Mobile apps are changing banking in ways that we could not have imagined even a couple of years ago, and they will continue to do amaze us. Like other areas of the digital transformation in banking, getting ahead in mobile apps will require a strategic approach rooted in strong customer understanding.

1. Instant Mobile Banking
In 2014, the top new trend is Instant Mobile Banking; the streamlined delivery of information through the mobile app without requiring a log-in. With today’s consumers often having shorter and shorter attention spans, Instant Mobile Banking is designed to give instant gratification by offering the most often desired information right now. By just showing up at the app, mobile banking customers can virtually peek through a keyhole to see just a limited amount of information without needing to unlock the door and open the app. This feature can be used to open up mobile banking to new customers, for example, those who want to check for Social Security deposits or tax refunds, but don’t want to be bothered with learning a log on or password.

2. Photo Banking
70% of mobile bankers say that digital banking is sufficient for their needs, replacing the branch. That percentage rises to about 4 in 5 of every high income mobile bankers. In 2014, Financial Institutions will usher in the era of photo banking that will employ the camera on the phone to replace keyboarding and change the way customers shop, pay bills, research products, submit documents, and much more. One of the most important of these is allowing the customer to open accounts over a mobile device by using their phone’s camera to scan a license or passport.

3. Tablet Apps
Tablets have taken everyone by storm. Consumer adoption of tablets is at 38%, which is faster than smartphones; slightly over half of mobile purchasing is now occurring on tablets vs. phones. But unless banks and credit unions offer tablet apps, it will be difficult or impossible for bank customers to access their financial accounts conveniently using these popular new devices.

JMR Infotech provides solutions to enable mobile banking for its customers, to know more log

Posted on Sep 29, 2014
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