6 Essential Mobile Banking Solutions That Have Dominated the Market

Posted by Dinesh Babu on December 2nd, 2020

Mobile technology introduced more opportunities for consumers to manage their finances conveniently. It eliminated the need to go to an actual bank or ATM for basic financial transactions, like checking the balance, depositing or transferring money to another account, or paying bills. As technology continues to evolve, more mobile banking solutions are being introduced with additional features, such as budget management, review spending, and make cashless payments. This way, mobile banking is not just a value-added service anymore, especially as more consumers prefer to use it for convenience and safety.

However, basic mobile banking may not suffice and keep up with consumers' changing demands and needs. Financial institutions and banks must consider disruptions, like banking via wearables, location-based services, cloud-based deployments, and distributed ledgers to keep it customer-centric instead of product-centric. Some mobile banking solutions can help those organizations meet customer expectations and demands. Here are six of them:

1. 'Round-the-clock banking – Banks have limited operating hours, and in some cases, their ATMs may be unavailable or under maintenance. That could cause inconvenience to customers who have urgent banking activities. Mobile banking can be a solution as it is available at all times, even on holidays.

2. Out-of-the-box mobile banking capabilities – Banks looking to roll out all significant mobile banking capabilities in one go can consider an out-of-the-box solution that can run on multiple platforms, including iOS, Android, IBM Mobile First, and HTML.

3. Cloud deployment – Mobile banking solutions deployed in the cloud and on-premise became prominent to deliver flexible services to customers. Cloud-based platforms can be more cost-effective in the long run, too.

4. Easy integration - Some solutions can even be integrated seamlessly with the bank's legacy core systems to save time and money.

5. Biometric authentication – Customers demand secure mobile banking services. Besides ensuring an encrypted app, mobile banking solutions provide safe and reliable authentication methods like multi-factor authentication and biometrics.

6. Omni-channel banking software – This solution enables banks to serve customers via any channel of their choice. It may help reduce time to market and operating costs while improving the share of wallet and customer satisfaction.

About the Author:
Ducont Systems FZ LLC is a global technology integrator and IT solutions provider that simplifies digital transformation and induces digital capabilities. We have diversified clientele in various industries including Banking, Insurance, Telecom, E-Governance, Consumer Electronics, Manufacturing, and Utilities & Logistics. We have expertise in Mobile banking solutions, Field service management solutions, Enterprise mobility solutions, and Microsoft and IBM solutions.