Well, we have accounts in one or the other banks, but would you choose a bank without an app? Every bank must have a mobile app for its account holders. Technology has entered the banking sector too. Fintech is the future trend in mobile banking that we will witness in the coming years.
Mobile banking is gaining popularity due to impeccable banking experiences offered to the users through smartphones.
Today, users can perform several banking tasks like sending funds, paying bills, and opening an account through online mobile banking apps. It helps you save a lot of time carrying out banking activities.
Key factors that have contributed to the popularity of mobile banking are the security and simple-to-use features.
In this blog, you will learn about the current mobile banking trends that would help you build an efficient mobile banking app.
Reasons why you invest in a mobile banking app
There are several reasons why you should invest in mobile banking app development, and some of them are
- Mobile banking apps are the future
- Helps you serve your customers round the clock
- Help customers perform several banking tasks without going to the bank.
What are the different types of mobile banking apps?
Neobanking apps
These apps allow users to make bill payments, perform transactions and manage personal accounts.
Payment systems
These apps help carry out online transactions. For instance, Paypal.
Crypto/Stock Investing apps
These apps are related to Binance, Coinbase, etc
Analytical financial apps
These apps offer category management expenses and analytics related to personal finance.
Today, online banking has undergone massive transformation. The experts in the industry are looking for more tech solutions to speed up processing users’ requests. Using high-end technologies, banking sector is helping users manage their expenses, accounts, payments etc,
A single mobile banking app acts as the mediator between the user and the bank and enables faster banking activities. Hence, technology in the banking sector is highly appreciated and adopted by banks and users equally.
Top trends in the mobile banking industry
1. AI-enabled chatbots
AI bot is designed to carry out specific tasks according to specific pre-programmed conditions. Banking and financial institutions simplify several manual operations using AI technology to cut-down response time. For instance, an AI-enabled chatbot in your app can respond to queries and handle several new requests and send out complex issues to the concerned departments.
Also, the chatbot offers round-the-clock customer support that helps save cost on hiring support staff. With automated customer service using chatbots, banks can compete with their competitor banks easily.
2. Biometric security
Security is the primary concern for the banking sector. Biometric authentication is designed to enhance and secure confidential data and manage financial rules.
With the help of tools like face recognition, fingerprints, voice, etc Biometric solutions prevent accounts & devices from threats and unauthorized access. It helps financial institutions protect user data against credit card skimming, and phishing etc.
3. Mobile banking apps
With the increasing popularity of mobile banking apps, people prefer doing most banking tasks without visiting the bank.
By investing in mobile banking app development solutions, you can help customers plan their budget, withdraw funds, pay loan installments and manage expenses, etc.
Also, financial institutions can offer a wide variety of services to enhance customer experience and cut-down costs.
You should integrate security features into mobile banking apps to protect sensitive data. The features include biometrics and 2 step verification.
4. Voice payments
It is one of the popular mobile banking trends you should focus on. Digital assistants like Alexa and Siri are gaining popularity helping mobile banking apps enhance user experience and increase customer retention.
For example, some banks have incorporated mobile assistants to the app to help customers make payments by giving basic commands – “I want to send funds to”. The app sends information on exchange rates, purchasing habits, and current account transactions.
5. Blockchain technology
Blockchain is one of the vital digital mobile banking trends of the future. Everyone is moving towards blockchain transactions. As Statista reports, the number of blockchain wallets touched around 70M in 2021.
Blockchain technology offers a decentralized ledger that helps people transfer money without relying on a 3rd party.
Blockchain technology in banking facilitates
- Faster payments
- Seamless auditing and accounting
- Digital identity authentication
- Faster fundraising process
- P2P transfers
- Convenient settlement systems
Cardless ATM withdrawal
It is amongst the growing mobile banking industry trends in 2022 and will stay for many more years. Technologies like QR code scanning and NFC allow customers to access ATMs easily.
For example, people can withdraw funds, and make payments by scanning the QR code through their smartphones. Cardless ATM withdrawal helps cut-down the risks of fraud related to card cloning
Final words
Technology has changed the way the banking and finance sector used to operate. By following the best mobile banking trends, banks and financial institutions can overcome business challenges.
For instance, you can integrate technologies like big data, machine learning, and blockchain to protect confidential data. Data analytics help you know the customer preferences so that you can work towards fulfilling them. Biometrics can secure the system against threats, phishing, skimming, and unauthorized access.
With the help of chatbots and voice payment features in your banking app, you can offer an excellent user-experience, and overall efficiency and reduce operational costs.
Want to consider the latest trends in mobile banking to build an efficient mobile banking app? X-Byte Enterprise Solutions professional mobile app development company can assist you develop a scalable mobile banking app with the latest technology integrations trending in the market. Our team of talented mobile app developers is aware of the latest trends in mobile banking to deliver an app that meets the banking needs of your end users. Let us connect to discuss your app requirements today.