Is 2024 the Year of Mobile Banking for Banks and Credit Unions?
With the kick-off to 2024, it’s an opportune time for financial institutions to set resolutions that align with today's dynamic banking landscape. Although mobile banking has become commonplace, this is still an area for banks and credit unions to differentiate themselves. Given the market's ever-growing demand for convenience, security, and innovation, it's critical to continue to adapt within the mobile banking arena to remain competitive and meet account holder expectations.
Consider these resolutions as a core component of your 2024 mobile banking strategy.
Resolution 1: Enhance User Experiences in Mobile Banking
Mobile banking and remote capabilities continue to shape the way financial institutions interact with their customers and members. Although mobile banking has been available for some time, the user experience delivered has become a critical differentiator in user satisfaction and retention. A J.D. Power 2023 study found that account holder satisfaction significantly increases when financial institutions offer mobile banking experiences that are both intuitive and comprehensive. If your 2024 banking strategy focuses on improving user experiences, it may be time to invest in refreshed mobile banking capabilities that ensure a seamless, efficient, and personalized user journey. This includes optimizing app design for ease of navigation, ensuring rapid loading times, and integrating personalized financial insights.
Furthermore, financial institutions that integrate conversational interfaces into their larger online and digital banking platforms, like AI-driven chatbots, can further streamline account holder services. In 2023, more banks and credit unions began adopting virtual user assistants and chatbots to handle inquiries, offer personalized financial advice, and elevate the account holder's experiences. A study by Juniper Research suggests that chatbots will be responsible for cost savings of over $7 billion globally by 2024, across all sectors, with banking included as a primary beneficiary. By focusing on these areas, financial institutions can enhance customer and member engagement and loyalty, positioning themselves as leaders in mobile and digital banking.
Resolution 2: Advanced RDC Technology
Remote deposit capture technology continues to be an essential feature of the modern banking experience, offering convenience and efficiency around check deposits. By continuing to advance these technologies and deliver more robust capabilities to account holders, deposits increase along with user satisfaction. This includes ensuring your recognition engines deliver the highest results possible with built-in fraud detection – reducing friction, rejections, and visits to the branch.
A significant focus also lies in employing new technologies to preemptively identify and mitigate risks at the point of presentment, such as:
- Watermarking and Digital Fingerprinting: Implementation of unique identifiers on checks to ensure authenticity and traceability, reducing the risk of duplication and fraud.
- Behavioral Analytics: Advancements that enable banks to detect and prevent unusual activity in real-time through analysis of user behavior patterns.
- Biometric Authentication: Growing use of fingerprint and facial recognition technologies to add an additional secure layer to the RDC process.
- Cross-Channel Fraud Prevention: Integration of RDC platforms with broader fraud management systems to create a unified and robust defense strategy.
Resolution 3: Committing to a Future-Ready Approach
Embracing these resolutions is more than just about adopting new technologies, it’s about cultivating a mindset geared toward innovation and user-centric services. As financial institutions embark on this journey, Alogent stands as a committed partner, offering solutions that are not only aligned with current trends, but are also paving the way for future advancements.
Explore the breadth of capabilities of Alogent Mobile Deposit to advance your bank or credit union's 2024 strategy – deployable through your payments ecosystem, as well as seamlessly through your digital banking offering.
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