Mobile Banking: What’s Next For This Money Revolution

Statistics have shown that nearly a third of people in the US use mobile banking apps more than other applications on their phones. Additional studies reveal that only logging on to social media and checking the weather trump these numbers. This should not surprise us given the increasing prevalence of mobile phone use across generations. Practically everyone owns a smartphone now, and it certainly would be ill-advised not to take this into account. As we are instructed, the golden rule in marketing is to understand your audience.

In line with this mantra, we have seen the birth of mobile banking which was invented to cater to the needs of Gen Y. While a number of businesses have incorporated mobile banking into their dealings, some have yet to get on this bandwagon. However, mobile banking technology is advancing steadily.

Understanding Mobile Banking

Mobile banking is essentially the use of a smartphone or any other cellular device to perform online banking tasks such as transferring funds and paying bills. The benefit to consumers is clear: ease and convenience. But you may be asking yourself what benefit mobile banking has for small businesses? Without a doubt, it makes accounting easier as it displays the payments made in the course of the day.

Additionally, it allows you to expand as you can now accept online payments for goods. This said, mobile banking isn’t what it used to be, there are a number of advancements that are steadily improving it for the better. If you have already incorporated mobile banking into your business or are looking towards taking this step, here are a few of the improvements you should expect to see.

The Rise of Digital Banks

As we move away from the traditional notion of money, we also evolve from the conventional idea of banks. Our digital era has given us digital banks. These are banks that only engage with their customers over digital media. These digital banks are committed to providing a customer-friendly experience and to this end are offering AI-based chatbots.

These chatbots are able to monitor user behavior and habits, which will allow digital banks to transform the way customers make financial decisions, with mobile banking at the forefront.

Voice Payments

Smart gadgets are defining the decade. From smart cookers to smart fridges, it has become increasingly easy to communicate with our gadgets and vice versa. As technology continues to grow, we may see the gradual incorporation of voice commands in the mobile banking sector.

This will, of course, require that banks find a way to ensure the security of users is protected even as they make voice payments and utilize voice commands. But in the push to keep up with the needs of millennials, mobile payments may become a reality sooner than we think.

Mobile banking is steadily changing the way we handle money and with emerging technologies in the field, it is only set to grow bigger and better.