Many banking apps already allow customers to deposit checks, monitor account balances, and pay bills directly from their smartphones. Going forward, we can expect to see phones used as more than just a device to bank anywhere. They’ll be tools for providing personalized service and a secure new way for customers to access their financial life.
Financial institutions are starting to enable voice commands within their apps, like having an Alexa for your bank accounts. As artificial intelligence and machine learning technology improve, these virtual banking assistants will provide increasingly tailored, nuanced assistance to customers in a more conversational way.
Staying innovative in the mobile banking space will be important for financial institutions to remain competitive. According to Fidelity National Information Services (FIS), which works with 50 of the world’s largest banks, mobile banking registrations saw a 200% jump in early April, and mobile banking traffic rose 85 percent.
The pandemic led to faster adoption of mobile payments among older generations, too. This demonstrates that the demand for digital options for interacting with businesses is growing, regardless of demographic. Expect that trend to stick.
As 5G becomes more widespread, other verification tools will make it easier for customers to get approved for things like loans by smartphone. Meanwhile, increased security features, like biometrics, mean customers can now input their ATM withdrawal requests ahead of time and simply use the ATM to dispense their cash.