The digital age and heavy investment in technology have brought a paradigm shift in the banking industry.From fintech solutions and neobank startups to retail and mobile banking, today, technology seemingly has its catalytic role in every innovationin the industry. Moreover, increasing demand from millennial customersfor a more enhanced digital experience is completely transforming the way the industry operates.Physical branches have become less of a necessity as smartphones became a ubiquitous phenomenon.‘Anywhere, anytime’ has become the new status quo as the industry is keeping a weather eye on the changing customer profile.To keep up with the race, most of the banking institutions have already started investing in technologies such as open APIs, big data engines, and chatbots.
Banking institutions have realized that innovation in mobile banking is the next competitive differentiator. This has resulted in exploding the sector with new ideas and applications from voice-first technology and AI to advanced biometrics and blockchain technology. Interestingly, several banks have already started using voice recognition as one of the methods for two-way authentication. Voice-first technology could also find its application in providing private banking access through smart devices such as Alexa or Siri. Additionally, even though distinct data sets and the risk of confidentiality havestymiedthe penetration of AI in the sector, experts predict that it will soon take over. Predominantly used in the sector to enhance the customer experience, AI has enormous potential in mobile banking such as risk mitigation, analytics, and hedge-fund management. Currently, many banking institutions are alsoleveraging biometrics to improve the solutions they offer. It helps them to develop next-generation identification controls that can combat fraud and make transactions more secure whileenhancing the customer experience. Another technology that is making its way in the sector is blockchain technology. The banking and finance industry is the largest consumer of the blockchainas it is predicted to improve efficiency and security, and increase cost-effectiveness.
At this juncture, there are a variety of mobile banking solutions available in the market that are agile and flexible. To help banking and financial institutions choose the best solution that fits their requirement, Banking CIOOutlook has compiled the list of the top 10 mobile banking technology solution providers. The enlistedsolution providers are the frontrunners in the market that provide a wide span of features. Besides, themagazine also comprises insights from thought leaders in the sector on the industry trends,best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Banking CIO Outlook’s “Top 10 Mobile Banking Technology Solution Providers – 2020.”