Mobile banking is changing and there’s more to come. Several new features are gaining terrain and innovation is the key element. More people are asking about finances, transferences and online movement checking. And the mobile banking apps allow you to check your accounts immediately and anywhere.
In the last few years more users are opening online banking accounts instead of traditional ones. And mobile banking also has the benefit of discounts and other perks to invite new users. In this article we explain some of the features of the future of mobile banking. Several new functions that are arriving sooner than later.
More secure mobile banking tran”sactions
In the near future we can expect for mobile banking transactions to be even more secure. Hackers are always on the look for vulnerabilities to steal your money, but mobile banking apps are introducing several new security measures to protect the user and their money.
To prevent fraud demands and claims, mobile banking apps are introducing new barriers for managing accounts. They are also introducing biometrical identification and more secure transactions to move your money safely. Some banks like ABANCA introduce cipher key access to confirm money movements.
Generative AI chatbots
As well as other technology fields, AI is also making its way on mobile banking. The new trend is chatbots for answering questions and doubts faster. They can answer your inquiries 24/7 but they won’t completely replace human intervention for certain issues. AI can help you manage certain aspects of your banking accounts and prepare for a more direct and human solution for complex cases.
Banking employees will still exist even if you don’t see them regularly when using the phone. Some bank apps allow to send money to other mobile phones by using a chatbot and there are even more interesting possibilities in the near future. AI can be an excellent tool to improve services and offer new features for the user and the bank.
Mobile devices will be able to replace credit cards
It’s already happening. You don’t need physical credit cards to make your purchases. The new digital version of cards and other mobile payment methods make for a contactless future. It’s not necessary to take out the card from your wallet in any store. You can directly make your transference from your phone or using NFC from the device. Other payment alternatives like Bizum and free instantaneous transfer make paying without cards a reality.
Banking notebooks are doomed. Only older people is offered this device and plastic cards are the next item to disappear. Nowadays you can almost pay from a Smartwatch or Smart rings. All new smart devices are introducing payment options and the future could also include intelligent cars with payment options.
The Fintech phenomena
Without a doubt Fintech is the future of finances. The use of new technologies for investment and finances is part of the mobile banking future. Spanish banking technology in the next years will almost surely introduce Fintech articulation.
A Fintech is a company that offers digital services to manage your finances, heritage, alternative finance methods and electronic payment possibilities, among other features. In the near future they can’t replace traditional banking but they are turning into an important ally for mobile banking operations.