The document outlines the essential mobile banking trends for 2023, emphasizing the importance of app functionality and convenience in a competitive market. Key trends include enhanced cybersecurity measures, biometric authentication, voice payments, and the integration of smart bots for personalized customer experiences. The report highlights the anticipated growth of mobile banking, encouraging businesses to invest in app development that aligns with these evolving user needs.

1. Mobile Banking Trends That Your
Application Must Have In 2023!
Digitization has taken industry by storm and the finance sector is also not behind. Banking
applications have come a lot further, resulting in the evolution of several mobile banking
trends. With numerous banking apps available, how do you ensure you develop the industry’s
best app?
To help you out, we have listed down the top mobile banking trends of 2023 in the article
below. It is a tremendous opportunity to help you examine the current trends in the banking
industry and develop an app that fulfills your user needs. So, what are you waiting for? Jump
right into it and get to know about the industry’s top and relevant mobile banking trends.
Mobile Banking Statistics You Must Know In 2023
Before we jump right into the different mobile banking trends in 2023, we must discuss
mobile banking statistics. This will help you better understand why more and more companies
are mindful of the latest trends in banking and want to follow banking app design trends.
With the progress in digital transformation, most of us check our finances, and transaction
histories, and transfer money online. Going to the ATM to check our account balance is
inconvenient now, which is why more and more people are reaching for banking apps.
These apps are not only accessible but also help users manage their finances and take
financial decisions from the comfort of their homes. Insider Intelligence conducted
the Mobile Banking Competitive Edge study, which found that 89% of the persons
interviewed use mobile banking applications and services.
According to another report, the pandemic influence resulted in a 26% increase in mobile
banking, while payment applications saw an increase of 46%. This transition was found by
comparing the data generated and collected in 2019 and 2020. Moreover, the discovered
convenience of banking applications during this period has conditioned users to the same.
Statista reports that the mobile app market revenue is estimated to reach USD 542.80 billion
before 2026. These reports are further evidence that mobile banking technology has
revolutionized the finance industry. This is why we believe it is a good time to invest in mobile
app development services to build an app and take advantage of the market’s growth
potential.

2. Mobile Banking App – Functionality and Types
Before we jump into talking about 2023’s top mobile banking trends, let us look at what a
mobile banking app is all about and the different types of mobile banking apps available in
the market.
Mobile banking apps are applications that let users manage their finances and perform
limited banking operations from their smartphones. To keep your data secure, the app
comes with login functionalities and is protected by several security measures in place.
The different types of apps under the mobile banking category are:-
 Payment systems like Paypal and PhonePe for online transactions, bill payments, and much
more
 Netbanking apps that help people manage their bank accounts, complete transactions,
transfer money, and much more
 Analytical financing apps that help users better manage their accounts and transactions
 Crypto investment users like Binance and Coinbase allow users to invest money into crypto
and other investment opportunities
With so many different types of mobile apps available in the industry, you can get in touch
with any development company to build a peer-to-peer payment app, a payment API
integration service, or any other app you have in mind.
Top 3 Mobile Banking Apps In 2023
Before we finally jump into the top mobile banking trends in 2023, let us have a look at the
industry’s best banking apps for further inspiration.
1. Capital One Mobile
The Capital Online Mobile app is created by one of the United States’ top banking institutions
that helps users manage their bank accounts and perform other banking services like
transferring money to other account holders, viewing transactions, and getting alerts about
transactions that are out of the blue. The app also ranks 5th in the AppStore’s Finance
category and helps users view their spending and get personalized insights to better manage
it.

3. 2. Chase Mobile
Offered by JPMorgan Chase, Chase Mobile is an intuitive app for account holders to manage
their accounts and financials. For example, they can easily pay bills, earn reward points, access
credit card transactions, and much more. The app also integrates with the Zelle network to
allow users to seamlessly transfer money, monitor fraudulent transactions, and plan
advanced budgets.
3. Monobank
Another top mobile banking app that integrates several trends in mobile banking is
Monobank. The app is from Ukraine that helps open an account without much hassle, helps
with seamless payments, and offers real-time customer support. Another advantage is that
the app has a user-friendly interface and includes several features that help you deliver
seamless banking experiences.
Top Mobile Banking Trends
Now that we have discussed the different aspects of mobile banking, let us talk about the top
mobile banking trends of 2023. Check out these mobile banking trends and get to know more
about them in the following sections.
1. Full-Fledged Super App
One of the reasons due to the popularity of mobile banking apps is their added functionality
and convenience. Your application must not be just another application among the numerous

