Mobile banking trends in India after COVID-19 pandemic

What is Mobile Banking?

Mobile banking is a service banks offer to their customers to conduct banking services and transactions through an online banking app. In the pandemic, the financial industry has progressively changed and brought new Mobile banking trends in India. The banking sector has foreseen changes and thus is evolving day by day for better customer services and security.

Without further build-up, we will jump onto the trends experts are predicting to witness in 2022.

Mobile Banking Trends anticipated to be part of Indian e-banking in 2022

• Chatbots or AI software

Solving 75% to 90% of consumer queries, chatbots have become the most trending and useful feature in banking apps and websites. Chatbots are conversational AI-powered software; they excavate personalised customer data and conversations and help to solve their problems and queries. 

Chatbots provide a personalised banking experience without visiting banks, and it helps in solving queries and complaints faster.

Also read: Top 5 mobile banking apps in India

• Transacting on an ATM using touchless tech

Payment via QR code scanners have been actively and widely used in business and the COVID has made touchless technology a new normal. It is anticipated to see ATMs using touchless tech for banking transactions. 

Customers would log into the banking app and by scanning ATMs QR-code, they would be preceding the further transaction through the mobile. This will make transactions faster and save them from ATM frauds.

• Biometrics Operations

Mobile net banking security threats were the biggest issues while using PIN-based banking services, but the involvement of Biometrics like facial recognition, fingerprint scan or retina scan has made mobile banking secure and fraud-free.

• Adoption of big data

Big data will help in successful digital transformation and it will depend upon a bank, what they can and how much they can learn from its customers. They collect customer data and provide analysed data to the banks. Customer expansion efforts, as well as market segregation and cross-selling, will rest upon analytics.

Banking sectors will have better intelligence about clients' behaviours and their way of expenditure, which can help them develop targeted products and services.

Also read: How digital methods are changing the face of the economy

• Blockchain

Blockchain is highly beneficial as they bring the chance to integrate infrastructure by cutting fraud. They also pilot transparency by speeding up core processes of banking, such as settling and clearing transactions, and increasing security.

Banks and other financial sectors in India are regulating blockchain projects for some time now and may put them in general use.

The financial sector in India is booming and is evolving regularly. It has put the tech in the top gear to accelerate with full speed to give customers a flawless, hassle-free and personalised banking experience just by the click. These trends are not anticipated but are expected to be in use by the end of the next two quarters.