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Driven by the evolution of technology and growing customer demands, banks are turning to modern software, connected devices, and the web to manage highly sensitive data between customers, investors, and employees.
Financial services have undergone a huge technological shift in a relatively short time. Driven by the evolution of technology and growing customer demands, banks are turning to modern software, connected devices, and the web to manage highly sensitive data between customers, investors, and employees. And it should come as no surprise that mobile banking app development is front and center.
Modern banks appreciate that their customers are more mobile than ever, accessing their accounts via smartphone and tablet devices while on the go. A 2015 banking trends presentation by financial data company MX highlighted the shifting demographics using banking apps to manage their money. Most notable is the 45% of Baby Boomers and Seniors using mobile/digital banking at that time.
More recently, an article by the Financial Brand points out that 18-24-year old consumers represent the most engaged segment of mobile banking users, with 82 percent of smartphone owners in this bracket using mobile banking apps. Meanwhile, only 29 percent of the 65 plus bracket of smartphone owners use mobile banking.
However, what’s true of just about every demographic – as illustrated in the Financial Brand article – is the fundamental change in our relationship with banking. In 2012, only 27 percent of consumers engaged with online or mobile banking. By 2017, this had grown to 46 percent, while human interaction channels (branches, call centers) had shrunk from 15 to 10 percent.
And, according to Net Finance, modern consumers will typically interact with their banks between 15 and 20 times a month, compared to the 3 to 4 times prior to the digital era.
Consumers are using their devices to send and receive money, manage loan payments, and even open and close accounts. This trend will continue to grow as consumers expect more features from their mobile banking services.
These features should include:
☉ 24-hour access to account balances, account history, and transactions
☉ Secure mobile check deposit, using the smartphone camera
☉ Bill payments
☉ Loan payments
☉ Money transfers
☉ Security and fraud alerts
☉ Travel services
For banks, managing a mobile solution can be more difficult than it first appears. Financial firms must adhere to GRC (governance, regulatory, compliance) mandates when integrating mobile services.
In addition to providing security and data integrity, banks are looking towards new and revolutionary methods for improving the quality of their services. Big data plays a key role in rules & regulations.
Mobile banking services must be secure, they need to allow for flexibility and future extensibility. As banks react to changes in customer expectations, their core services need to be able to expand and adapt.
Bank’s existing system also helping to ensure the bank makes better use of modern trends in data analytics, cloud computing, and instant connectivity.
Compared to retail banks, trading banks have very stringent requirements on the execution of their back-end software. Financial institutions rely on high-performance systems.
Beyond traditional usernames and passwords, banks are keen to remain on the cutting edge when it comes to keeping their mobile apps safe.
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