The integration of different technologies and trends in the banking and finance industry has reshaped the way payments get processed. These trends eve
The integration of different technologies and trends in the banking and finance industry has reshaped the way payments get processed. These trends eventually decide how different services around us interact and offer their agendas to us. When it comes to embracing technology, no doubt, the banking and financial sector have gained the maximum benefits out of it, and this has brought a significant change in their working mechanism as well.
In this post, we have tried to compile trending banking and finance app solutions that would revolutionize these two sectors, with their innovative and creative methods.
Let’s grab a quick look at how different technologies are going to influence the mobile banking and finance sector.
Voice payments & voice biometrics
In the world of commerce voice payment is a new era that allows many customers to utilize voice technology. It brings ease of discovering and supporting the purchase of new offers conveniently. It has been reported that by 2022 nearly 78% of US adults would prefer to use voice payment. Further, the prediction meter also suggests that next-gen voice assistants would certainly replace the poorly executed scripts and will help in creating a seamless communication channel.
On the other hand, it cannot be denied that voice recognition has indeed become a real game-changer for the banking industry. It does not just help customers to make payments but also helps them to authenticate users effortlessly. With the help of voiceprint technology, it becomes easier for users to access their accounts with voice.
Cybersecurity & fraud detection
Fraud activities on the cards are nothing new to be discovered but with the improved fraud detection measures in mobile banking opens a new chapter of proven security.
With the help of predictive modeling of fraud, banks, and financial bodies, the consumers’ data security gets secured. It also results in better risk management and higher security measures.
Indeed, Chatbots are helping in delivering a personalized user experience to the users. The incredible potential of powerful smart bots simulate how humans interact, and they deliver benefits at all levels. There is no more need of a human mentor to train the bank’s staff and to run operations. There are multiple reasons behind the integration of bots, as they reduce operational cost, and replace traditional communication channels.
By the year 2022 chatbots shall fuel 85% of all customer service communications and will pave a smooth way for FAQs, payment requests, and tracking personal spending.
The abundance of comfort offered by the model of cardless money withdrawals has brought a revolutionary change in the financial industry. Here the ultimate utilization of Apple Pay or Google Pay to withdraw money can eventually help users to pick the services as per their needs.
Paydown apps have gained supreme popularity due to the era of consumerism and overspending. In this app, banks take a round-down on the purchase and send the difference to pay the debt or save some money. Such apps offer a solution for breaking down consumer’s spendings, monitoring debt, and building the right strategies to pay off the debt.
What future holds for the banking and finance industry?
The growing popularity of technology and trend in the banking and finance sector, ensure that focusing on technology brings multiple benefits. It does not just let the convenience for the users and the banking staff, but it also brings loyalty from the users as well. In the near future, mobile apps would become the common channel for financial operations. Although to keep it going, every bank must offer a robust platform for the security or minimize the fraud risk,
Considering the risk of online fraud forces the banking and finance sector to think twice before implementing the technology into their business model. However, the security trends have offered a platform that comes along with the fraud detection technologies, letting users and banking bodies relish a glitch-free experience.
No doubt, in the coming years, the very spectrum of technology will get triggered by the new trends and will affect the entire banking infrastructure. This will help in improving customer retention and attraction, and will also boost revenue.