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Upcoming Trends In Mobile Banking

Elite AsiaBanking & FinanceUpcoming Trends In Mobile Banking
14 August 2020 Posted by eliteasia Banking & Finance No Comments

Waiting in line at a local bank branch is becoming a relic of a bygone age. With Fintech driving innovation into mobile banking backed up by solid infrastructure and new technologies, millions of customers are now turning to their smartphones when handling their banking needs. The saying that the future of money laying in the palm of one’s hand is no longer a fantasy, given the proliferation of new mobile banking trends.

Biometric authentication

People are no longer satisfied with password-only security system when it comes to financial transaction. Multi-factor authentication is now becoming the new standard. Privacy-centered biometric authentication is considered as more secure since all biometrics data are stored on the user’s device, instead of a cloud server. The ability of smartphones to support seamless collection of biometrics data such as fingerprint scans, facial recognition and voice recognition will become more sophisticated to provide better protection against fraud and cybercrime.

Cardless withdrawal

Smartphones help eliminate lots of hassles in daily life, and now extending their arms to ATM cash withdrawal services. Near-field communication technology (NFC), a method of wireless data transfer that detects and enables technology to communicate, allows users to interact with ATM more effortlessly. Users can withdraw money simply by scanning a QR code on a smart ATM to unlock their bank accounts, without fumbling with debit cards and entering passwords in public. NFC, providing convenience and high efficiency, is particularly attractive to customers who utilise digital banking more than brick-and-mortar branches.

Smart Bots

To better measuring customer satisfaction and improving user experience, financial institutions are enhancing the application of smart bots. Machine learning algorithms are used to power bots in delivering personalised user experience by simulating human interaction. Smart bots are able to gather data, analyse customers’ spending patterns and use market trends as a guide, offering better support than a human mentor. They also provide faster and 24/7 customer support associated with instant response to inquiries and advice.

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Language Challenges Faced in the Banking Industry

Criteria for Localising Mobile Banking App

Though user-friendly and causal expression are the preferable tone of voice, translators unavoidably have to deal with rigid financial terminology when localising a mobile banking app. Translators are required to have deep understanding of the financial market and its unique language in order to create an accurate translation. Retaining the nuance of intricate financial terms is of utmost importance to avoid expensive capital loss and serious legal consequence due to translation mistake.

Financial rules and regulations are complicated as they are different from country to country. Linguists should comply with local regulations and discern new updates when handling the project. Elite Asia has a team of certified subject matter experts that value the importance of accuracy to translate even the most complicated financial documents.

To avoid falling short of the fast-paced financial world and constant update of the banking app, timely delivery is always a top requirement from the banks. Knowledge of using user interface translation technology is the key to provide quality app localisation service speedily.

Fintech and the banking sector are proactively utilising the knowledge of contemporary trends and latest technologies to deliver better mobile solutions to win customer loyalty and reduce operating cost. It is undeniable that mobile banking will remain in mass demand for the years to come.

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