The best mobile banking app should be able to offer everything a bank branch can suggest. A good example here is the phenomenon of the popularity of neobanks. Since the advent of the global fintech market, challenger banks have constantly been improving their apps and expanding their feature set to make their offerings attractive enough to displace brick-and-mortar institutions completely.
The services offered by neobanks seem affordable and beneficial to different customer segments:
- No transaction fees
- Instant access to all features
- Faster customer service
- Sometimes even an entire ecosystem of related services
With contactless payments and other mobile payment options set to become a trend in 2022, mobile banking is more relevant than ever. Convenience is still a significant advantage.
When designing a banking app, you need to consider this advantage and how you can optimize the user experience by making their needs more leisurely. For example, a single mobile banking app could allow users to send and receive transactions, apply for loans, view the status of multiple accounts, and contact customer service. The ability to perform these tasks independently from anywhere is unmatched in physical branches.
Read more here: https://anywhere.epam.com/business/how-to-build-a-mobile-banking-application.
Advancing technology has started influencing the BFSI sector, and we witness innovative app solutions in financial services.
These solutions fall under the fintech category and contribute to improving services.
Mobile wallets, banking apps, and cryptocurrency-related apps are some of the most popular examples of fintech apps.
In this blog, we are going to understand the role and benefits of cross-platform app development for a fintech firm
Bloom is releasing free credit monitoring, robust data breach monitoring, and enhanced smart identity features to nearly 1 million users.With Bloom, new credit monitoring and smart identity features give users the power to protect their identity and manage their credit all in one place.
Bloom has partnered with TransUnion to provide a robust credit monitoring product.
A critical part of TransUnion’s mission is to empower consumers to better understand and manage their data and shape their financial lives.
This partnership supports that mission, and we look forward to continue working with Bloom to deliver innovative and impactful solutions to consumers.”Along with credit and data breach monitoring, Bloom’s smart identity solution helps prevent predatory third parties from accessing user data and greatly reduces the risk of identity theft.
Today’s release helps make that a reality,” said Bloom spokesperson, Shannon Wu.Bloom is building groundbreaking technology and workflows for the everyday person, providing an innovative alternative to conventional identity platforms.
By delivering a secure and inclusive alternative, Bloom has grown to become the largest decentralized identity platform in the world.Despite the hype of blockchain, many of the innovations require deep technical understanding and interfacing directly with blockchain ledgers.
Rise in adoption of new applications and services in the banking sector, supportive government regulations, and enhanced customer engagement with open banking APIs drive the growth of the global open banking market.
However, lack of awareness regarding open banking, data security, and management of security threats hinder the market growth.
On the other hand, collaboration activities between fintech firms and banks create new opportunities in the industry.The global open banking market generated $7.29 billion in 2018, and is expected to reach $43.15 billion by 2026, growing at a CAGR of 24.4% from 2019 to 2026.
The report provides an extensive analysis of changing market dynamics, market size & projections, top investment pockets, major segments, and competitive scenarios.Based on financial service, the banking and capital markets segment contributed to more than half of the total share of the global open banking market in 2018, and is expected to maintain its lead share in terms of revenue during the forecast period.
However, the payments segment is projected to witness the largest CAGR of 27.3% from 2019 to 2026.
The research also discusses segments such as digital currencies and value-added services.
Neobanking that finally gets youThe Open business account comes with a VISA business card that combines banking, payments, accounting, expense management & taxes, in one place.
Best neobank in India with alots of services
