Top Mobile Banking App Trends for 2020

With mobile devices, it’s all about the apps. Financial apps are the third most popular mobile application downloaded to devices after social media and weather applications. The growing interest in financial applications created through open APIs promotes financial literacy. Also, the popularity of reward systems and games through active savings applications continues to grow.

Not surprisingly, millennials and Generation Z users are poised to use more financial applications as they become increasingly sophisticated and user-friendly. A recent report indicated that more than 80% of consumers used at least one banking application, saving time and interacting more with their finances. Most log into a banking app at home. Others bank online while at work. Some, particularly Gen Zers, even check their accounts while on dates.

Because of the evolving use of financial applications, community banks and credit unions must stay apprised of the latest trends. This post will highlight a few of them, and why Larky can increase a financial institution’s bottom line by adding geo-targeted lead gen to your marketing strategy.

An ATM in the consumer’s phone

Use of a mobile phone to complete a purchase is one of the most anticipated technological advances. Consumers are also excited about paying merchants through peer to peer (P2P) banking and withdrawing money remotely instead of fishing through a purse or wallet for a card.

Banking by using your voice

Voice-activated directions are not just for Alexa or Siri. Conducting simple banking transactions just by saying them aloud is a prominent development. Experts believe that by 2050, half of all web interactions will be voice-initiated, so voice-generated banking is a growing trend.

Security through biometrics

Some consumers were slow to adopt mobile banking because of perceived security issues. Now that passwords have become prominent (and defeated with increasing frequency), the use of biometrics to create unique personal passwords will be the wave of the future. In essence, safety and fraud detection are hallmarks of electronic banking, and financial institutions must continue to incorporate technology to secure account holders’ assets.

Mobile banking with a human touch

While mobile banking has become a popular, convenient way of managing money, consumers appreciate a human touch when life and money meet. Financial applications that connect consumers with bankers have just as much of a future as any management application. Also, artificial intelligence, chatbots and machine learning create beneficial connections to customer service representatives.

Work with Larky

Knowing about mobile banking innovations is one thing. Getting consumers to recognize their worth is another. That’s why working with a company that understands the process of mobile marketing is essential. Larky is a thought leader in mobile marketing when it comes to showcasing the benefits of community banks and credit unions. Larky creates consumer engagement programs that provide consumers with pertinent information at the right place and the right time. Larky knows that successful marketing comes with synthesizing large amounts of data about consumer interaction within numerous touchpoints, and working with third-party developers to create a seamless banking experience between mobile apps and brick-and-mortar locations. To make the most of comparison tools, financial literacy apps and location protocols within mobile applications, work with Larky.

Planning is essential in the future of mobile banking. To develop the best plan for your financial institution, contact Larky.