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 Overview of the current banking industry

There are much buzz about digitizing and the use of new technologies in the banking sector in recent years. No doubt, the current pandemic has led to an increase in the use of mobile banking and web applications. According to the sensor tower, there have been nearly 1.24 billion financial application downloads in Q2 2020, 840 million of which are made through Google Play, compared to 395 million via the IOS App Store. These statistics illustrate increased customer interest in banking applications.

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It is expected to achieve more digitization in the banking system, the use of advanced technology such as artificial intelligence, machine learning, cloud services, and blockchain is expected to rise. The customer experience (CX) and customer data security continue to remain the main focus for the financial sector for banking systems that are looking for ways to improve their applications, simplify customer trips, and give them a smooth omnichannel experience. Therefore, we share some important features sought by current banking customers in digital banking applications.

What are customers sought today in banking applications?

Testing of banking applications

● Customers prefer banking applications to be loaded instantly, easy to operate and smooth transaction processing to provide them a simplified and great user experience

● Experts believe that banking through cellular devices is much safer compared to open websites. Thus, customers are currently looking for safer and reliable banking applications that provide a smooth transaction experience

● Because of the current pandemic, regardless of the age of the person, everyone continues to focus on online banking that has an easy interface and quick access to various transaction features

● Customers also prefer the application to load faster and balance many users and remain perfect without downtime when used

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● ATM Connectivity The mobile application to activate access to ATMs through scanning is one of the upcoming trends that are waiting for people

● Banking application features such as sound payments and image recognition are some of the other features needed by banking application users

Banking trends

● According to GlobeNewswire, the global mobile banking market is valued at $ 715.3 million in 2018 and is expected to reach $ 1,824.7 million in 2026, registering CAGR of 12.2% from 2019-2026

● According to statistics, 90% of users at A.S. Use the Mobile Banking application to check their balance, 79% do it to see the latest transactions, 59% to pay bills, and 57% to make transfers. These statistics illustrate that a large set of populations uses mobile banking services and thus, the big UI of the mobile application is the requirement of hours

● According to Statista, the use of the weekly average of Fintech applications in Japan rose 55 percent, in South Korea it rose 35%, and in the United States up to 20% between December 29, 2019, until March 1, 2020, which coincided with the initial Pandemic Covid-19

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● According to the World Retail Banking Report 2020 (WRBR) published by Capgemini and EFMA, the report states that more than half (57%) of consumers now prefer internet banking, up from 49% pre-covid-19, and 55% more Like. The mobile banking application, compared with 47% earlier, the stakes have increased further because the context of Covid-19 continues to move consumers to digital banking

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With a Sudden Spurt in the use of digital banking applications, it becomes important for the banking system to ensure their mobile and web applications are digitized and provide a great user experience by utilizing quality assurance best practices (QA).