Before tech advancements crept in, banking was one of the most tiring and time-consuming tasks. Customers had to visit banks even for the simplest tasks like checking account balance, money transfer and cash withdrawal, which were quite hectic. The invasion of technology has not just transformed the regular banking procedures but has reformed the entire sector and has enabled the customers to perform banking activities in their comfort zone. Additionally, technology development has paved the way for mobile banking, which brings bank access to the user's fingertip. Mobile banking has gained wider traction among users, and this has influenced several banks to adopt digital banking.

Mobile banking has simplified life by enabling the user to send or receive money, pay bills, track the bank transactions and more, also these services are offered free of cost. Here are a few mobile banking trends to expect in 2020.

Vocal Commands for Banking Services

Vocal commands that use voice recognition have become too common. This feature is soon expected to prevail in the banking sector as well. Voice commands are easy to access and user-friendly. Citing its uniqueness, customers could use voice command as one of the two-factor authentications to ensure the security of their accounts. Certain banks have already put voice command in practice for minor banking activities such as money transfer, reporting fraud activity like the lost card and more. 

Innovative Banking Apps

Though banking apps are already in practice, regular use of mobile banking has increased the demand for much advanced and innovative banking applications. These banking applications are more convenient than the traditional banking process. They do not have a stipulated timing and thus, enables the customers to complete their banking activity in their leisure time. In addition, these apps save the travel time, which the customer usually wastes while visiting the banks.           

Mobile App ATMs

The mobile app's usage is much easier than the debit cards, and thus, these apps are gradually replacing the cards. The debit cards' security issues such as losing the card and PIN number   have induced the banks to introduce near-field communications tech to their ATMs.  Some banks would also support QR codes, and the customers can access their account by scanning the code.

Biometric Authentication

With prevailing mobile banking, security is still a major concern. There is every possibility for people to lose their phones, and mobile transactions are unsafe in those conditions. As a solution to this problem, the banks would integrate advanced biometric technology in the application. In future, the banks may install the fingerprint scanner and facial recognition software to their applications. The biometric authentication would not only secure mobile banking, but it would also enhance the app's efficiency.  

Mobile banking ventured along with the smartphones invasion. The technology development has inclined the users towards using mobile banking. The mobile banking application's efficiency and easy access have made it popular among people. With the latest technological growth, along with the above mentioned mobile banking trends, we can expect improvised mobile banking facilitates in the future.

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