The continual innovations and advancements in the sector are influencing the direction of mobile banking. From your mobile device, you can transfer money, pay bills, check your balance, request a checkbook, apply for a loan, and do a lot more. Since mobile banking apps, financial services have actually become more easily accessible.
Now, everything from banks to financial institutions put their services at the customers' fingertips. We don't need to personally speak with an agent or visit any banks or ATMs in order to get financial assistance. Additionally, financial transactions are made faster, safer, and more convenient thanks to mobile banking technologies.
We explore the trends that will influence the direction of banking as 2023 gets underway. The top mobile banking trends for 2023 are as follows:
Mobile Banking Trends to Watch in 2023
1) Internet Of Things
The Internet of Things (IoT) is a network of related computing devices that communicate with one another and share data online. ATMs are classified as the first instance of Internet of Things application in the finance sector. IoT-enabled wearables benefit the FinTech industry in a number of ways, including real-time data collection, customized client service, authentication, and safety. Banks can automate financial requests, transfer ownership of particular assets, and other banking procedures with the help of IoT banking applications.
2) Voice Banking
Voice technology is now among the best trends for mobile banking app development. Voice-activated commands are incredibly convenient, as demonstrated by Alexa, Siri, and Google Assistant, which all play important roles in voice-enabled services. Numerous banks have incorporated the fad into two-factor authentication and offer voice-activated money transfers. The two main benefits of the trend are user convenience and security.
3) Big Data
The development of big data in this area aids fintech companies in improving risk assessment while protecting their assets and customers' identities. The development of technology has led to an increase in fraud. You can better serve your customers and keep them safe from fraud by using the data to get to know them better. Thousands of customer records are gathered by financial institutions from sources like banking history, financial statements, etc. thanks to big data.
4) Peer-To-Peer Lending
With the removal of banks and the ability to lend money directly from smartphones, P2P payment apps promote disintermediation. The way that people used to send money to one another has been revolutionized by online payment apps like Google Pay, Apple Pay, and Amazon Pay. Users can even stop longing for other payment apps if their mobile banking app adopts the p2p payment trend.
Also Read, Finance & Banking App Development
5) Digital Wallet
Mobile wallets are useful for a variety of transactions, from online shopping to recurring bill payments. Such wallets are becoming more popular because they enable mobile banking from users' bank accounts for online payments. You can say that COVID-19's contactless payment initiative has disrupted digital wallets. Your user experience will be greatly improved if your banking app adopts the mobile wallet trend. You can accept cryptocurrency payments in your digital wallet to differentiate yourself from the competition.
6) Biometric Authentication
In mobile banking app development, you have to take into account a variety of scenarios, even odd ones, like what happens if your phone is stolen while you are logged into your banking app? The biometric authentication craze is your mobile banking app development’s savior in this situation. In any case, if a user's smartphone is stolen, the owner's fingerprints, retina, face, or voice will need to be verified in order to access the banking app. You add an additional level of safety over a basic password and PIN by implementing sophisticated biometric authentication.
7) API Integration
You can permit outside businesses to incorporate your banking API into their product, and vice versa. It's the style you need to follow if you want to offer a seamless and improved customer experience. It will open up your banking services to clients of affiliated businesses. Following the API trend, smaller banks collaborate with businesses that provide enhanced functionality to promote their brands and enhance customer experiences. By enhancing their services and areas of expertise to complement one another, API banking benefits both parties.
8) Cloud Computing
It streamlines things while conserving time, money, and labor. By removing the reliance on specialized software and hardware, cloud computing improves flexibility, accelerates business processes, and automates them. It's worth a shot because it offers backup at a cheaper price than typically managed solutions. Furthermore, financial institutions can benefit from cloud computing by achieving high levels of data protection, fault tolerance, and system recovery.
9) Smart Bots
Your banking app can use the chatbot trend to: offer quick and dependable customer support 24/7; resolve minor issues; respond to inquiries right away; and more. Smart bots with artificial intelligence and machine learning enable various advantages. Chatbots are the ideal mobile banking trend because they will only continue to advance and benefit mobile banking.
10) Transferring Money Internationally
Giving users the option to send money to friends or family abroad without leaving the mobile banking app can give you a competitive advantage. Additionally, International money transfer via mobile banking apps has become a common practice due to their convenience, accessibility, cost-effectiveness, better exchange rates, and increased security.
By adopting this banking trend in 2023, tasks related to banking will become more enjoyable while also lengthening session times and daily active users. The best way to introduce users to your banking app is through gamification, which also helps to increase user engagement.
12) Blockchain In A Mobile Banking Application
Many FinTech businesses may be using blockchain technology to provide safe and open financial services. Blockchain technology is receiving attention in the financial industry thanks to cryptocurrencies. You can also redefine mobile banking while enhancing digital security by integrating blockchain into a decentralized channel. Blockchain is a quickly developing trend in mobile banking that will speed up payments while simultaneously reducing processing costs.
More customers are choosing mobile banking services thanks to rising smartphone usage and the simplicity of using mobile apps to access banking services. In order to meet the rising demand for online banking services, banks are making significant investments in mobile app development. A mobile app development company can assist banks in creating unique mobile banking apps that provide customers with an easy banking process while protecting the security of their personal information.