Secure, Swift and Convenient: The Future of Mobile Banking

Mobile banking apps have become a necessary part of the overall banking experience, and many of us can’t imagine not having them as part of our financial tools. They’ve made paying bills, checking on accounts, transferring money, exploring other financial products and depositing paper checks much easier than before. And with advancements in technology, mobile banking is getting even better. Let’s take a look at some recent innovations and the future of mobile banking.

Innovations and Trends in Mobile Banking

Mobile banking is easy, accessible and — best of all — quick. Gone are the days of getting out a calculator, pen and check register to find out what you have in your checking account. And with advancements in mobile banking, it’s only getting more convenient and personalized.

Advancements in Security

Security has always been a concern in the banking industry, and with the rise of cashless transactions and cybercriminals, it’s essential to make sure mobile banking apps stay as secure as possible. Many mobile banking apps are adopting features such as biometric authentication (including facial recognition and fingerprint reading) to complete a transaction or even access the app. This keeps the app much more secure because fingerprints and facial recognition are harder features to replicate or hack.

Many banks and credit card companies are also using artificial intelligence (AI) to track and alert cardholders of fraudulent activity. Cardholders are alerted of the charge, and the AI walks them through the process of reporting the fraud, locking their card and ordering a replacement.

Innovative Features

Some mobile banking apps already use voice recognition as a method of two-way authentication to access the app. But another financial trend using voice in banking is bill payment.

Voice-based transactions enable customers to check out for a particular transaction, pay bills or check account balances — all through a voice command similar to Siri or Alexa. According to a study published in Grand View Research, the market for voice-based payments is expected to grow at a compound annual growth rate of 10.9 percent by 2030, highlighting the opportunity for expansion of this feature.

Integration with Other Technologies

AI has exponentially evolved recently, and as it continues to evolve it will likely play a larger role in the financial industry as well. It can help improve the efficiency and accuracy of financial services, offer a better customer experience and make personalized financial recommendations (more on that later).

Mobile banking apps can also be integrated with other technologies to meet users’ needs. For example, some mobile banking apps enable customers to explore options beyond banking, such as ordering food, purchasing movie tickets and more.

Financial Planning Personalization

Personalization has been a trend in mobile banking for a while, and it’s not going away any time soon. For good reason — consumers like personalization. Consider the tailored recommendations of Spotify, Netflix, Amazon and other services. Consumers want a tailored experience that aligns with their needs and interests. According to a 2021 study, 72 percent of respondents value financial product offers when the offer is tailored to their personal needs.

Mobile banking advancements are meeting this demand by utilizing data to analyze consumers’ transaction history and then providing personalized product and service recommendations based on credit history, expenses or goals. These recommendations can supplement a financial plan, enabling you to better tackle your debts, save money toward your goals, create an emergency fund and more.

Access Your Money Anytime, Anywhere

One of the best parts about mobile banking is being able to access it when you need to — wherever you’re at. Considering how important this feature is, you want to make sure your credit union or bank offers robust mobile banking technology so you can access your accounts with ease.

Explore 7 17 Credit Union’s mobile banking features today and see what convenient, secure and easy access to your accounts can do for you — whether you’re on the move or creating your financial plan.