Mobile Banking: The Application of the Future

Mobile banking (the ability to conduct banking transactions from your smartphone) is certainly the most remarkable aspect of the digital transformation affecting the banking world. Barely a decade ago, about a third of the contact between customers and their bank was done at branches, with the rest fairly distributed between website visits and phone calls (the old-fashioned charm of phone banking, etc.).

Today in France and Belgium, phone banking has been phased out, with less than 5% of customers still going through an agency and at least many already (already) through mobile via traditional PC banking. transactions take place. At “classic” banks (not pure players), a third of customers are “100% mobile” (no connection via PC or visiting branches).

With the rise in the penetration rate of smartphones in Europe (56%), this trend will only accelerate … provided that mobile applications continue to improve and they provide more than simple practical aspects in the form of added value.

So what would the entire mobile banking app look like/look like?

One “House” application but open and multi-banking

If the blogosphere follows most of the initiatives taken by Google or Apple when it comes to mobile payments, the mobile banking of the future will have a “classic” bank logo.[1],

According to a European survey conducted by ING in 2015, 87% of respondents believe that a “real” bank is by far the most legitimate bank to offer a banking application. It (feel) is a matter of safety and after-sales service. Despite the woes and business, 99% of respondents (including millennials) say they trust apps made by banks.

Based on this observation, the 6 main Belgian banks launched the Sixdots mobile application in 2014, which allows money transfers between two users, even if they are not in the same bank.

If Sixdots answers users’ desire for applications that work on multiple networks, it’s not “multi-banking” yet. The application can only be linked to one account. When we know that 57% of Belgians are customers in at least two banks (40% in France), this is a serious constraint.

advanced functions

In Spain, CaixaBank allows its customers to estimate the amount of their upcoming spending based on their payment history. The same bank also allows the recommendation of products based on the financial status of the customers.

Another example, Bank of America. It allows its customers to report their foreign trips so that automated fraud detection tools can be customized and thus to avoid inadvertently blocking the card after use at ATMs in Macau (Case Study) Can you

In general, we can say that when it comes to innovation, Poland, Turkey and Spain are at the forefront. In France, Belgium and Germany, the functions of mobile banks are still relatively limited: consult a balance, make a transfer (to an already known recipient), create alerts, etc.

In these countries, mobile banking and mobile banking applications are above all “light” versions of PC banking interfaces.

So we understand that less than 5% of current accounts in France are online accounts and only 2% of French people have a “net player” establishment as their main bank.

Simple, but reliable authentication

Unlike PC banking, one of the attractions of mobile applications is their fast and easy access. On the mobile app, a simple PIN code is enough in most cases to check your account balance (the most commonly used function). But as soon as it comes to the payment confirmation, you will need to remove the card and the code generator (token).

To avoid this, banks are looking for more practical authentication options: one can give the example of fingerprint recognition from KBC (Belgium).

More advanced still, is facial recognition tested by PayPal or screen signing developed by Swedish start-up Behaviosec.

Withdraw cash from your smartphone…

Because not everything can be bought online, sometimes we still need cash. Nevertheless, your smartphone will become indispensable.

In DenizBank (Turkey), you can prepare cash withdrawals on your smartphone before going to the brand’s ATM. Then all you have to do is scan the QR code of this device and confirm the withdrawal on your smartphone with your PIN code before leaving with the ticket in your pocket.

mobile banking

Voice control and complex conversations

The ING (Netherlands) app works like Siri: you perform your operation using voice recognition. Ultimately the same technology should also be used to identify users.

Going forward, we can also imagine that the smartphone becomes a true “virtual banker”, capable of complex interactions, such as an investment fund for a series of questions/answers asked “verbally”. To guide the user in the choice of

Meanwhile, Polish bank Zachodni WBK has already developed a videoconferencing service with a “real” advisor on its mobile app.


(on)mobile banking undoubtedly has a bright future, even though its profitability is still far from being established. From the moment the customer asks for a mobile, banks have to adapt.

Institutions taking the path of innovation will be able to convert this essential step into a real opportunity and vehicle of growth. Smarter will go even further by taking orders directly from the most promising fintech startups.

[1] the future is now

Google, Apple and others’ “wallets” are installed only on +- 10% of European smartphones, while 41% of Europeans with smartphones or tablets use mobile banking services.

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