Key Benefits Of Mobile Banking In 2021

People have appreciated the benefits of mobile banking more than 10 years ago. We have written a series of articles about this, go ahead and read https://diceus.com/industry/banking/mobile-banking/. In today’s article, we will briefly talk about the main trends of the current year in this area.

Main Trend

Mobile banking today is the main trend in the market for remote banking services. We are seeing banks’ customer base shifting from internet banking to mobile banking. Accordingly, there is a redistribution of the transactional activity of clients in favor of the latter. More than 10 years ago, one could observe a similar behavior of bank customers: then, due to the rapid development of broadband Internet, customers were actively switching to Internet banking from SMS banking.

The Main Incentive Is Competition

So that your mobile banking application does not get lost among hundreds of analogues, but it should stand out strongly. Of course, the product must be of high quality in terms of speed, safety and design. But for the application to be noticed, downloaded and not deleted after the first use, this is not enough. That is why, before starting a project, it is necessary to analyze your ideas and possibilities. If you can offer people something that is not yet on the market and people need it, your application will become top-ranked.

There is one more nuance that must be taken into account. Big banks are unlikely to want to integrate their databases and transactions into an application that works with multiple banks and financial institutions. If we are talking about a conventional payment system, then it must be universal. Banking applications in 99% of cases are created and customized for the needs of only one bank and its service packages.

In the coming years, all commercial and state banks will increasingly focus on the development of mobile banking, which means that customers will receive more convenient and advanced services. This will also be facilitated by increased competition between technology market leaders. In this regard, banks are closely following the trends in the remote banking market and are constantly updating their services.

Today it is difficult to surprise users with anything in the field of mobile banking applications. And yesterday’s novelties and breakthrough solutions today have become a necessary minimum of the functionality of mobile banking. For example, this happened with the function of geolocation services for finding banking service points. Today, developers are implementing this opportunity for their customers using augmented reality:

• The device prompts the customer about the nearest service point;
• Plots a route using navigation applications;
• Uses the built-in camera of the device.

In the context of growing competition, banks are trying to maximize the advantages of native applications for mobile devices, the implementation of which is impossible in web versions of banking. As an example, you can specify the implementation of the function of transferring money by QR code in applications. To receive a transfer from another client, you do not need to tell the sender your account number, name and surname. The application allows you to create a QR code with the requisites necessary for the transfer and send them to another bank client using email, share on a social network or, if a friend is nearby, just allow him to read the QR code using a smartphone or tablet.

All Platforms Are Good

Banks are constantly monitoring the popularity of technology platforms that create the most popular smartphones. Given the fashion for native development, some templates can be implemented first on Android, then on iOS, or vice versa. If you have some preferences you should discuss them with your IT software company.