Evolution of Mobile Banking Apps Over the Years: What’s Next?

If you are an adult managing your own money, you definitely interact with mobile banking apps regularly. These apps have become an integral part of our daily lives as they simplify the way we manage our finances.

However, these were not the same a few years ago and as rapidly the technology is evolving, these will not be the same a few years later! The evolution of mobile banking apps is truly a remarkable feat of technology as it has come a long way.

In this post, let us quickly take a quick tour of how these apps have evolved over the years and what’s next for such applications. Without further ado, let’s begin!

Emergence of Mobile Banking: How it All Began

To understand the evolution we have to understand how mobile banking emerged and what were the early day features of mobile banking.

In the early 80s-90s when mobile phones were a luxury and the majority of users had feature phones, mobile banking worked through SMS and toll-free call centers. People had to connect with the call centers of their respective banks to be able to place a banking request.

However, the scope of mobile banking was minimal in the feature phone era as people were only adapting to the idea of mobile banking. People preferred physical banking as it gave them better access to services and was more assured.

Later European banks developed their online banking platform which allowed their customers to access banking services through their mobile phones.

However, it was also not a huge success since physical banking felt more comfortable than online banking due to the lack of resources.

Mobile Banking Today: How It’s Going

With the widespread adoption of the Internet and mobile phones, banking took a new turn and changed the way people interacted with banking completely.

Banks and financial institutes realized the potential of mobile banking and hence developed their mobile banking apps.

These apps had a lot of features to offer, allowing a user to easily check their balance, place transfer requests, access their account details, etc.

Mobile banking has become more and more accessible thanks to easy internet availability and the availability of smartphones.

Another crucial player in enabling and normalizing this easy way of banking as an entrepreneur is opting for banking app development services that helps even the smallest of banks to create an application that reaches the masses.

Some of the key factors that make mobile banking apps better than what they were earlier are –

Enhanced Security Protocols

With the development of technologies, security features have become more advanced, allowing users to safeguard their sensitive information easily.

Seamless Accessibility

Thanks to developments in information technology, the internet is no longer an issue. This allows seamless access to banking information and services.

Real-time Services

While in the early days, you could only send a request and wait for a banking professional to act on it, mobile banking apps allow instant transactions, making everything real-time!

Mobile Banking in the Future: What’s Next?

Comparing where we started to where we are, in terms of mobile banking apps and their functionality, we can say that we have come a long way.

However, with fintech taking over every aspect of financial services including banking, the potential of mobile banking keeps growing.

More and more small banks and financial institutions have emerged over the years, all thanks to the ease of mobile banking applications.

Talking about the future of mobile banking, it seems like everything is going towards more personalized experiences and more secure transactions.

Technologies such as AI, Blockchain, Artificial Intelligence, Machine Learning, Cloud Computing, Open Banking APIs, etc. have completely transformed the way mobile banking works.

If we talk about the types of features that we can expect in the future in a mobile banking app, these can be –

Hyper-Personalization

With the help of trained AI models, there are chances that mobile banking apps will start creating a hyper-personalized feed with a series of features that a person regularly uses.

Smart Digital Assistants for Banking

While you may be aware of digital assistants like Siri, Bixby, etc. banking apps are moving towards voice-powered banking, allowing users to use their voice to get things done.

Digital-Only Banks

It is also a possibility that banks will go completely digital with no physical branches as it will help in reducing the cost of operations. While it seems a bit far-fetched, it is not!

Loan

Lending One of the prime feature of mobile banking is loan-lending. Where you can help the users to take loans in simple steps. If you are an entrepreneur and want to create a change, connecting with loan lending app development company can be helpful.

Other than these, some of the not-so-common features such as instant payments via QR Codes, Robo-Advisors, etc. are also to look forward to.

Conclusion

These features clearly define the direction in which mobile banking apps are headed. Mobile banking apps have come a long way be it in terms of functionality, technology, or usability.

Needless to say, these apps will keep evolving as the technology keeps developing. However, if you are into finance and have not yet made the digital move, start today! That will be all for this post, thanks for reading.