What began as a simple “send and receive money” concept has evolved to the point where mobile money apps almost run our lives. And considering the current dawn of the mobile technology world, it seems as though FSPs can’t develop sophisticated, and seamlessly integrated mobile money apps quick enough.
This is a sneak peek into what the future mobile money apps
In a move towards making life even simpler, as mobile money apps evolve and grow, they’ll transform into the personal financial advisor we’ve all been dreaming of, beyond the typical budget apps.
Rather than the apps’ sole focus being budgets, they’ll be able to advise you towards the correct spending and savings decisions based on how you manage your personal finance habits. When it comes to managing our finances, more and more apps will seamlessly integrate into various accounts. Not just one specific bank, but the app will interconnect all of your finances (bank accounts, loans, credit cards and even investments) offering one, consolidated view.
Embedded Finance will be incorporated more frequently
This essentially means that finance options will be directly included within mobile applications – such as a loan being available within an online shopping app, or ride hailing payment platforms offering integrated financing.
New Bio Metric Security Methodologies
When it comes to keeping your account safe and secure, we’ll soon see a combination of different bio metrics – Finger prints, behavioural analysis, real-time fraud detection – all working in tandem. Security environment so tight, it’ll be the least of your concerns.
AI-Driven Predictive Financial Management
Beyond analyze current spending and transactions, the smarter applications will go as far as predict outcomes for us.
This may include potential credit card issues, or advice about our upcoming finance spending or even help us to see potential saving opportunities before we do.
Voice Interactions
As mobile finances becomes an integral part of our daily routine through our mobile device, managing our finances will merely be a verbal command. Advanced voice AI technology coupled with smart banking and Natural Language processing will ensure a smoother experience for you.
Health and Financial Management
Beyond logging your transaction, mobile money solutions will now take into account health-related behaviours that may have implications to spending and saving habits, potentially incorporating tools to guide positive financial behaviour change.
Decentralized Financing and Blockchain
If accessing de-centralized financing (Peer to Peer loans, Asset Management etc.) was difficult enough previously, a single tap of the smartphone may very well soon be the extent of the challenge.
Opportunities for the Under-served
There’s a great deal that needs to be said about how effective mobile money has been and can continue to be for those in underserved populations. Whether it’s in remote or rural communities or for those individuals without traditional banking access, mobile money has and can be a game-changing factor in terms of the adoption of financial services thanks to the increasing spread of smartphone penetration.
Regulation Evolution
As a result of the increasing smartphone utilization, growth in the app space and mobile money, the regulation aspect has obviously needed to take a step forward as well in order to keep up.
consumer protections and industry advancements.
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