What's next in the space of mobile banking?
We have experienced mobile banking, social media banking, and m-commerce in every day life. Banking has become just a service like any other. What can we expect from the mobile banking space in the near future?
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Mobile banking will replace credit cards, and checks (as it is already starting to) and will provide quick and easy money transfers (as it already is). Mobile banking will be used for paying everything from rent to utilities, as well as individual purchases online, in-store, and from home. Essentially it will be used as a universal payment system, even allowing for currancy exchanges seemlessly.
The issues to overcome will almost entirely be those of security. Bluetooth just isn't secure in its current iteration, but is widely implemented on many devices used for mobile banking. It will need to be secured, and other forms of security will most certainly need to be implemented in order to minimize risk and corporate liability.
Here is a good article on Techcrunch; http://techcrunch.com/2015/05/31/the-first-battle-in-the-mobile-payments-war-is-over
The key with mobile banking is going to be convergence (both on the front end and backend). Customers don't want to login to multiple accounts to manage their money, its unforgivable in my view if that is true with a single institution. The relationship with my bank needs to be handled very effectively as a CRM interface across all the backend platforms. Convenience is key.
What I foresee is, In future mobile will replace cheques, physical bank transaction cards like debit cards and credit cards. We may start seeing e-cheques and you can even generate your own transaction pins every time if you want.
Banks will create apps which help you stay as much as possible from going to banks. You may even just do a call to bank and do fund transfer without even logging in to your net banking services.