The number of mobile banking users is growing rapidly. Experts are studying key industry trends, based on the results of international research, to form a list of future functional add-ons to expand the apps’ capabilities. Developers of such programs are trying to make the process of making transactions more convenient and safer for the audience. Attention is also paid to the design of the utilities in order to create a high-end user interface with logical navigation and user-friendly usability.
Benefits of mobile banking:
- Accessibility to a wide audience.
- Ability to perform transactions without geographical reference.
- Reducing the cost of payment processing and customer service.
- No need to visit bank branches.
- Instantaneousaneous processing of cashless payments and money transfers.
- Free information about inflows and outflows.
Mobile banking is not intended for cash operations, but the application allows making currency exchange and withdrawal orders. However, in any case, the client will have to visit a branch of a financial institution or find the nearest ATM to withdraw money. Among the app’s additional options, a useful electronic map is often available, which can be used to locate the bank’s offices and self-service points.
Innovative features of mobile apps include:
- Contactless payments using the phone on which the utility is installed.
- Interactive menu elements that allow banks to operate in new market segments.
- Video communication to improve communication and interaction with bank representatives.
- Comprehensive “Mobile Wallet” with an expanded set of options for account management.
- Development of specialized banking services that are available only in the app.
- Improvement of tools for personalizing the interface and configuration of the application.
In the future, mobile banking will be able to replace habitual for the audience payment platforms, which function on official sites of financial institutions. Usually utilities are used to get information about account balances, examine the list of recent transactions, make payments, and perform currency transfers. Applications with extended functionality can attract the attention of new users who are interested in receiving popular banking services on a regular basis.