Mobile Banking Trends 2022 | AU Small Finance Bank
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Mobile Banking Trends 2022

    Mobile Banking is the most preferred and convenient way of banking today by all users and financial institutions as well. It makes all banking services fast and hassle free. RBI has encouraged many banks and financial institutions to harness the potential of mobile banking. By 2026, the Mobile Banking market is expected to touch USD 1,824.7 million across the globe. More and more financial institutions and banks are taking cues to adopt emerging technologies, including blockchain, big data, artificial intelligence, machine learning, etc., as part of their customer retention strategy. Let’s get to know more about Mobile Banking and what the future holds for the banking sector.

    What is Mobile Banking?

    Mobile Banking refers to the use of mobile devices to carry out banking-related tasks and perform financial transactions. In simpler terms, Mobile Banking can be useful when you want to check your account balance, make instant fund transfers, pay bills, or avail other services. There are various types of Mobile Banking solutions offered by different banks – these include SMS, USSD, and Mobile Apps.

    • Via Mobile Apps: Today, almost every bank offers a Mobile Banking App that allows you to do almost every banking task anytime, anywhere. For instance, AU Small Finance Bank offers AU 0101 App wherein you can apply for a loan, start investing, manage multiple payments, avail exciting lifestyle offers, and much more. One of the key features of the AU 0101 App is the Video Banking feature that lets you interact face to face with our video banker to open an account, transfer money, raise a service request or get any of your queries resolved. 
    • Via SMS: This type of Mobile Banking is offered by most of the banks in India. Mobile Banking via SMS is by default activated on your handset once you avail any product or service from a bank. In case you open a Savings Account, you will receive an account update on your registered mobile number. Using the SMS facility, you can also do balance enquiry, payments, block a card, etc.  
    • Via USSD: USSD does not require an internet connection. Once again, it can be used by customers without a smartphone or an internet connection. Instead of sending an SMS to the bank, you make use of USSD codes provided by the bank to access the services. Once you enter the code and hit the dial button, you will receive a menu where you can check your account information, mini statement, etc.
    • Missed call/IVR: Missed Call/IVR is also one the helpful mobile banking services where in you can get account balance, mini statement and more by just giving a missed call or interacting with a computer-operated phone system.

    How did Mobile Banking change during the Covid-19 pandemic?

    The Covid-19 pandemic disrupted our lives and changed how we go about our day-to-day tasks. It has particularly impacted how we bank. Since the start of the year 2019, the adoption of Mobile Banking has been growing steadily, especially among young adults. With the onset of the pandemic, there has been a surge in the use of online Mobile Banking solutions.


    Mobile Banking Trends What the future holds for the Banking Sector?

    • Big Data: Fraud detection is one of the top priorities in the Mobile Banking arena, and Big Data is proving to be the best weapon in the arsenal.
    • Voice Payments: This is one of the emerging Mobile Banking trends in the banking industry. The voice command basically offers two main advantages, Security and User Comfort.
    • Chatbots: These are AI-powered platforms that offer a personalized user experience. It can also be helpful in training the bank’s staff in various tasks such as software use, CRM and following security rules.  
    • Cardless ATM Withdrawal: Do you like queuing at an ATM to withdraw money? No one does! To deal with our collective restlessness with ATMs, banks have introduced cardless ATM withdrawals.
    • Use of Biometrics: Adopting vital points of biometric identification systems such as voice recognition, facial recognition, iris scans, fingerprint scans are becoming go-to security measures adopted by banks globally.
    • Blockchain in Mobile Banking: A blockchain is made up of individual data blocks that include a sequence of connected transactions that are linked in a certain order. Once implemented, blockchain technology will make payment processing quicker and lower transaction processing costs