Richard Timperlake, SVP of Sales for EMEA at Confluent, states that the impact that mobile banking has had on financial services cannot be overstated.

In fact, mobile banking has completely changed how we communicate with our banks and the services they provide over the last 25 years. These days, many people use mobile applications as their first point of contact with their financial providers rather than standing in line outside bank branches.

The demand on incumbents to provide outstanding mobile banking offers has increased due to the emergence of digital-only and neobanks, making it more important than ever to provide amazing mobile banking services.

"A lot of digital-only banks now provide cutting-edge services via mobile applications, such as real-time budgeting tools and investment advice. However, Timperlake points out that subpar experiences can be harmful, alienating users and eroding their trust.

Naturally, according to Timperlake, "it's about fundamentally changing how people manage their finances with empathy and customer-centricity at its core," the finest banking experiences go beyond having the greatest mobile phone options.

"It's about connecting customers with them through a genuinely unique experience that is personalised and changeable, in real-time," he continues. "It's about maximising the value of the data that a customer shares with you, using it to identify and deliver the most suitable products for them."

This change is extensive and affects all facets of banking, including loan applications and account administration. Although there is no denying the ease of mobile banking, banks need to keep in mind that this is a commitment to serving and empowering clients rather than just a technological innovation.

Features for mobile banking in the future

For financial services providers, creating a digital banking experience that leads the industry and revolves around mobile is the ultimate goal.

What, though, distinguishes the leaders from the opposition now?

Timperlake states: "I'm excited about the future of mobile banking because it's moving towards seamless automation and putting security first." Do you recall when two-factor authentication was first introduced?

At first, it was awkward, but now it comes naturally, providing a crucial layer of security in a world where fraud is becoming more and more common. The next generation is even more seamless: picture AI-driven systems that operate silently in the background.

Think of more gentle prods rather than a barrage of notifications. Purchased something out of the ordinary? Receive a silent alert requesting confirmation. Do you have a bill to pay? Before it's due, the app automatically notifies you.

"Consider AI assistants that anticipate your demands, such as those that classify transactions automatically or recommend savings targets based on your spending patterns. Naturally, all of this is integrated with strong security safeguards, so you can be sure that automation is working for you rather than against you.

This isn't a far-off fantasy. Some of these features are already being implemented by numerous banks, paving the way for a time when mobile banking will provide you convenience and peace of mind. It's about a smooth, customized banking experience that offers you control and assurance over your digital wallet, not just transactions.

In fact, AI is already being used into mobile banking in surprisingly understated and approachable ways. Today's industry leaders have abandoned forced automation in favor of a range of optional options and services that allow your banking habits to be learned by Gen AI assistants.

Timperlake continues, "The important thing is that you can choose your level of automation, ensuring that your privacy and comfort are always respected." In my ideal world, mobile banking would provide you with ease and tailored advice, enhancing the security and smoothness of your financial life with the help of AI and ML.

The future of in-person financial services

Should banks keep pushing toward a more digital and mobile future, might in-person services stand to disappear? While it's true that a lot of the top banks are closing their physical locations, Timperlake believes that a comprehensive banking experience requires some degree of physical presence.

"In-person services are still important," he claims. "Personalized advice and human interaction are typically beneficial when making complex financial decisions, such as loans or investments.

Building trust with a banker can be crucial for long-term financial planning, and some people who are seeking financial guidance or have poor digital literacy may prefer in-person sessions.

It's crucial to keep in mind that not everyone has a smartphone, dependable internet connectivity, or even the knowledge necessary to operate one. Financial inclusion requires bank branches.

"Thus, in a future shaped by convenience and human connection, in-person services will likely coexist, catering to specific needs and preferences, even though mobile banking dominates day-to-day transactions."

What's next in the digitalization of mobile banking?

It is evident that the key to providing a completely inclusive digital experience is a future in which digital and physical banking coexist.

What will happen to mobile banking in the near future, though? Timperlake thinks that "opt-in" AI choices for customers will be the next big thing.

"Some examples are fraud detection features, which operate in the background without making noise while other tools, like chatbots or helpers for budgeting, wait for your invitation. Transaction security may be achieved by biometrics with ease, but only if you approve it.

Users will feel empowered by this nuanced, customized approach, which promotes control and trust. Timperlake says, "It's a future where mobile banking respects users' autonomy to decide how much it integrates into their lives while adapting to them seamlessly."