Mobile Banking Technologies- The Most Common Types- Best In 2021

Mobile Banking Technologies

Mobile banking is one of the most modern innovations of the century. As more people use smartphones, there’s no reason that banking services can’t be accessible on smartphones and smart devices. Truly, the banking and finance industry has given a lot of recent developments to make money matters efficient and accessible.

Developers and banking institutions work together to conceptualize, develop, and launch mobile banking apps. Many banks have their own innovations to battle many negative notions in online banking, such as threats to cybersecurity and data breaches.  

It’s essential to test out these apps to ensure that all features and offered innovations work well. Many businesses focus on giving mobile app testing services to work closely with banks and other financial institutions. There are many technologies integrated into mobile banking innovations. However, here are the most common types available around.

Mobile phone banking app

The most common type of mobile banking technology is the mobile banking application. A mobile banking application or mobile bank app allows financial transactions using a smart device like a smartphone or tablet. Imagine an application that features all the services that a traditional, physical bank offers. It’s like having your bank in the palm of your hand.

Each mobile banking application is unique because banks differ from one another. It also means that each banking app has a different interface and may offer various features. Nevertheless, different apps result in large markets of people using the application. In the US alone, almost 57M people use mobile banking. Here are some of the most common features present in mobile banking apps.

Real-time money management services

Do you ever wish to send somebody money in real-time, but you can’t because the bank is already closed after working hours? With real-time management services, you can more than just send money to another account in real-time. 

Other features include balance management, auto-debit bills payment, mobile check deposits, and QR code generation for discreet money transfers. There are so many functions and features in a single mobile bank app. Each bank or financial institution has unique features to appeal to the mobile banking experience with their customer base.

Digital cards

With the rise of mobile bank apps, there is also an increasing trend for digital cards. Digital cards are precisely like physical debit or credit cards integrated into the bank’s mobile app. It’s very common now to buy, pay and transact online using digital cards, just like you would if you swipe your debit card to purchase something in a store. 

Biometric log-in 

One of the big aspects of creating a mobile banking app account is the fact that you are making an online profile. Just like creating social media accounts, you’ll need to nominate some basic information, username, and password. Add the password to some of the things you’ll forget after a while. The solution is called biometrics login. Instead of typing in a username and password, you can rest the fingertip as the smartphone verifies your identity.

Text message banking 

Mobile banking apps have become a more prominent method towards a digital world; this entails investing or purchasing smart devices to download the application. In 2021, only about half of the world’s population uses a smartphone. What about those who don’t have a smartphone or don’t use mobile banking apps in general?

Text messaging banking is still very much in play. Text banking is like a mobile banking app, except everything comes in the form of text messages. Banks set a predefined set of text codes that you can text to access banking services. Some examples can be sending the code “CHECK BAL” or “TRANSFER FUND” to your bank’s mobile phone number to access your account.

Online banking

Another more diverse way of handling mobile banking is through the browser. Instead of using the mobile banking application for the bank or financial institution, you can connect to the internet, open Safari or Google Chrome, and log in to the web page using the credentials. You’ll see the online banking website and see your account on the phone screen. 

Online banking may lack some features and accessibilities that are present in the mobile bank app. While many consumers prefer the ease of access by using a mobile banking app, sometimes the device itself may not have the space or the system to support the application. As such, some people access bank accounts via phone browser and online banking only.

Conclusion

There is a steady rise in consumers preferring the mobility of banking using the phone and smart devices. As the world aims to be more online and in touch with the Internet of Things, banks and financial institutions also invest and innovate to give these products (apps and websites). These establishments aim to make things easier for consumers to access their money safely. The world still has a long way to go as many people switch and use these applications daily.

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