To lure millennials, mobile banking apps must leverage the native functionality of mobile hardware. Each and every function of the mobile phone can be used to differentiate the engagement financial institution has with always-connected consumers.
Following is a list of seven features that are defining the next generation of mobile banking:
The mobile phone camera can also enable augmented reality to, say, locate a branch or ATM and make services like video chat with a member service rep a common communications feature. The ability to integrate a QR code reader through the camera can also let members scan and pay physical bills and store receipts digitally.
Furthermore, the microphone will enhance the security of mobile apps by offering voice-based authentication and the ability to use the voice as a password. Expect common voice-enabled instructions like give me directions to the nearest ATM or send 20 bucks to Jack.