that will enhance the user experience of existing mobile banking apps.

A-B-C-D verification process:

This is cutting-edge technology that will provide you with awesome mobile banking services. A-B-C-D stands for artificial intelligence, blockchain, cloud storage, and data integrity. For example, banks often do know your customer (KYC) process to provide loans and other financial services. By enabling the A-B-C-D process, your transactions, bill payments, and personal banking details are collected and stored in cloud storage. Blockchain will provide security for these data. Finally, AI will create a report of your banking profile to ensure your eligibility for getting respective financial services.

Voice payments: 

Payments through voice recognition are an essential banking trend that you should be aware of. Voice commands are the easiest way to access a variety of services and to provide an extra layer of security. This allows users to make payments, check bank balances, and conduct many banking activities. Many platforms are enabling this feature to give an improved user experience. Most E-Banking Mobile Apps use voice recognition to provide two-step verification to ensure high security.

Improved Cyber security:

A crucial aspect of online banking is providing security over cyber threats. Many emerging trends such as artificial intelligence, big data, predictive modeling, and blockchain are played a vital role in improving the customer’s data security. AI provides users with multiple layers of authentication and warnings and fraud alerts. The existing biometric authentications like fingerprint login, voice recognition, and facial recognition are upgraded to ensure high security over banking activities.

Smart bots:

However, each industry or business wants to satisfy its customers by providing vast services. An important feature to look for in an organization is customer support, which decides the success of your business. Nowadays, AI-integrated smart bots are used in various industries. Banking sectors also opted for this trend to establish effective customer support. They deliver quick and clear responses to the customer’s queries to know about basic queries, eligibility checks, and more. It also allows bank employees to understand how to communicate with clients by following security rules.

Cardless ATM withdrawal:

Most people expect contactless cash withdrawal, which is a challenging task. Then cardless ATM withdrawal becomes one of the emerging trends to renovate traditional mobile banking usage. The ultimate aim of this concept is to eliminate the physical presence of debit/credit cards. This can be done using QR code scanning and NFC technology to make customer interaction with ATMs much easier.

Bottom line:

Internet banking was developed with new features to enhance the user experience and provide a high-security level over your banking services. If you are a businessman or often work with your finance elements, you can opt for Premium Mobile Bankingwhere you can get advanced banking features.


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