Top 10 Mobile Banking Trends to Get Ahead in 2024 & Beyond

Blog Summary: The new and advanced technology has increased the competition and the banking industry’s pace enormously. Today, banking operations are optimized with online platforms. Yet, there are some early top mobile banking app trends for 2024 and beyond. Wondering about the trends? Stay tuned to learn the latest future banking trends for your business growth! 

As per the statistics of Think with Google, 6 out of 10 smartphone users choose to utilize a finance app over a mobile website to manage their investments. Considering this high-paced growth of consumers’ adaptation towards application, mobile banking app trends are progressively making new technical evolutions. 

Mobile banking apps have helped banks analyze customer behavior, simplify banking operations, integrate advanced features, and improve the efficiency of your bank. The ultimate goal of digital banking services is to smoothen out the customer experience by upgrading the technology solutions and market dynamism time over time.

If you own any fintech enterprise or banking application, you need to understand the banking app trends. These help take a great leap in 2024 and the years ahead. Let’s have a detailed look at the significant trends in mobile banking applications. 

Top 10 Mobile Banking App Trends in 2024 & Beyond 

1) Gamification

The most enticing and captivating future banking trend that educates users on the proper usage of banking applications is Gamification. It has contributed extensively to improving the user experience on mobile banking apps. Delivering enhanced interactions for users to apply for financial institutions, third-party banking services, investment plans, etc. The main motive of gamification is to reward customers with extra perks for using your banking services. 

As per a recent study, Gamification will see more hype and adaptation in the coming years. It will directly increase the session time of users on the respective mobile banking app. So, your banking app should make it a companion right away. CRED has strategically put gamification into practice by offering CRED coins to buy gaming slots and win rewards like cashback for users. 

2) Smart Chatbots

The emergence of Artificial intelligence (AI) is apparent and banking apps are also shifting to AI-powered chatbots or help desk. Basically, it is among the must-have features that are beneficial to optimize customer engagement on your application. According to the reports, using chatbots is advantageous in cost saving up to $7.3 billion by 2023. 

Enabling chatbot is the banking technology trend that upscales your app’s performance and manages visitors efficiently. Chatbots offer support 24/7 and immediately answer the customers’ queries or redirect them to the respective resources for solutions. It is a personalized and conversational approach to comfort customers and provide them with accurate solutions. 

3) Big Data

The buzzing term Big data is going to make a bigger transformation in banking app trends in the sector. It is the latest technology that swiftly permits the collection and processing of larger volumes of user data. It is the wider range of solutions that targets sales and optimizing overall user experience. 

Due to its data-driven feature, people have a misconception about it as the risk of data loss. However, the case is completely different. It has been built and used to secure personal user information against malpractices.

It monitors and tracks the activities on your app and keeps an eye on suspicious transactions from the account. As it assists banks in collecting users’ data, the bank can detect fraud and properly take action against that. So, it makes a bigger impact as digital banking trends to safeguard the customers’ data. 

4) Significance of Digital Wallet

In the past few years, digital wallets have influenced the banking industry with simplified methods of online payment. Especially, from the indulgence of COVID, the surge of contactless payments has given a prominent boost to digital wallet usage. It enables users to settle bill payments and purchases without any hassle and directly from their bank accounts. 

So, the popularity of digital payment applications is at its peak. The economy is prevalently becoming cashless by utilizing online payment gateways. The most widely used digital payment applications are Apple Pay, Amazon Pay, Google Pay, and so on. It has enhanced the way people transfer money to one another and make online purchases. 

Therefore, the digital wallet is a convenient and quick process making users prefer any payments and money transfers. It allows users to do any type of transaction and also enables cryptocurrency to make payments. So, it is indeed the top mobile banking trends to skyrocket your banking services proficiently. 

5) Quick Biometric Authentication

Security is the primary factor for a robust banking app, and adhering to the security factor of banking app trends i.e., biometric authentication. It will be a win-win situation for both the app and the users. The biometric process offers security for the app and limits access to the authorized user only. It doesn’t merely depend on a PIN or password, the biometric feature permits unlocking the app with the authorized account holder’s face recognition, retina, fingerprint, or voice verification. 

However, biometric security is no less than a savior for your mobile banking app. Like, if someone has stolen your phone, the banking app remains safe and locked. Therefore, it is a widespread mobile banking trends in 2024 that can’t be underestimated.

