Mobile banking is set to take over all other banking channels put together. The convenience of banking anywhere anytime has given mobile banking a competitive edge. According to Juniper Research, mobile banking users will surpass 2 billion in 2020, making it roughly one in four people worldwide. Among other factors, the surge in mobile banking has been driven by convenience and solving pain points. As mobile banking technology continues to grow and expand, let’s look at the top global mobile banking trends to look out for in 2020.
The risk of security increases for banks and financial institutions with an increase in revenues and services. According to Forbes, card losses alone could surpass $12 billion in 2020. Fortunately, the use of big data engines enables banks to safeguard their resources and protect their customers’ identities. They can extract vast pools of customer data from various sources and improve risk assessment processes. The analysis could help to develop predictive models of fraud detection and also jump ahead of the competition by providing a streamlined customer experience.
Voice-activated commands are making waves with global consumers. As Gartner predicts, by 2020, nearly one-third of all browser searches will be screenless. Already now, your smart refrigerator can take voice commands to order groceries from the store, pay for them, and have the groceries delivered to your door.
How does that translate into banking services? As consumers are highly conscious of security concerns, several banks have already introduced voice recognition as one of the methods for two-way authentication. Another application for voice-first technology in fintech is providing access to private banking through smart devices such as Alexa or Siri. Individual banks such as Santander have already gone one step further, allowing customers to conduct money transfers to trusted payees, inquire about transactions, or report stolen cards, all using voice only.
Cardless ATM withdrawals appeal to users for its speed and convenience. There are usually two ways available to withdraw money – through an app-generated code or near-field communication (NFC). The app generated code needs validating transactions with a QR code. In the use of NFC, the ATM sensor is tapped with the phone to withdraw money, without a card. Cardless withdrawals help to reduce cloned card fraud, as all assets are safe with encrypted transactions.
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