THE FUTURE OF MOBILE BANKING
– but more importantly brand identity ,” says Behzad .
Already a growing number of fintech ventures are springing up to chaperone them . Step , the US mobile banking platform launched amid the COVID-19 outbreak , has set its sights on increasing financial literacy among teens . Its digital platform offers fee-free FDIC insured accounts , Visa-backed cards , along with a suite of educational tools and trackers for teenage users to learn more about where they spend and where they could save . Step says its users save an average of the three times the amount they spend .
THE FUTURE OF MOBILE BANKING
Though mobile platforms have done well to attract new users and fill the gaps in modern day financial mobility , Elliott Limb , Chief Customer Officer of SaaS cloud banking firm Mambu , believes digital banks must now focus their efforts on a return to the personal services a local bank manager once offered .
Up until now they have focused on “ convenience , increasing competition and making the mobile customer experience the key differentiator ,” he says , and while they have “ benefited customers in many ways , in some instances it has placed the emphasis away from the customer-centric model which once defined banking .”
“ We will see a return to relationship banking in 2021 as a priority , but now combined with the convenience and benefits offered by digital banking ,” Limb adds . “ It ’ s a delicate balance , but employing the right technology will be critical for banks to deal with customers in the right way , according to their expectations .”
Behzad agrees , and believes “ the digital banking space is not slowing down any time soon . There is a multi-decade change taking place , all the while the world also continues to change and evolve at breakneck speed , so there is no slowdown in sight , at least not until late into the 2030s .”
“ To continue this growth in the future , digital banks and payment providers must build their trust with consumers . Currently , incumbent banks are considered more trustworthy , hence they remain the go to for credits such as mortgages . Digital banks need to establish themselves as the go-to for all financial needs .”
57 fintechmagazine . com