Many consumers are sharing bank data with external apps and services, but they don’t always know which companies are accessing that data. Wells Fargo has taken steps to change its data sharing practices. Customers can now view all recurring payments associated with their payment cards and manage them all under one hub. They can also see if their payment cards are disabled or turned on. They can also manage recurring payments and recurring deposits all from one convenient location.
In-branch ATMs
Mobile banking services have evolved and in-branch ATMs have become the primary delivery channel for mobile banking. In fact, nearly two million ATMs worldwide are now used for mobile banking, and many companies are promoting new alternative transactions. By providing this convenience, the ATM can play a central role in complementing CODs. In-branch ATMs also serve as a hub for other financial services, such as online banking and video banking.
AI-enabled chatbots
The adoption of AI-enabled chatbots in customer service has been a major driver for mobile banking growth. Traditionally, customers were forced to call a customer service representative to get the answers to their questions. Today, AI-chatbots make this process a whole lot easier and can even help banks to improve their support systems. AI-chatbots help employees perform more efficiently as they can teach them complex banking software and security rules.
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Convenience
Consumers have become increasingly comfortable with using their mobile phones to access their financial accounts. A recent study by the Indian Institute of Technology found that more than half of all Indians use mobile banking, primarily for payments, transfers, and account monitoring. And with the popularity of smartphones growing by the day, the mobile banking market is expected to surpass online banking by the end of 2015. In Latin America, where about 35 percent of people have bank accounts and a fifth use a mobile phone, the potential for mobile banking is particularly high.
Fraud
As consumers become increasingly mobile, there is a risk of fraud. Mobile banking places increasing control over sensitive financial information in the consumer’s hands. This can be exploited by malicious software or third-party code. Therefore, fraud prevention measures must be implemented to protect consumers from such risks. This article outlines the key areas to keep in mind when mobile banking is used for financial transactions. Here, we explore how mobile security measures can help protect consumers from fraud.
Customer service
According to a study by Phoenix Synergistics, mobile banking is now the primary delivery channel for customer services. In a survey of 2,000 consumers, mobile banking surpassed online banking. With its widespread adoption, mobile banking is sure to continue growing. Here are a few key benefits to mobile banking. Read on to find out how mobile banking can improve your customer experience. And don’t worry about missing out on the latest technology developments.