What Trends in Mobile Banking App Development to Follow in 2021?

by | Sep 17, 2021 | General | 0 comments

The last year forced everyone to go online and accelerated the development of the mobile app market. The banking industry is already confidently moving towards the digitalization of all processes and the transition to remote services. The new mobile banking trends appear almost every quarter and are expected to change the industry gradually. But what should we be ready for in the finance and banking sectors? Let’s look into the key trends that are going to boom the mobile banking niche.

#1 – New Technology

Financial institutions strive to meet market requirements and customer expectations. Therefore, they are integrating artificial intelligence (AI), blockchain, and other technologies into their solutions and processes. At the same time, banks create ecosystems and promote non-banking services (insurance, travel, rental housing). While the creation of an ecosystem is available only to large financial institutions, the rest are transforming processes and preparing the infrastructure.

#2 – Artificial Intelligence

According to PwC, the popular majority of financial leaders invest in AI. And 52% of CEOs make “significant” investments in AI, while 72% believe it will be a commercial advantage. Chatbots, Robo-advising, and hyper-personalization in the banking environment are powered by AI. It is also used to combat external and insider threats.

#3 – Big Data

Every year, banks invest tens of millions of dollars in the collection, storage, and processing of big data. Financial institutions operate with a huge amount of information – be it related to debit card transactions, ATM cash withdrawals, credit history, or anything else. Banks use big data to study customer habits and segment them, manage sales, assess risks and analyze competitors.

#4 – Voice Interfaces and RPA

Robots and virtual assistants perform routine and time-consuming tasks without human intervention accurately and quickly. In addition, the conversation with the robot can be personalized. Taking into account the above advantages, it is no wonder that chatbots will close 85% of client requests the next year already.

#5 – PWA

Transferring funds, monitoring balances, searching for the nearest ATMs – these are traditional functions of applications that are no longer enough for customers. Now banks are moving to a new stage: they are expanding applications to powerful web app solutions. The new solutions will help users perform a variety of operations: register real estate and cars online, get a loan, or even use government services. Among the options that are already available is some banking applications are insurance, monitoring investment products, ordering everyday goods.

#6 – Business Services

Personalized options for entrepreneurs are the future trend among mobile banks. Bookkeeping, legal support, delivery, or warehouse services – all of this will soon be integrated into super apps by developers. Reports will be generated automatically, and entrepreneurs will no longer need to turn to additional applications or third-party companies to get the necessary information.

#7 – Interface Gamification

Gamification is perhaps the most popular marketing trend. It helps the user to understand how particular banking products work and how to use them properly. Gamification plays the role of a catalyst for intrinsic motivation to use new technological solutions.

For any mobile application, not only the functional component is especially important but also the aesthetically pleasing design and user-friendliness of interfaces. For example, the function of switching the theme from light to dark and vice versa, depending on the time of day and preference. Another option is the ability to change the image in a personal account. This makes the client involved in the activities of the bank, which transfers one from the category of a financial institution to the same integral part of life as social networks.

Employ Modern Trends at Max!

The expansion of banking application ecosystems and the digitalization of service processes are all becoming drivers for high efficiency among banking applications today. Now, they are multichannel giants that are constantly expanding their pool of offerings for customers and organizations. If you strive to enter the mobile banking market, then a professional software development company will help you achieve this goal and deliver an outstanding mobile app. Visit website to know what services they offer and what they can do for you.


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