Banks have evolved a long way since the start of this millennium. With ATMs, Cards, and Internet banking, IT has helped in revolutionizing the banking industry globally. Evolving payment mechanism also fuelled the fast pacing economic growth and enabled businesses across the globe to flourish.
In the late 20th century, something started revolutionizing the way people communicated and the same went ahead and revolutionized the way people did banking. Yes, they are mobile phones. The widespread use of mobile phones and the advent of smartphones have led to a digital revolution worldwide, and it has now matured and become an integral part of our life. Smartphones have made our life easier by bringing information to our fingertips and have enabled us to perform actions based on it, with ease. Likewise, it has also brought the bank branches onto our palms via mobile banking.
Why Innovate Mobile Banking?
Mobile Banking not only revolutionized banking but has also bought financial inclusion to millions of people who have no access to the traditional branches. From just being a transactional feature, mobile banking has rapidly evolved to be a customer experience driving channel today. Its potential, significance and cross-selling capabilities have put it in a key position in the digital strategies of all banks globally.
Banks and FinTech companies have now put an unprecedented effort to drive innovation in the mobile banking space in order to
- Simplify the processes
- Obtain customer insights
- Engage customers
- Stand apart from the competition
The following are the top innovations that are trending in mobile banking space.
- Face Recognition AKA Selfie Banking
- Biometric Authentication
- Voice Recognition & Voice Ordering
- Image Based Banking
- Quick Loan Approvals
- Omni-Channel Banking
- Product & Service Innovation
- Contactless Payment Solutions
- Social Media Banking
- Cardless Cash Access
- Next Gen Technology Integration
We’ll have a detailed look on each of the above in the subsequent posts in the series.
About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.
About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.