As more and more people access their bank accounts on mobile devices, it’s no surprise that financial technology companies are capitalizing on this opportunity. They’re creating various new services and processes transforming the banking industry. Personalized financial advice, savings tools, and big purchase calculators are just some of the ways mobile banking is helping customers make more informed decisions about their finances. These tools can help customers reach their goals more quickly and save money.
Financial technology companies such as Current are increasingly addressing the needs of underbanked communities. These startups have proven successful in agile, emerging markets such as Latin America and South-East Asia by providing affordable, accessible accounts. The United States has more than ten million unbanked and underbanked households. These people need a bank account or regularly use nontraditional financial services such as check cashers and payday lenders. Many of these individuals live in “bank deserts” – areas lacking access to traditional banks. Many of these communities are majority-minority or low-income neighborhoods.
Mobile Banking Apps
Financial technology companies have pushed the boundaries of banking with mobile apps, transforming consumer expectations and creating an entirely new channel for banks to communicate with customers. These apps have become the primary interface between banks and their customers, delivering all functionality traditionally accessed through brick-and-mortar branches. Banks have invested heavily in their mobile apps to ensure users can access their accounts when needed. They’ve also implemented security features like touch and face ID authentication to help keep your account safe from unauthorized access. The best mobile banking apps are intuitive, easy to use, and provide a seamless experience. They let you automate money decisions, block your cards, and get answers to your questions within a few taps of your phone.
The rise of mobile banking apps has inspired many traditional banks to embrace FinTech technology. They now leverage their infrastructure and data to allow third-party providers to develop new digital services. One example is e-wallets, which have become popular and convenient for making person-to-person payments. These wallets can be accessed through a bank’s app or standalone applications. In addition to allowing a user to deposit and withdraw funds, these apps also provide a wealth of financial information. They can help consumers decide how to manage their finances and save money for the future.
Fintech companies are increasingly integrating innovative features into their mobile banking apps to offer more services faster and with greater ease of use. This includes personalization, seamless omnichannel engagement, twenty-four-hour support, chatbots, and other tools to help customers manage their money. In addition, some banks are going beyond a single app and adding text or voice-enabled virtual assistants that can handle all your banking needs with a few taps. These intelligent virtual assistants learn from you and anticipate your needs, providing a seamless experience. In many countries, financial technology companies use open APIs to make their mobile apps accessible to regular bank users. These independent mobile apps can be linked directly to your primary system. This approach enables your banking ecosystem to be more flexible and adaptable to changing consumer requirements without deeply restructuring your technological systems. This has led to a surge of innovation in mobile banking.