In accordance with the technology-based developments, the upsurge of digital tech and marketing has changed the way business is done around the globe. In fact, there is a plethora of technological advancements needed to be on track on, in every industry, from smartphones and tablets to mobile apps and cloud-based technology.
As a matter of fact, the world of financial services is undergoing a farfetched transformation, which affected by the continued proliferation and everyday use of mobile technology. According to an article by Waracle, in the past 5 years, mobile trend has had a profound impact on financial services and banking sector.
These advances are happening faster than before and becoming competitive in finance industry, where every organization anticipating the most significant technology trends that will helps them to shape their business and developing innovative ways to use mobile trend to their advantages. There are few mobile trends that will have significant impact on the finance industry, ranging from financial services sector, banking to insurance and pensions.
Mobile banking
The fast pace of today’s mobile technology makes keeping a finger on the pulse of latest mobile trends is more vital than before. Using smartphones as an eWallet is an ongoing trend in few countries and sooner or later, it will take off to a larger scale. In fact, according to an article by Daniel Burrus, banks and credit card companies are starting to see non-bank competitors jump in to the mobile payment race, including Google Wallet and Apple’s iOS 6 Passbook to name a few.
Many industries are already leveraging mobile app to perform every day banking tasks. The proportion of mobile banking in our society is growing at an overwhelming pace and it represents a significant part of the overall finance industry. Besides, the propagation of mobile banking has spread across generations.
Many leading organizations in the retail and other industries are now leveraging the mobile device for location-based offers and sales messaging. As consumers proceed even further to online and mobile banking channels, marketing budgets need to be on the track too. Monzo, a new market entrant is one of the examples of mobile banking making waves across the finance industry.
It is worth considering unique challenges to develop and optimizing mobile apps if you’re a traditional finance company to the world of mobile trends. While the number of mobile users continues to increase drastically, banks will need to provide a ‘full-stack’ banking experience with great UI/UX and solid functionality.
Gamification
Gamification is fueling the fast moving mobile trend of using advanced stimulation that are that are self-diagnostic, interactive, game-like, and competitive, focused on giving the user an immersive experience thanks to a photo-realistic 3D interface. In fact, gamification is slowly benefiting the banking and finance industry,
In fact, using gamification techniques, it can actually help banks to seek to bolster their offering. For instance, measurement techniques such as enable consumers to measure their spending habits can be applied in banking sector. Effective digital marketing and mobile technology, it enables banks to explore more innovative ways to deliver gamified experiences.
Through this, gamified mobile app help consumers to monitor their own financial health, spending targets and goals. At the same time, using these techniques can educate users on financial products that help banks to meet regulatory compliance obligations. Nevertheless, banks must always be aware of legal issues in relation to data when it comes to gamification.
Biometric Login
As we dive into a computer-drive era, identity theft and the loss of data or related intellectual property are becoming an issue. An individual may have multiple accounts and use of multiple passwords, yet maintaining while protecting user’s identity and computer data and system has become increasingly troublesome.
Atom and Starling will both enable banking customers to login via facial and voice recognition, which means that users do not have to type their password. For instance, the Royal Bank of Scotland and Natwest were the first banks in the UK to offer customers the option to log in to mobile banking via fingerprint technology.
In this case, featuring a mobile app in banking or financial sector with high security provides a better experience as well as worry-free for customers. Users will come to a point where they think that traditional authentication methods are less safe and slower compared to biometric login.
Technology is evolving, resulting in mobile trends to emerge. Therefore, every industry need to stay ahead of the trends, adapting them before any other competition does, especially banks and credit unions as effective digital marketing technologies will engage consumers in the ways they want to be engaged.