6) Voice Banking Facility

Voice command facilities already emerged in the market with the arrival of Alexa, Google Assistant, etc. But it will affect the banking and fintech industry in 2024 and upcoming years. Voice banking is a hands-free solution that allows you to perform transactions without touching your phone.

With the voice banking features, customers can easily manage the app functionality and operate the transaction process smoothly. It allows the app to validate the voice before each transaction and consequently protects the details of your banking app. So, it has turned out to be the top mobile banking app trends that you need to consider while creating a banking app. 

7) Cardless ATM Withdrawals

The demand for cardless ATM withdrawals is a new and ever-expanding trend in the banking and fintech market. However, many banks have already introduced cardless withdrawal. It limits the usage of debit cards for ATM withdrawals and permits you to withdraw by using your banking application. 

The major reason for this trend is extending the number of neo-banking apps in the industry. Renowned banking apps such as Chime and Bank of America have introduced this feature which affects the usage of apps such as digital cards for withdrawing money. 

8) Blockchain Technology

The utilization of blockchain technology enables decentralized and distributed ledgers that allow autonomous parties to handle fund transfers without any interference from intermediaries. It initiates the roadmap for mobile banking to move towards the cloud-based system and eliminate the physical branches. Additionally, it streamlines the process with digital-only banks and creates an environment for the adoption of blockchain.

Blockchain is better called the banking technology trend that offers you an easy sign-up procedure, real-time updates, and 24/7 access. Moreover, using digital-only banks will also offer rewards and cashback for consumers. So, the mobile app development process will be upgraded with effective future banking trends. 

9) Peer-to-Peer Lending

Peer-to-peer (P2P) lending is becoming a banking app trend that enables people to easily lend or borrow money from their friends or relatives without banking formalities. So, your banking app can execute P2P lending solutions to directly connect borrowers and investors. The inverter can modify and set the rates for the transactions.

Moreover, P2P payment apps are in trend that will drive disintermediation and eliminate the involvement of banks. In 2024 and the future, there will be more such payment apps with advanced features and functionalities for mobile banking users’ convenience.

10) Open Banking 

The future banking trends in 2024 also witness open banking as a significant banking solution. Open banking makes your banking functions more convenient and accessible. It is a system that enables consumers to securely and properly share their financial data with third-party service providers, financial institutions, and banks.

Hence, the banks will more appropriately use this data to offer customized services based on customers’ behavior. Consumers are also comfortable using third-party APIs for accessing financial details and transactions, as it minimizes complications for them. So, open banking ultimately makes banking simplified and delivers higher customer satisfaction that can be attained.

Related Guide: How to Create Mobile Banking App

Key Takeaways

The importance of mobile banking app trends should be adapted to attain better customer experience and improved sales not only in 2023 but for upcoming years. The fintech and banking sector has visible tremendous technological advancements and accelerated potential of banking applications. 

However, the advanced features have made banking operations a cakewalk task for customers. Now, any new user can log in and avail of financial solutions from anywhere at their convenience. 

Making strategies based on these digital banking trends will make your banking app the preferable choice for customers and eliminate the requirement of physical space to set up bank branches. What if we say that you will get your banking app built by implementing these future trends? Rlogical can make your dream banking app a reality. 

Our experienced developers have an edge in providing high-end solutions. Hire mobile app developers to make cross-platform or native banking apps and make your banking app list among the top applications like Chime! 

FAQs

What is the future of mobile banking?

Well, the prominent aspects that make an impact on the mobile banking sector in the future are the emergence of Artificial intelligence, Machine learning, Buy now, pay later (BNPL) solutions, and cryptocurrency. So, you should start focusing on these banking technology trends from now on to stand out in the market. 

What are the best mobile banking apps?

Although many banks have adapted to the app development process for making their digital presence, there are some of the best apps that have raised the bar and set higher goals.

• Chase
• Ally Bank
• Varo
• Chime
• Bank of America
• Wells Fargo
• Capital One

What is the difference between fintech and banking?

The primary difference between fintech and the banking sector is that banks follow strict rules and guidelines of the banking provisions and regulatory standards, while fintech companies don’t need to follow such regulations. Apart from that, banks undertake the financial history and credit scores of the customers for any service, while fintech is lenient and offers services to any customers easily. However, the aforementioned future banking trends (2024 & and ahead) are necessary to be implemented in both types of businesses.