The banking and financial sector has been driven into innovation many years ago. The online banking mobile applications are changing the users lives, easing the transaction processes and driving convenience into their lives. The online banking mobile applications has a huge demand and is expected to continue to have this demand in 2025.
In this blog post, we’ll explore how mobile application can ease the banking sector operations in 2025, driving higher number of app installs and high user usage rates.
The benefits of adopting innovation and shifting the bank’s operations to mobile apps are:
1. Easing and streamlining the everyday transaction:
Some people do banking transactions on a daily basis. Mobile apps made their everyday transactions more accessible and efficient.
The banking app users can now access a wide range of financial services from anywhere in the world and from the comfort of their homes.
Some features that can be included in these apps are:
-Instant transfers:
allowing instant money transfers between two accounts from different banks instantly through the application
-Bill payments:
Online banking apps now have all bill payment services available in the apps, including water, gas, electricity, internet, car related services, and more.
The apps even have an option where the bills can be automatically paid through the app. Also, the app sends reminders for the users near the payment date.
-Mobile credit:
Banks currently offer a feature in their apps where users can recharge their mobile credit through the app and pay with their card easily and instantly.
-Apps subscription renewals:
Banking mobile apps offer renewing subscriptions for various services such as Netflix, Shahid, Yango play, Anghami and Spotify streaming platforms.
-Instalments:
For those who shop online, you can use your bank’s account to automatically pay your instalments and get reminders near the instalment payment date
- Mobile check deposits:
You can now use your phone’s camera to deposit checks from anywhere without needing to physically go to the bank.
2. Enhanced security measures
In the banking and financial industry, mobile applications go through a thorough security check and has massive security measures to consider in the development process.
3. International transactions
Due to the increased demand of foreign transactions or money transfers. Online banking allows money transfers between countries through the app with minimal transaction fees.
In addition, it also allows currency converters rates update
The future of banking and financial sector with mobile apps in 2025:
Since people are showing increased interest in eco-friendly solutions. The focus in 2025 will be on increasing more eco-friendly, greener, and smart solutions that will include minimizing physical money transactions and promotes paperless payments.
The expected features to be included in 2025:
-The application can look at the spending habits of the users, giving them saving tips, or provide them with investment opportunities.
-Personalized in-app notifications where each app user gets personalized notifications based on their activity such as bill reminders
-Applying for loans where users can submit loan applications and virtually upload their documents on the application. They can also track the progress in terms of approval or refusal of loans through the app.
-The complexity of applying for loans and providing documents can be eased in 2025 through specific mobile app features
Recommendation for features to include in online banking apps:
-Goal-based saving feature:
Set and track financial goals through the app. For example, set a goal of buying a car or a home then automatically allocate money towards these goals
-AI- integrated budgeting recommendations feature:
The app could provide AI integrated budgeting recommendations. For instance, the application can predict or forecast the current month’s expenses based on the historical data.
-Month’s expenses list feature:
It can automatically create a list of all the Month’s expenses and hypothetically allocate budget recommendation for it based on historical data of the app and the card’s usage.
-Hyper-personalized features:
More personalized notifications where it reminds the app users of upcoming birthdays or events that they need to save up for.
-Late bill payment notification:
Notifications for late bill payments to constantly remind the user to pay them
Conclusion:
In 2025, the shift to online banking will continue to have more demand and will remain a convenient solution for all users. In fact, it is recommended to start innovating the apps even more by including more advanced features for users and ones that are personalized since people tend to be engaged with more personalized recommendations and content in general
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