Mobile Apps Changing Banking Trends In Saudi Arabia
Mobile banking is one of the most promising technologies that has emerged in recent years and could prove to have considerable value to both banks and customers.
When it comes to the most used smartphone applications, mobile banking apps rank third after social media apps and weather apps, as more consumers are turning to them to manage their finances more effectively.
The results for millennials are in the fore, with 68% of them claiming that banking apps could eventually allow their smartphones to replace their wallets altogether.
We at Zoondia, the Top Custom Mobile App Development Company, use our in-depth knowledge of mobile banking application development to provide you with engaging and commercially viable banking solutions.
What’s next in the mobile banking scene?
- With security being a high concern in banking voice-first technology will gain popularity as one of the methods for two-way authentication
- The use of big data analysis will lead to developing predictive models of fraud detection
- Offering highly personalized real-time experiences in Customer Service will improve with machine learning and smart bots
- Cardless ATM withdrawals will continue to grow as it appeals to users for its speed and convenience
- Debt lowering solutions through Paydown Apps will help users in better managing debt by providing detailed spending breakdowns, tracking debt and interests, and suggesting the optimal, customized payoff strategies
- Open Banking will expand as mobile service offerings facilitate quick and direct payments, faster credit reporting, and improved user experience
- Blockchain in banking will continue to grow as it shortens transaction times and facilitates settlement and reconciliation
- Neo-banks, also known as mobile-only banks or challenger banks, are on the rise as they offer a seamless and smooth user experience and are popular with the tech-savvy millennial demographic who are habituated with using simple, intuitive and fun apps.
For the current tech-savvy generation mobile applications have become an integral part of their life. A survey conducted in Saudi Arabia showed that 75% of respondents made use of digital banking. It further depicted that bank branches in Saudi Arabia are likely to undergo additional changes in the coming years as more people shift to M-banking services.
Mobile apps should be secure as well as provide a better customer experience by delivering flexibility and convenience for essential banking operations from mobile devices.
Being one of the Best Financial Mobile Application Development Companies, Zoondia can offer custom anti-fraud tools, reports, monitoring modules, as well as upgrades to meet new rules from central banks.
Whatever your business needs, we can provide you with a full range of solutions. For questions or more information, drop me an email at email@example.com or contact our team