Mobile Banking Trends That Your Application Must Have In 2023!
Online banking has replaced traditional banking, with many facilities and improvements that have eased people’s work to manage it better by saving their time. Digitalization has taken place in everyone including the financial sectors, an example of which is mobile banking trends. In a web-based market, there are various banking applications accessible, from which it is difficult to conclude which is awesome. To stay in trend with the technology, developers, and marketers adopted this system quickly, to attract new customers. These mobile banking apps are why people are turning towards digital solutions for their financial needs and increased banking mobile application development. Before taking information about it, you should also have knowledge of mobile banking statistics in 2023.
Mobile Banking Statistics You Need to Know In 2023:
Most of us now rely on our mobile for every little need, whether it is checking our finances, transaction history, or transferring money online. Banking apps are a safe medium for people because it is not convenient for people to go to ATMs to check their balances. Due to some pandemics, that took place in some of the last years caused an increase in online transactions and mobile banking. It is useful in several ways, as it comforts people to make financial decisions from their homes through the use of mobile applications.
As per a report, during the pandemic, there was an increase of 26% in mobile banking and a 46% increase in payment applications which shows that people are moving towards it for the fast and convenient services. As per the statistics report market revenue will reach USD 542.80 before 2026. So it is advisable to invest in the mobile banking technology.
Mobile Banking App types:
Mobile banking apps are made in such a way that they let users manage their finances and perform banking operations through the application from their smartphones. The app is secure with login functionalities and is also protected by various security measures.
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Different Types of Apps :
- PayPal and Phonepe payment systems are used for online transactions, bill payments, and much more.
- To manage the bank accounts, transfer money, and complete transactions Netbanking apps are used.
- To better manage accounts and transactions Analytical financing apps are used.
Top 3 Mobile Banking Apps In 2023.
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Capital One Mobile:
It is created by the United States’ top banking institutions which help users manage their bank accounts and perform other services like transferring money, viewing transactions, and getting alerts for transactions that are out of the blue. It is also ranked number 5th in the AppStore’s finance category.
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Chase Mobile:
The Chase mobile app is designed for the easy payment of bills, earning reward points, accessing credit card transactions, and many more. It has also integrated with the Zelle network which allows users to smooth money transfers, monitor fraudulent transactions, and plan advanced budgets.
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Monobank:
This app is from Ukraine which helps in opening an account without much hassle, and it also integrates with the several trends in mobile banking. It provides the facility of smooth payments and customer support and it has a user user-friendly interface that includes several features that help in delivering seamless banking experiences.
Top Mobile Banking Trends:
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Full-fledged Super App:
The app designed should not be an ordinary app which is like another app, but it should be a one-stop solution for all banking requirements by keeping in mind the user’s needs and requirements. Some of the features that should be included in the mobile apps among the many mobile banking trends are as under:
- Security to Prevent fund
- 24/7 customer support for the quick solution of queries security.
- Loan payment and bill payments
- Cashback and other reward programs
- Access to online mobile payment methods
- Fraudulent and suspicious behavior alerts.
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Mobile Payment Methods:
People came to know about the different payment methods during the pandemic as the use of it needed to increase as stated by WHO, but it resulted in a drastic change in user behavior. Cashless transactions became one of the top mobile banking trends and it will continue even in 2023, which includes the convenience of multiple digital sales channels and a variety of online payments to elevate the user experience. Moreover, with the changing trends, mobile app development services have also added the feature of an in-app currency version as they hire a mobile app developer in India.
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Added Focus on Security:
Security is a priority in the sectors that deal with sensitive information and personal data and an important aspect for the businesses that must be focused on. It has been a challenging task for the banking industry as the scams and cyber attacks are increasing. To prevent all this, actions such as predictive modeling of fraud help in improving the user experience and enhance safety.
Features that are included by apps are the following which the popular mobile banking trends have:
- Voice Recognition
- Device identification
- PIN systems
- Fingerprint Login and Face ID
- Strong Password
- WiFi and Cellular network
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Better security With Biometric Authentication:
Easy passwords can’t protect your finances as hackers have advanced a lot in this and for this biometric authentication methods are required. Biometric methods include facial recognition, fingerprint scanning, and eye scanning which help users access their accounts without entering a password every time. It is hard to hack with biometric authentication which is one of the top mobile banking trends created by mobile application development companies.
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Voice Payments:
Voice recognition is an exclusive feature added by the mobile banking app development company for an advanced level of security which includes two-factor authentication. With this feature of voice payment, you can instruct AI assistants like Alexa, Siri, and Google Assistant to pay bills, transfer money, and set up payment reminders. It is believed that it would be the next big fintech which is combined with machine learning and security protocols in place.
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Smart Bots:
Smart chatbots are beneficial to investors as they check investment offers before signing up for a business deal or an offer. Chatbots have decreased the workload of the customer support team as it is a great way to communicate and it is also a great option that allows better communication between the bank and the customer.
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Better Customer Personalization :
A huge amount of data is generated as there is an increase in the use of mobile banking apps which gavBanks are turning their applications into ecosystems to ensure that users spend more time on banking apps and eliminate the need for other apps. Some of the banking apps also include marketplace models, which help users to buy movie tickets, and flight tickets and pay electric bills.
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Gamification:
App’s interactivity determines the better the user experience and the higher the customer loyalty. It can keep your users hooked by gamifying your application which includes entertaining and amusing elements and features like cashback, loyalty programs, cashback, and rewards will help in the engagement of the app.
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Blockchain:
Blockchain has helped in facilitating transactions without the need for any middle man which leverages a decentralised distribution ledger. It also ensures added security and better data protection for a smooth user experience. There is an increase in blockchain transactions from 10.98 million to 81 million.
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Seamless Ecosystems and Marketplaces:
Banking software development companies employ developers with years of experience who offer personal finance app development among other professional services which give rise to the need for big data. Technology can help banks in better score, manage, and analyze consumer data. It also allows banks to offer personal consulting for better investment which results in increasing customer loyalty and improved user experience.
Benefits of Mobile Banking Apps:
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Time Efficiency:
With mobile banking apps, users need not to go the bank physically and stand in a queue, as it will save a huge amount of time for customers.
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24/7 Accessibility:
As discussed above, chatbots work without giving any workload to the employees and they provide customer support. The application likewise presents nonstop admittance to monetary administrations and help.
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Multi-functionality:
Multi-functional fintech apps can become a competitive advantage for mobile banking app development companies to create functionality upon the request of consumers.
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Cost reduction:
Mobile banking technologies have proved to be for financial companies to reduce costs that are spent on customer support services which can be cut down by 50- 70%.
Conclusion:
Many banking software development companies are working on better functionality for Android. Not only this, but an iOS app development company is also working on this to stay in competition with the current trends. It is only an option to quickly develop better applications for a cashless world and to prosper in the finance and technology world. There are also some disadvantages of this system which includes tech issues, potential security risks, and extra charge for services but they all can be improved if we look at the advantages. Your banking app just contains features like biometric verification to seamless integration of different payment methods.
