Acquire and retain customers with an award-winning banking app

Mobile banking: Convenience at your fingertips

In January 2023, there were 5.44 billion unique mobile users worldwide. It grew by 168 million over the past 12 months. 

- Digital 2023 Global Overview Report, 2023

The widespread use of smartphones has led to a surge in demand for mobile banking. Banks and credit unions that do not offer this service may lose customers. Indeed, mobile banking has revolutionized the way we interact with our finances. With just a few taps on our smartphones, we can check our balances, transfer funds, pay bills, and even deposit checks, all from the comfort of our homes or on the go. The adoption of mobile banking has skyrocketed in recent years, with more and more people recognizing the benefits and convenience it offers.

1. Seamless financial experience

One of the key advantages of mobile banking is the seamless experience it provides. Traditional banking used to be time-consuming, requiring multiple visits to the bank and filling out countless forms. With mobile banking, all our financial needs are just a few taps away. Whether it’s managing our accounts, tracking expenses, or setting up automatic payments, everything is streamlined and easily accessible. No more waiting in long lines or dealing with complex paperwork.

2. Enhanced security measures

When it comes to financial transactions, primarily online, security is always a top concern. However, mobile banking has taken great strides in ensuring the safety of our personal information and funds. With advanced encryption algorithms, biometric authentication, and real-time fraud detection systems, mobile banking is now more secure than ever before. Banks are continuously investing in cutting-edge technologies to protect their customers’ data and provide them with a worry-free banking experience.

3. Personalization and AI integration

The future of mobile banking lies in the power of personalization and artificial intelligence. By harnessing the capabilities of Artificial Intelligence (AI), banks can provide customized financial advice and insights based on individual spending habits and goals. Imagine receiving personalized recommendations on how to save more effectively or make smart investments, all through a user-friendly mobile app. With the integration of AI, mobile banking becomes more than just a transactional tool; it becomes a financial partner that understands your unique needs and helps you achieve your financial aspirations.

The rising threats in mobile banking cybersecurity and how to counter them

With the rapid advancements in technology, the landscape of mobile banking has undergone a remarkable transformation, revolutionizing the way people manage their finances. However, alongside the convenience and efficiency of mobile banking, there also comes an increased level of security threats.

Cybercriminals are constantly targeting cashless and seamless payment transactions, putting the safety of user’s personal information and funds at stake. Therefore, it is crucial for banks to employ robust defense mechanisms to safeguard their client’s data and money. 

Across the globe, mobile banking statistics depict a landscape of fraudulent activities spanning all devices and regions. Cyber threats such as Trojan horses, financial malware, brand abuse, and compromised mobile browsers continue to pose a significant risk to the security of personal information and funds. However, mobile banking has made significant strides in ensuring the safety of our personal information and funds.

With the implementation of advanced algorithms, cutting-edge biometric authentication methods, and real-time fraud detection systems, mobile banking has reached unprecedented security. Banks are continuously investing in state-of-the-art technologies to safeguard their customers’ data and offer a seamless and worry-free banking experience.

1. Biometrics

Mobile banking users around the globe are captivated by the effortless convenience of using their fingerprints or facial recognition to access their banking app. Biometric authentication, utilizing fingerprint and facial biometrics, not only provides a more convenient experience for end users but also offers heightened security.

Unlike traditional methods such as pin codes or passwords, biometric authentication measures an individual’s unique physical or behavioral characteristics, making it significantly more challenging for hackers to replicate. Moreover, the widespread availability of biometric authentication on most smartphones makes it a cost-effective solution for banks and credit unions to implement while maintaining high accuracy and security.

2. Dual Authentication

To ensure the utmost security, banks often implement two-factor or multi-factor authentication methods. This means that when customers log in to their accounts, they need to provide at least two pieces of authenticating information. Typically, this includes a password or PIN and a confirmation code sent to their cell phones via text message. This additional layer of security helps protect against unauthorized access and keeps personal information and funds safe.

3. AI and Machine Learning

International Data Corporation (IDC) says AI in the cybersecurity market is growing at a CAGR of 23.6% and will reach a market value of $46.3 billion in 2027. 

In the realm of cybersecurity, Artificial Intelligence and Machine Learning (ML) offer a powerful toolset for identifying and mitigating threats with greater efficiency. By leveraging predictive analytics and drawing statistical inferences, AI and ML can swiftly detect and respond to new attacks, providing valuable information to endpoint security platforms. This advanced technology enables banks to stay one step ahead of cybercriminals and safeguard customer data and funds with minimal resource allocation.

Acquire and retain retail banking customers with an award-winning banking app

As consumers increasingly turn to digital banking over traditional branch visits, it is crucial for banks and credit unions to consider how their mobile app shapes the overall customer experience, from the initial account opening to the pursuit of their financial goals.

Gaining insights from customers’ firsthand experiences and feedback about their app usage allows financial providers to elevate their mobile banking strategies and strive for excellence. By learning from these valuable insights, financial institutions can enhance their customer experience and ultimately achieve higher app ratings in the future.

Based on a study conducted by MagnifyMoney in 2021, the Google Play Store and Apple Store received an astounding number of nearly 20 million ratings from app users. This significant figure highlights the importance of app ratings and their impact on prospective clients’ decision-making process when considering downloading a mobile banking app.

In 2020, one of ebankIT clients, Coast Capital, was recognized as one of Canada’s leading mobile banking services by the Surviscor Mobile Banking Review. They were ranked among the top 5 mobile banking services across all financial institutions in the country and were also named the Best Credit Union for mobile services. Additionally, Coast Capital’s iOS app received recognition from iSky ranked in Canada’s top 3 mobile banking apps.

In 2022, Kuwait International Bank (KIB) was honored with the esteemed "Best Islamic Bank in Kuwait" Award by the editorial panel of World Finance, a renowned global magazine specializing in finance and banking. This remarkable achievement marks the ninth consecutive year that KIB has received this prestigious recognition. KIB was also acknowledged with the esteemed "Safest Bank in Kuwait" award in 2020, further highlighting its commitment to providing secure and reliable banking services.

Therefore, App ratings and user reviews are a treasure trove of information for the marketing team, aiding in the selection of pertinent keywords to optimize a bank’s mobile app and enhance its visibility in search engine results.

Furthermore, by responding to these reviews, financial institutions can enhance their brand’s reputation while engaging with customers on the top listing page of the app store. This dialogue not only makes customers feel valued but also makes the app more appealing to potential users in the future.

The future of banking is mobile

As technology continues to advance, so will the capabilities and features of mobile banking. We can expect to see more intuitive interfaces, enhanced security measures, and a greater integration of AI to provide a truly seamless and personalized financial experience.

Nevertheless, it is crucial to acknowledge that despite the numerous advantages of mobile banking, the presence and danger of cyber threats should not be underestimated. Implementing robust security measures is necessary to safeguard sensitive information and ensure a secure banking experience for customers.

Ensure an exceptional customer experience for your mobile banking users by actively engaging with them and continuously soliciting feedback to improve your platform. This proactive approach to continuous improvement not only strengthens customer loyalty but also draws in new clients through the display of positive customer satisfaction.