4. available finance applications. They should be a one-stop solution to your app user’s financial
needs and requirements.
Some essential features you must include in your mobile banking app to utilize the first among
many mobile banking trends are:-
 Round-the-clock access to personal accounts
 One-click secure mobile transfers
 Added security to prevent fraud
 Fraudulent and suspicious behaviour alerts
 24/7 customer support for quick query resolution and grievance handling
 Cashback and other reward programs
 Loan payments and bill payments
 Access to online payment methods and services
2. Mobile Payment Options
During the COVID pandemic, WHO recommended people switch to cashless payment
methods to prevent the spread of the virus. However, no one could have predicted the drastic
change in user behavior and payment preferences. People became aware of the different
online payment methods and other fintech products available in the market.
This resulted in cashless transactions becoming one of the top mobile banking trends in 2021
and continuing to dominate the list even in 2023. Moreover, the added convenience of
multiple digital sales channels, including a wide variety of online payment options can help
elevate the overall user experience. To enable transactions and payments across the globe,
some applications also include in-app currency conversion.
3. Added Focus On Cybersecurity
For any industry that deals with sensitive information and personal data, security is crucial
and an essential aspect businesses must focus on. However, security has always been a
challenge for the banking industry.
To ensure your customers do not follow prey to scams and targeted attacks, you must include
cybersecurity strategies. Simple actions like the predictive modeling of fraud can significantly
help improve user experience and enhance safety.
Some common security features included by apps following the popular
mobile banking trends include:
 Fingerprint login and Face ID

5.  Voice recognition
 PIN systems
 Strong password requirements
 Cellular network and WiFi identification
 Device identification
4. Better Security With Biometric Authentication
Nowadays, hackers have advanced a lot and a simple PIN is not enough to protect your
finances. For a more secure and better mobile banking experience, biometric authentication
methods are mandatory.
Some common biometric authentication methods used include fingerprint scanning, facial
recognition, and eye scanning. This can also help users easily access their accounts without
the need for a password every time. Moreover, since it is harder to replicate or hack
applications with biometric authentication, it is one of the top mobile banking trends of 2023.
5. Voice Payments
A lot of banks are enabling two-factor authentication with voice recognition for added
security. However, another feature that implements a similar concept and has become one
of the top mobile banking trends is voice payments.
With voice payment, you can instruct AI assistants like Alexa, Siri, and Google Assistant to pay
bills, set up payment reminders, and transfer money. When combined with machine learning
and with security protocols in place, voice payments will become the next big thing in fintech.
6. Smart Bots
Business Insider reveals that approximately 64% of consumers check a bank’s investment
offers before signing up for an account or a business deal. And, what better way to help users
know about these in no time than smart chatbots?
Chatbots are a great way to communicate with users without increasing the workload of the
customer support team. Another great advantage is that smart bots can also be used to allow
better communication between the bank and customers.
7. Better Customer Personalization Based On Data
With more and more people using banking apps, a huge amount of data is generated which
gives rise to the need for Big Data. The technology is one of the biggest mobile banking trends
in 2023 and can help banks better store, manage, and analyze customer data.

6. This also allows banks to offer features like behavior-based expense analysis and personal
consulting for better investment. These features help boost customer loyalty and add to the
ultimate user experience.
8. Seamless Ecosystems And Marketplaces
To ensure users spend more time on their banking apps and to eliminate the need for other
apps, banks are turning their applications into ecosystems. You can also find banking apps
that include marketplace models. This helps users buy movie tickets, book flights, and pay
electric bills from a single banking app.
9. Gamification
The higher your app’s interactivity, the better the user experience and the higher the
customer loyalty. Gamifying your application to include entertaining and amusing elements
can help keep your users hooked. With features like loyalty programs, cashback, and rewards,
users will be further engaged with your banking app.
10. Blockchain
One of the most prominent mobile banking trends, Blockchain transactions have grown from
10.98 million in 2016 to 81 million in 2022. Since blockchain leverages a decentralized
distributed ledger, they help facilitate transactions without the need for any middle-man.
Moreover, it also ensures added security and better data protection for a seamless user
experience.
Conclusion
To prosper in the finance and technology world, you need to rise above your competition and
quickly develop better applications for today’s cashless world. From biometric verification to
seamless integration of different payment methods, your banking app must contain features
that implement the top mobile banking trends.
You can also get in touch with a professional banking software development company to get
an app developed. These companies employ developers with years of experience who
offer personal finance app development services and fintech app development
services among other professional services.
So, what are you waiting for? Get in touch with us today and build a mobile banking app that
caters to your users and makes their experience more seamless!