Mobile Banking Apps: Current Trends and Future Outlook

It’s been over 15 years since the first mobile banking app launched. Around the same time in 2007, Apple released the first smartphone with a touchscreen and full internet access. Popular with consumers.

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According to Ankit Bhatt, EVP, Consumer and Chief Digital Officer at US Bank, the rise of mobile banking can be largely driven by convenience.

“The world is becoming a more digital place and our customers want a banking experience as simple and convenient as everything else they do on their mobile devices,” he said. “It became imperative that customers be able to DIY their own banking needs. They needed a bank that never closed, in their own pocket.”

Keep reading to learn more about current and future trends in mobile banking apps.

Current trends in mobile banking apps

Mobile banking app leaders, including US Bank, all have common apps with specific functions such as depositing checks, locking and unlocking cards, mobile payments, paying bills, transferring money, and more.

But Bhatt says that’s not enough. The app also needs to be smart and personalized for each customer.

“This means using data and interactions with our customers to deliver a richer, more useful and beneficial experience for them,” he said. “We keep our customers on track of their budget, savings and investment goals, including through financial insights that pop up in our mobile apps. Helping them with their financial health is critical. We provide tools to help them set, track and reach their goals and offer automated savings and budgeting tools that suggest smart ways to grow your savings and manage your spending. “

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Bhatt also said that while customers gravitate toward digital tools for everyday needs such as checking deposits and money transfers, they still want human interaction and guidance when it comes to more complex financial matters. says.

“It became very apparent during the pandemic,” he said. “So where we see real value is in using technology to build those relationships. You can share your screen with the banker while gated.”

Bhatt adds: Convenient, fast and safe for them. The bottom line is that digital ultimately makes human interactions more valuable, as technology enables better customer interactions and experiences. ”

Future prediction

So what is the future of mobile banking apps? How do they keep evolving?

“Customer expectations of digital banking are not set by banks, but judged against best-in-class digital experiences in industries ranging from pizza delivery to ride-sharing,” said Bhatt. . “The key is to use data to better understand the customer’s needs and put the solution in the best position. , we can offer a 0% balance transfer, or if you recently paid off your student loans, we can automatically offer high-interest savings opportunities in your mobile app or online banking. It increases customer value, and that is the power of personalization.”

Bhatt said future mobile banking applications will further integrate digital and human capabilities. As for what it might look like, Butt suggested:

“For example, a goal portal: This is a connected digital and human experience where bankers know the goals customers set in their mobile app and can talk to them about solutions aligned with those goals. he said. “This allows bankers to move from trading ability to the advisory role that customers want.”

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