Smartphones have not remain the stereotype of communication that’s calling or texting, while they are deeply integrated into our daily lives. After understanding the constant companion’s (Mobile) trend, the industries have started providing the services in the palm of customer’s hand.

Then, how the banking industry can stay back? Leveraging mobile technology, banking sector pushing the limits to make banking easier, efficient and available at the devices that’s most close to the customers.Presently, almost every national or international bank reaping great benefits with the hyper-growth of mobile customers.

According to Forrester research, “By 2017, 33% of the US population will be using mobile banking.”

The next-gen banking is touted to be mobile banking. Definitely, mobile is taking off, so let’s explore what experience it will deliver to the customers and how re-imagine the banking industry.

1. Say good bye to physical bank branches
   The comfort of getting all the banking services on mobile making the customers to not visit the banks. As, who want to wait in a long queue or make the effort to go to the bank when everything is available on the device right in the pocket.It has resulted into less customers stepping into the banks and may be the extinction of brick-and-mortar banks in near future.
2. Younger generation driving more adoption
   Mobile is the best companion of Generation X and the generation being more tech savvy prefers to work gets done on digital devices. This is the reason more and more Gen X dip their toes in mobile banking as compared to older generation. Older gen is less willing because mobile app security concerns is deeply ingrained in their minds and also they find it difficult to deal with mobile app.
3. Bank staff and Customer relationship have changed
   Its no-brainer to think that mobilization of bank space has created positive or negative impact. Well, instead of getting stuck into this, it’s good to check whether the customer values are changing.
   Before mobile apps, customers used to check location, interest rate and staff behavior to zero in the choice to a bank.But, now, the decision making process has completely changed. Customers hardly ever visit the branch after opening the account and prefer banking with a bank providing advanced services, special offers or high interest rate.
4. Mobile wallets are dominating the market
   Transaction through plastic money such as credit cards, debit cards, bitcoin or mobile wallets such as Apple pay, PayPal or third party wallets is going northwards. To rule the market and hi-tech customer base, banks have started supporting the options and enabled transaction using the wallets seamlessly.

What’s next?
The award-winning mobile technology is winning the customers at a constant pace. For the same, banking industry hop on to mobile apps development bandwagon to deliver the experience that customers desire and improve the engagement. Also, the banks strive hard to create mobile app interface that’s easy to use to stimulate the generation Y make more use of digital banking services. Become the mobile-first to keep pace with customer’s trends.