Sixty-eight percent of Canadians do most of their banking digitally because banking technology has never been easier to use, more convenient or more secure. Banks take every step to protect user information, so that you can bank with confidence.
In addition to bank technology to protect your information, you can bank safely online by following a few steps like protecting your devices against malicious software with anti-virus, anti-spyware software and firewalls, choosing secure passwords, and never disclosing personal information. If something seems wrong, always contact the bank.
Here are six mobile banking trends and banking technology improvements that make mobile banking easier and more secure:
1. Biometric Authentication
Security is the number one challenge faced by mobile banking. One solution is biometric authentication.
With fingerprint scanners and facial recognition software becoming more sophisticated and available, the fear of getting your phone stolen and having strangers access your bank accounts and go on a spending spree will be addressed.
Eventually, passwords will be replaced with biometric identity checks. This will make mobile banking more secure, as well as more efficient and convenient.
2. Banking by Voice
People are already familiar with voice technology from using it for Google and Bing searches. This same voice command technology is expected to be applied to banking in the next few years, and it will make banking more secure and serviceable.
Some financial institutions already allow voice queries about transactions, transferring money and reporting stolen cards.
When voice technology improves, it will probably become as mainstream in banking as online banking is today.
3. Improved Fraud Detection
Financial institutions are fighting back against fraud using “big data” to analyze consumer and market trends, to recognize patterns and relationships. This analysis will help identify security threats and identify fraudulent activity, and protect customers.
4. ATM Withdrawals from a Mobile App
Many banks are expecting to offer near-field communication technology to their ATM’s within the next couple of years.
That means apps like Apple Pay, Google Pay and Samsung Pay will be able to communicate with the ATM when they’re touched together, or brought within a few centimeters of each other. No more searching through wallets or purses!
Some banks will be adding QR (Quick Response) codes to their ATM so that you only need to scan to log in to your bank account instantly.
5. Help with Debt Management
Easier access to credit and online shopping has a dark side. Consumer debt, especially credit card debt. Mobile apps that help are Debt Tracker Pro and Debt Eliminator.
These apps break down your spending and provide the best way to pay back debt.
6. Improved Customer Service Through Smart Bots
Customers will be able to obtain instant customer assistance with their phone by “smart bots”.
These artificial intelligence system bots will be able to deliver personalized real-time customer service. They will be helpful and efficient because they will use machine learning, predictive analytics and cognitive-communications that are similar to a human being.
Mobile banking is always improving and making things easier for you!