With evolving technology, just like every other sector, banking and finance evolved as well. Currently, users find it more convenient to manage finances over smartphones instead of traditional banking hassles. According to a statistic shared by Think With Google, 73 percent of smartphone users have signed up for financial services and are using them regularly.
Statista mobile banking trends 2023 show that around 48 percent of banking app users belong to the age group of 18- 24 years. Banking apps have reduced long queues and waiting time in banks. Now, customers can execute almost every bank-related task with a click on their smartphone. Therefore, the future of mobile banking apps looks brighter.
Moving forward, you will see a few mobile banking trends 2023 supported by statistics and facts. Moreover, if you are a developer planning to build a financial app, you will have a sound understanding of the market once you are done reading this blog!
Top cutting-edge trends in mobile banking
Now, without wasting much time, let’s discuss these mobile banking technology trends in detail. It will give you an insight into the financial segment and usage of mobile apps.
1. Elimination of ATM cards for withdrawing the cash
One of the most popular future trends in mobile banking is Cardless ATM withdrawals. Some banks have already introduced this feature into their ATMs. Using this feature will reduce or eliminate the need for debit cards in the future. With the usage of the neo banking app, users will be able to login into their bank account and do the transaction. According to a report by Small Business Trends, in the U.S., around 70,000 banks will offer cardless withdrawals in the future.
2. Biometric authentication to use the app
For the security of your financial information and bank balance, the mobile banking future is focusing on growing the usage of biometric authentication in mobile apps. Many banking apps have started using these mobile banking trends 2023. Instead of using PINs or Passwords to log in to the banking app, users are supposed to use their fingerprint through the touchpad of the smartphone. However, it will require fingerprint compatible devices as well.
3. AI-supported customer service
One of the latest trends in mobile banking is the use of AI. Many banking services have started using Artificial Intelligence to respond to queries faster. Moreover, these AI-supported chatbots are smart enough to solve basic banking queries. With the speed their adoption is growing, it is expected that the mobile banking market will have a major role in Artificial Intelligence Technology.
4. A-B-C-D verification process
One of the best future trends of mobile banking will include seamless Know Your Customer (KYC) verification. ABCD refers to AI, blockchain security, cloud space, and data. In this process, banking apps will collect a few personal information like transactions, ID, utility bills, etc. Moreover, the data will be secured in the cloud space protected by blockchain technology. In the final step, AI will generate a report on the eligibility of the user for loans and other financial services.
5. Mobile apps to execute banking activities
Well, the mobile banking industry has adapted the mobile banking trends 2023 long back. With time, banking developers are adding new features and making these apps more secure and efficient.
Many banks have implemented their mobile banking technologies mainly into banking apps compared to their website. The reason behind this approach is that it is more convenient for users to use apps than a web browser. Therefore, they prefer banking apps for their financial needs.
6. Convenient debt management
Debts can give many banking users anxiety. However, It is expected that the future of mobile banking might have a more convenient approach for customers to manage their credits and EMIs.
Top financial apps like Wally and Pocket Guard are helping customers already in breaking down their expenses. Moreover, these apps also suggest convenient ways of paying back the credit to its users.
7. Voice banking facility
Voice commands are already a part of the latest trends in mobile banking which answers, Will mobile technology influence future of banking industry?. Banks are using technology like Google to use voice commands as instructions to execute app functions. Moreover, voice commands can also be used for an extra layer of security. If enabled, users will have to verify with their voice to get access to the information secured within their banking app.
8. Other mobile banking statistics
To understand the mobile banking market, it is important to understand what is already going on in this segment. Furthermore, I will discuss a few mobile banking statistics to make you understand the market better.
- According to a 2018 survey published by Statista, among all users of the mobile banking industry, 69.3 percent were millennials in the U.S.;
- Currently, there are 57 million mobile banking users in the U.S.;
- 86 percent U.S. based mobile banking apps offer bill payment services;
- According to Statista, global mobile payment touched approximately 760 million users in 2020.
Final thoughts
As mobile banking technologies are improving, users of different age groups are adjusting with the same. After all, nobody likes to go to the bank and do all the hassle to make transactions.
Now with 57 million mobile banking users, the banking app sector will keep expanding. Moreover, safety requirements of these apps will increase as well. Therefore, you can use this growing market as the opportunity of establishing a good career as a financial or banking app developer.
In the end, we hope that you found these mobile banking technology trends useful and you also got the answer to the question, Will mobile technology influence future of banking industry? If you want to read more informative blogs related to app trends, keep visiting MobileAppDaily.
Frequently Asked Questions
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How often do mobile banking customers use their apps?
Almost 81 percent of consumers today use mobile banking on an average of 9 days a month.
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What is the use of mobile banking?
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What are the risks of mobile banking?
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By Sakshi Kaushik
Content Writer (B2B Editorial)
A passionate writer and tech lover, she strives to share her expertise with mobile app developers and fellow tech enthusiasts. During her moments away from the keyboard, she relishes delving into thriller narratives, immersing herself in diverse realms.
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