Keep an Eye Out for These Mobile Banking Trends in 2018

Person checking a bank account on a mobileMobile banking is rapidly becoming the primary touch point for banks. Juniper Research forecasts that the number of mobile banking users worldwide will grow to two billion by 2020, representing over a third of the global adult population.

With so many people planning to use mobile banking, it is important for banks to be aware of the trends in this industry so they can stay ahead of their competitors. Banks looking to obtain more customers should watch out for these 2018 mobile banking trends.

Chatbots

Instead of assigning a financial advisor for a particular branch, banks should look for a user-friendly way to interact with their customers and provide them with the mobile banking services they need. Fortunately, banking institutions can use chatbots as an alternative to an in-person financial representative. Apart from offering relevant advice and services to thousands of customers, a bot can potentially provide more profound insights into consumer financial behavior.

Blockchain

Besides bitcoin and other cryptocurrencies, blockchain technologies could break many of the barriers currently faced by mobile banking. Last year, people saw some businesses developing blockchain into applications that have the potential to disrupt the mobile payments industry.

A good thing about blockchain is that it can make mobile payments instantly fast. Latency in transaction times will soon become a thing of the past as developers plan and implement speedier blockchain networks.

On top of speed, security will not be an issue with blockchain. The main priority of blockchain is hyper-security, which help prevent fraud and other scams. Additionally, blockchain security features, such as the multi-signature verification, will give customers peace of mind as they use the banking system.

Voice Technology

Voice-control commands are becoming more mainstream. Big companies like LG and Amazon, for instance, have jointly developed technological additions to the smart fridge that enables people to order and pay for groceries using their voice.

Besides consumer tech companies, banks are also developing their voice-enabled technologies. From virtual assistants to security features, voice technology will offer a new dimension to mobile banking this year.

Chatbots, blockchain, and voice technology are some of the trends that banks should take note for 2018. This year will be a good year for banking institutions, as smartphones are becoming more affordable and mobile services are becoming much more available to the banking public.

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