The 2019 Banking Administrations Institute (BIA) Mobile Banking Trends Survey polled people within financial services to find out what they believe are the biggest financial mobile trends for 2019. Below are some of the survey's top findings.
App-Only ATM Withdrawals
Some people don't use a debit card, which means they have to carry around a card specifically for making ATM withdrawals. That's about to change. There are already ATMs available that allow customers to use their banking app to make a withdrawal. These ATMs use near-field communication with the phone in order to verify and complete the transaction.
"Many experts are convinced voice will be the dominant user experience in the next year or two. By 2020, 50 percent of all web searches will be voice generated," said Ed Price in the survey, director of compliance at Devbridge Group.
Many banks already have AI assistants built into their mobile apps. Not all of them allow voice-based interactions. However, the trend is toward less typing and more talking.
The Rise Of Non-Traditional Banks
Financial companies such as Chime, MoneyLion, Simple, and Betterment are different from traditional banking institutions. Often called fintechs, these companies focus on specific financial needs rather than trying to be a full-service bank. The result is apps that help customers improve their financial life by rounding up and saving change, offering low-cost financial advice, automated investing, and more. Many of them are online only, which help keep overall operational cost and customer fees low.
Demise Of The Password
With so many financial institutions and individuals getting hacked, customers are more than ready to ditch password authentication. The replacement? Biometric authentication. A Mastercard study showed that 92% of users found biometrics more convenient than passwords, and 83% found biometrics more secure.
Best of all for financial institutions, using biometrics is only a matter of accessing them via a standard process through the customer's phone.