Empower Your Mobile Banking App: Speed, Scale, and Security with Redis Enterprise

The exponential growth of mobile banking and its active users is directly causing banks to invest heavily in their mobile banking features.

Source: Bank of America Report

Growth in Mobile Banking:

• Rising Smartphone Penetration:?More people have smartphones than ever before and mobile data became cheaper (India has some of the cheapest mobile data plans in the world, with 1GB of mobile data costing about $0.04 or about Rs.?13) ,?making them the primary device for accessing online services.
• Increased Convenience and Accessibility:?Mobile banking allows users to manage their finances anytime,?anywhere,?without visiting a branch.
• Enhanced Functionality:?Mobile banking apps offer a wide range of features,?including bill payments,?money transfers,?account monitoring,?and even loan applications.

"The growth of mobile banking isn't just a trend, it's a tsunami reshaping the financial landscape. Banks that refuse to ride the wave risk being swept away." -?Financial Technology Guru

Active Users Driving Investment:

• User Engagement:?As more people use mobile banking,?banks see valuable data on user behavior and preferences.
• Increased Revenue:?Mobile banking transactions are cheaper for banks to process compared to branch transactions,?leading to potential cost savings and efficiency gains.
• Competitive Advantage:?Investing in a user-friendly and feature-rich mobile app helps banks attract and retain customers in a competitive market.

"Surging mobile banking users are like fuel to the investment fire.?Banks are pouring resources into features and experiences to keep pace with the demand." -?Brett King, Author

Bank Investments in Mobile Banking:

• App Development and Upgrades:?Banks are constantly improving their mobile apps with new features,?security enhancements,?and improved user interfaces.
• Technological Innovation:?They integrate AI,?chatbots,?and other emerging technologies to personalize the user experience and offer advanced financial services.
• Marketing and User Education:?Banks invest in campaigns to promote their mobile apps and educate users about their benefits and security features.

To win the mobile banking game, banks must overcome these critical challenges:

1. Real-time (quick response) user experience.
2. Emphasizing Security without compromising user experience.
3. Faster go to market.
4. Modern technologies adaption
5. Skillsets, ISV dependencies.
6. Cloud migration, adaption

Redis Enterprise plays a crucial role in helping banks stay ahead in the mobile banking application competition by offering several key advantages:

• Blazing-fast performance: In-memory data storage ensures instant access to information, eliminating lags and keeping users engaged.
• Unmatched scalability: As user volumes surge, Redis Enterprise seamlessly scales to accommodate the demand, preventing app crashes and maintaining smooth operations.
• Enhanced security: Robust security features safeguard user data and transactions, building trust and loyalty in a security-conscious environment.
• Real-time personalization: Leverage user behavior data to deliver personalized recommendations, offers, and account insights, making each user feel valued.
• Frictionless transactions: Streamline payments, transfers, and other functionalities for a smooth and intuitive user journey.
• Seamless integration: Integrate with existing systems and platforms for a holistic and connected banking experience.

A few use case examples for Mobile Banking:

• Serving user portfolio and accounts data: Improved user experience by moving user sessions, demographics, portfolio, and account information to Redis. No more session timeouts or re-logins.
• Authentication tokens and session management, OTP generations and validations in Redis have increased response time thousands of times compared to traditional databases.

• Prefetching read-mostly banking data with Redis Enterprise - Using Redis Data integration (CDC framework) allows pre-fetching (async) data into Redis and serves 100 times faster than traditional databases.

"Traditional databases choke under mobile banking pressure. Redis Enterprise keeps the flow smooth, giving banks a performance advantage in the competition." - Financial Technology Guru

• Resiliency - Redis Enterprise Active-Active geo-distributed deployment protects single points of failure up to 99.999% uptime.
• Fraud detection systems leverage real-time transaction risk-scoring algorithms, which consider transaction details, user profiles, behavioural biometrics, geolocation, IP/device metadata, bank information, and more. Non-suspicious transactions would have a zero-fraud score and are good to be completed. Transactions with low-to-mid fraud scores might be verified and completed, depending on the financial institution’s risk management policies, while higher scores might be declined and sent to another system for forensic analysis. Redis Enterprise serves real-time features as the online feature store for risk-scoring model inferencing at submillisecond latencies.

• Redis Enterprise as vector database - It could be building chatbots, caching LLM responses or banking-specific knowledge and providing powerful semantic search capabilities to infuse relevant contextual data into a prompt before it’s sent to a LLM for improved result quality.??

By leveraging Redis Enterprise, banks gain a significant edge in the mobile banking competition:

• Increased user engagement: Satisfied users spend more time on the app, leading to higher transaction volumes and deeper customer relationships.
• Reduced costs: The in-memory architecture of Redis Enterprise can lead to significant cost savings on infrastructure and data storage compared to traditional databases.
• Faster innovation: The agility and flexibility of Redis Enterprise allow banks to quickly adapt to changing user needs and market trends.

In conclusion, Redis Enterprise empowers banks to build high-performing, scalable, and secure mobile banking applications that deliver an exceptional user experience and stay ahead in the competitive landscape. Redis helps banks differentiate themselves and attract and retain customers in the ever-evolving mobile banking market by addressing key challenges like performance, personalisation, and security.