The banking sector is undergoing rapid changes due to the increasing use of innovative technologies. Financial companies are leveraging software solutions to automate manual and repetitive processes, enhance customer experience, and ensure data security and compliance with rules and regulations.
In addition, mobile banking apps allow organizations to provide services remotely. This has become especially important in light of the current pandemic when physical contact is to be avoided. Customers can open new accounts and complete transactions with just a few taps on their smartphones.
This article is important to read as it provides insight into the major trends in the mobile banking industry for 2021 and beyond. It also offers an understanding of how custom software can be used to address specific issues for businesses.
Artificial Intelligence-Powered Chatbots
AI bots are sophisticated software that can execute specific tasks according to pre-defined parameters. Through the use of conversational technology, financial and banking institutions are able to reduce response wait times from hours to mere seconds. For instance, an AI chatbot can handle frequent customer inquiries, manage multiple incoming requests, provide requested data and direct complex issues to the appropriate specialists.
Moreover, organizations can use AI chatbots to deliver personalized advice to their customers. This allows them to provide 24/7 customer service while significantly reducing costs. According to Juniper Research, chatbot implementation in banking will result in a saving of $7.3 billion in operational expenses globally by 2023. It is also projected that successful banking interactions will skyrocket by 3,150% during the same time period.
Experts in the industry have noted that chatbot incorporation in mobile banking apps will be the primary driver for the increasing adoption of these technologies, making up 79% of all interactions in 2023. Nick Maynard, research author at Juniper Research, highlights the importance of this development, stating “Chatbots in banking allow heavily automated customer service, in a highly scalable way. This type of deployment can be important in digital transformation, allowing established banks to better compete with challenger banks.” This is an important point to consider for those looking to make the most out of this technology. If you want more info then it’s important to read the whole article closely.
Mobile Banking Apps
The use of mobile banking apps has been rapidly increasing in recent years, particularly since the onset of the COVID-19 pandemic. Lockdowns across the world have driven people to access financial services through their tech devices.
In 2020, more than half of American adults used their smartphones to access their bank accounts, a figure that has been predicted to grow at an annual rate of 29% until 2027, with mobile payments estimated to reach almost $9 trillion by then.
From loan payments to budgeting, customers can enjoy a range of advantages when using mobile banking solutions. As well as this, financial institutions can benefit from improved customer satisfaction and cost savings. To ensure data security, two-factor authentication and biometric technologies are important to consider.
At Surf, our team has created a mobile banking app that provides users with a range of features such as currency exchange, document creation and sharing, invoice and payment orders, and downloading of account statements.
