Wednesday, October 26, 2016

Mobile banking is one of the biggest banking trends to emerge over the last few years, and continues to gain popularity, thanks to its unmatched convenience. Security issues aside, mobile banking is fantastic tool that allows you to bank anywhere at any time. So, how is mobile banking evolving? And, more specifically, what are some of the prominent mobile banking trends for 2016? Let’s find out: 


Striking a Balance


Establishing a balance between brick-and-mortar marketing and mobile marketing is a trend that will only increase in 2016. Banks large and small must discover how to maintain this balance and subsequently avoid alienating any section of their customer base. As much as people enjoy the convenience of mobile banking, the human touch that comes with walking into a bank and conversing with tellers is something no bank should lose sight of. 


Ensuring Security


A 2016 mobile banking trend that’s likely to spill into the coming years involves ensuring such banking is secure. As convenient as mobile banking is, the security issue is one that continues to surround the banking option. The more secure a mobile banking app, the more customers will trust it...and the bank itself. Finding new and innovative ways to keep customer information secure is part of the equation, as is educating the public on what it can do to maintain banking app security. 


Banks regularly offer information on their websites, blogs, and social media pages about how customers can keep their information safe. Tips include downloading banking apps only through the bank’s website, avoiding public Wi-Fi, never opening suspicious emails or clicking on their links and attachments, and installing quality anti-virus software on smartphones and tablets. 


Deeper Engagement


Another mobile banking trend taking hold in 2016 is the need for deeper banking engagement. Mobile banking has mainly been used to check balances and other recent activity, but that’s hardly all banking apps can do. Banks are interested in promoting other mobile banking uses, such as locating nearby ATMs, making bill payments, transferring money, making person-to-person payments, and depositing checks with smartphone and tablet cameras. The latter is arguably among the more popular options. 


Supreme Efficiency


Banks are scrambling to find ways to entice customers with mobile banking, and making certain the above possibilities are safe, efficient, and highly convenient is the best way to do so. The faster and more convenient the banking app, the more likely customers are to sign up for it. They want to know their sensitive data is secure and that the ability to transfer money or pay utility bills won’t take significant time out of their days. Banks that offer the safest, most convenient apps are the ones that will likely come out on top by the end of 2016. 


Efficiency, security, keeping that human touch in mind...these are just some of the mobile banking trends taking hold in 2016. How mobile banking will continue to evolve is dependent on these components, something banks are no doubt aware of.