Over a few decades the internet has taken over the world, the banking industry has undergone a major shift. To access manipulate the bank account anywhere anytime mobile banking application designed. The use of these allows the customer to perform a financial transaction, and to monitor bank account through mobile. It offers several benefits to consumer such as, time-saving, reduction in operation costs, transaction become faster and many more. For instance, growth of mobile banking user in India according to CEIC data the Volume data user was reported at 1,362.307 Unit mn in Nov 2019. It records an increase from the previous number of 1,252.539 Unit mn for Oct 2019. This volume data remains active status in CEIC and is reported by Reserve Bank of India. Growing needs and expectations of the customers to ease the operational process of banking is booming the demand of mobile banking among the individuals in the market.This growth is primarily driven by Increasing Demand among Banks to Deliver Enhanced Customer Experience and Increasing Need of Internet Banking Across the Globe.
Globally, a noticeable market trend is evident Use of Artificial Intelligence and Advanced Biometrics for Mobile Banking
. Major Players, such as Google Inc. (United States), Obopay Inc (United States), Sybase Inc. (United States), Appway (Switzerland), Backbase (Netherlands), CREALOGIX (Switzerland), ebanklT (England), EdgeVerve (India), Intellect Design Arena (India), Finastra (United Kingdom), ieDigital (England) and ETRONIKA (Lithuania) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
July 2019 D3 Technology Is Acquired By NCR, United States Based NCR Is Solution Provider In Banking And Financial Sectors To The Consumer With Its Software And Applications. It Enables Transaction To Several Industries, Financial, Retail, Hospitality And Others. These Acquisition Leads And Forces To Create A Powerful Digital Transformation For Financial And Banking Sector. NCR Is Having Hold On Cloud-Based Solutions While Merging With D3 Will Expand The Business On-Premise Solutions As Well.
- Increasing Demand among Banks to Deliver Enhanced Customer Experience
- Increasing Need of Internet Banking Across the Globe
- Use of Artificial Intelligence and Advanced Biometrics for Mobile Banking
- ATM Withdrawals without Chip Card (Withdraw Money at ATMs Using Only an Application)
- Lack of Connectivity and Unavailability of Network Infrastructures
- Device Support and Operability Issues of Applications
Technological Advancement in Mobile Banking and Use of Smart Bots Drive the Market and The Rapid Adoption of Mobile Handset among Individuals in Emerging Economies Asia and Europe
Mobile Banking Issues Related To Security and Safety and Risks Associated With Mobile Banking (Hacking)
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