Mobile Banking Trends – The mobile phone has already become the main point of contact between banks and users in certain countries such as Thailand, Sweden, and Turkey, as can be deduced from our Ditrendia Report: Mobile in Spain and the world that we have published in collaboration with the Marketing Association of Spain-MKT and the Mobile Marketing Association-MMA.

Upcoming Trends in Mobile Banking

Upcoming Trends in Mobile Banking

One of the improvements applied to mobile banking will be using it to employ one’s voice. This is one of the improvements that will be carried out the most shortly, considering the number of financial services companies already betting on this improvement. Experts calculate that many searches will be carried out exclusively by voice in a couple of years.

However, we must not make the mistake of believing that from now on, all technological improvements will revolve around voice search. These interfaces become more sophisticated over time to improve customers’ user experience.

What are Banking Trends?

What are Banking Trends_

The government highly regulates the banking sector, but that does not exclude the banking industry from new consumer trends and customer preferences. With the digital age and high mobility rates resulting from smartphones, consumers expect seamless banking experiences and multiple communication channels. However, consumers are also sceptical about the security and confidence that banks can offer, not only with money but with one of their most important assets: personal information.

Now, it is these changing user needs that have led banks and financial institutions to innovate and create user-centric experiences. That is why understanding and having a complete vision of the consumer is essential for banks that seek to meet the needs and expectations of their customers, generating successful strategies.

Mobile Banking Trends in Europe

By device, 61% of users in Europe use their mobile to access their bank (although other sources place it closer to 70%), compared to 48% who used it in 2017. The mobile is the most common device to check the status of accounts or carry out transactions in Europe (65% compared to 32% of the computer).

Mobile Banking Trends in Spain

If we analyze this use by country, Spain exceeds the European average by 3% and increases by 16% compared to last year, reaching 68% of users who opted for the mobile to carry out their previous banking action. The Netherlands and the United States are in the lead with 76%.

The improvement in the experience banks offer their users, and the rise of mobile payments has meant that in 2019 59% of Spaniards already carry out their banking actions mainly through mobile devices, compared to 66% who do so online.

Mobile Banking Apps

Mobile Banking Apps

Its Mobile banking apps have become an increasingly prevalent part of consumers’ everyday lives. As early as 2018, users checked their mobile banking apps almost daily, and usage continues to grow. The global growth of financial apps is strong, rising 75% since 2016 and reaching 3.4 billion downloads worldwide in 2018.

In Europe, the La Caixa application position is the second most used, behind the Barclays application in the United Kingdom. Access to our banks from our smartphones has become a trend that has been increasing notably with the arrival of the pandemic.

Also Read: How to Build an Authentication Flow with React Navigation v5?

Mobility becomes Increasingly Important in Banking

According to the Global Mobile Payment Market report. The market project is to grow at an annual rate of 33% between 2019 and 2026. The market estimate to be worth $457 billion by that period. In addition to the weight that mobile payments have within the financial market. In another of significant change is the appearance of social networks in this sector.

One of the great channels that appear to build a smooth journey for the user is social networks. Which present in the financial sector as a means of customer service par excellence, with the penetration of social networks.

They want to carry out banking operations online: 64% of Latin American Internet users have used the internet for banking operations.

They want customer-centric services: 26% of mobile banking users expect a brand to provide services. Its products help simplify daily life.

They expect a variety of financial tools: 16% of mobile banking users want brands to offer a range of useful apps and online services.

They want banks to be accountable: Users value transparency and authenticity more than ever, with new data privacy challenges.

Mobile banking is proliferating: Although there are many trends in the immediate future, we will highlight five particularly interesting.

Also Read: How to Build A NFT Fashion Marketplace?

Let’s look at Important Trends to Watch for in Mobile Banking

Voice-Based Services

We are undoubtedly facing the dominant user experience in the coming years. Mobile financial services companies are mainly moving in this direction. Keep in mind that the projection indicates more than half of all searches. The web will generate by voice in just a couple of years.

However, let’s not think that everything will be based on optimizing voice-based searches. Voice user interfaces are becoming increasingly sophisticated, improving customer experience, conversions, and awareness.

Biometric Authentication

As sophistication advances and the importance of significant data increases, biometric technology becomes more necessary. If one could have a particular sensation of a complementary element, one speaks directly of the essential component.

Conclusion

Mobile banking is a term used for banking-related transactions on the go or through mobile devices. That makes it unnecessary for customers to restrict their lifestyles. The most conducive factor for this type of banking. It is the Internet because customers can access their accounts through their bank’s website. Such as long as they can establish an Internet connection to the site through some device.

Mobile most banks have adopted mobile banking as the way forward due to its growing popularity. A situation that disconnects from the freedom and ease of use it offers customers. The question for most banks.

Also Read: Manufacturing Business – Definition, Examples, Types, Risks, and More