iOS App Development | Mobile Banking Customers
However, attitudes are gradually changing. Banks have exhaustive security systems in place and work around the clock to protect mobile banking customers from fraud. In fact, over the past decade, banks have invested $84.5 billion on technology, which includes technology dedicated to security measures.
Aside from security, it is possible that the low number of mobile-only bankers speaks to an ongoing commitment to multi-platform experience, or it could be that banks have yet to actualize their mobility potential to deliver customer experience value beyond what is considered standard banking.
Learn More: Artificial Intelligence in Mobile Banking: Reshaping the Customer Experience
The banking industry has done well to meet the standards FinTech innovations have created. They have pivoted at full tilt and delivered well-received digital options, but the truth is, technology isn’t slowing down to congratulate them and neither are mobile bank users. Functions, like checking account balances and recent transactions, performing transfers, depositing checks via photograph, and receiving notifications make the banking experience more valuable; however, these mobile banking features are now considered commonplace and banks need to push boundaries further. Customers today are expecting hyper-personalized customer journeys and superior convenience.
Challenges for Banks
While the rise of mobile banking and FinTech services present a wealth of opportunity, banks still face a myriad of challenges. There is an understanding that the urgency for innovation is acute, however, these impediments are still considerable barriers to change:
• Bureaucracy and organizational structures: startups enjoy a level of flexibility that large financial institutions do not
• Long development cycles: many banks are still in the process of changing processes to embrace a more agile, lean development philosophy
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|Target State: California|
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Last Update : May 11, 2019
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|Item Owner : Vin Diesel|
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