As our world becomes increasingly interconnected, more and more industries are looking towards digital and mobile channels to meet consumers’ demands. Banks, in particular, are hyper-aware of the need to shift towards more convenient, customer-centric offerings. While mobile banking itself is nothing new, in 2024 we can expect to see great advancement in mobile banking as we know it.

In this article, we’ve presented a few leading trends you may notice more financial organizations implementing in the new year.

Voice banking

The convenience of intelligent voice assistants has contributed to widespread adoption among individuals and businesses alike. In 2024 companies must begin supporting voice-first tools or risk becoming obsolete, banks are no different.

For mobile banking organizations, this transition will include a significant revamp in how transactions are orchestrated. Aside from standard account inquiries, we can expect the mobile banking sector to allow users to execute payments, make transfers, and establish account alerts all through voice commands. While the estimation is that 50 percent of all searches will be voice-activated by 2022, this is a trend we can expect to move quickly.

Artificially Intelligent Banking

The integration of artificial intelligence (AI) in any business almost always involves improving customer experiences. For mobile banking this holds true. Not unlike e-commerce businesses, users of mobile banking software expect their interactions to be personalized and instantaneous.

Utilizing analytics and machine learning, user data can be gathered from mobile devices to provide bankers with personally relevant information and streamlined transactions.

This ensures the customer can avoid interactions with any unnecessary departments or struggles to reach the customer service representatives they need.

We can expect to see more innovations like automated transactions and reminder systems which can improve efficiency and increase personalization.

Conversational interfaces in banking

As chatbots continue to advance they have become well respected across industries, including banking. Today consumers can complete banking tasks with greater efficiency and convenience, using top-quality chatbot technology.

For example, should someone want to open a new account, a chatbot can gather required information such as name, address, date of birth, and financial information before a human banker steps in to verify everything.

This not only benefits the customer as they can begin this process whenever they’d like, including outside normal banking hours but also reduces the bank’s total cost of customer interaction.

Omnichannel banking

Omnichannel service is a requirement in today’s digital age. Consumers expect to be able to access business sites on a variety of devices with consistent offerings across the board. With omnichannel banking, we can expect financial service organizations to offer clients seamless transactions across channels with the same level of service found in physical branches.

A likely development to come from this implementation includes the integration of video technology. In order to meet the needs of users seeking interactions with banking professionals, without actually visiting a branch, video conferencing will become increasingly common.

Offering cost-effective, consumer-centric tools such as on-demand live chat will enhance experiences wherever users choose to bank. This will be achieved by integrating video chat software within the bank’s websites and mobile apps.

App-based payments

In order to meet consumers’ demands for omnichannel experiences, numerous commerce brands have developed mobile apps. Enabling users to synch up with their bank accounts to manage their balances allows for a more efficient checkout process. Dunkin Donuts is a great example of a mobile app where users can order on the go, pay with their phone, check their balance, add money, view past purchases, and be notified of promotions.

Moving forward, we can expect to see a greater frequency of mobile payments within banking organizations themselves. This will allow bank customers to shop at a variety of stores with one app, rather than opening a new one for each store.

App-exclusive ATM withdrawals

Eliminating the awkwardness of needing cash but not having your ATM card handy, this technology enables consumers to withdraw money using only their banking app. Compatible ATMs are utilizing near-field communications technology and  Apple Pay, while in other cases QR codes are being used. Chase Bank is one example of this technology in action, offering cardless, App-based ATMs working with Apple Pay, Samsung, and Google Pay.

In 2015, the McKinsey Global Institute stated, “Banks have three to five years to become digitally proficient.” Now in 2024, I think we can agree the banks have succeeded. We have seen notable technological advancement and there’s no sign of slowing down.

As these digital tools and omnichannel strategies continue to develop, mobile banking platforms will advance to provide customers with the optimal convenience of banking when and where they want. With enhanced efficiency, offerings, and service, mobile banking will surely reign supreme over other banking channels in the future.