Banking App Development Trends & The Top Banking Apps in 2022

banking app development

What are The Main Developments in Banking Application development?

Here they are in accordance with Businessinsider and our analysis of the top mobile applications in the market (see the Top-tier Examples of Mobile Bank Applications section below):

a) From a few features to a full  

  • fledged assistant – Today, mobile banking applications actually replace a trip to a bank branch rather than just providing consumers with a few features;

b) Product for advanced users 

Financial institutions can provide customers far more flexibility and a wide range of app capabilities for control and navigation because millennials are so interested in banking applications;

c) Integration with mobile payment tools 

Given the COVID pandemic, it is crucial that the application has a contactless payment option, such as one utilizing an electronic wallet or NFC;

d) Improved cybersecurity 

A developing trend in the market is to offer sophisticated customers two-factor authentication and other security techniques in a banking application, such as face recognition;

e) Voice payments – 

This feature can be easily added to your banking or enterprise apps development for enhanced for making payments due to the popularity of voice search in general;

f) Chatbots  

Customers increasingly prefer getting answers to their inquiries via a chatbot rather than calling customer service every time a problem arises;

g) Integration with outside services – 

Lastly, you can provide your customers with a flexible system of discounts while utilizing the services of your partners. 

What Banks Gain from Customer Retention Through Mobile Application Presence

Your company will gain a lot of advantages from a well-designed mobile banking app, including:

a) Increasing customer value – This implies that every time people use the app, they will have a sense of value and significance; 

b) Building brand awareness – It is clear that the introduction of your mobile application is a form of a bar that symbolizes the prestigious standing of the bank;

c) Giving quick feedback – No bank with tens of thousands of customers can process client inquiries as quickly as a mobile application with just physical offices and a contact center;

d) Providing competitiveness – Given how common it is to create mobile banking software as a service, we can infer that practically every forward-thinking bank has one. In order to maintain your competitive edge, you must establish a bank app right away if you don’t already have one.

e) Increasing the variety of channels for communication – The mobile app provides an additional channel for communication with consumers, which helps them with their financial transactions while also boosting their earnings.

Examples of Some of The Leading Mobile Banking Apps

Let’s quickly review five smartphone apps offered by the most renowned banks in the world.

a) Bank of America Mobile Banking App –

This highly secure application is one of the best banking app development that includes access to FICO bank accounts, a check recognizer (using a smartphone camera), and cashback services in addition to giving access to the accounts of bank users. Currently, 896,672 users have given the app 4.6 stars in the Google Play store;

b) The Capital One Mobile Banking App

This app enables users to carry out transactions, locate nearby ATMs and bank locations, and get their credit scores. Along with these features, the app integrates with Apple Watch and supports Touch ID and SureSwipe. 4,547,965 users have given this app 4.8 stars in the App Store;

c) Chase Mobile Banking Software

This app includes facilities for storing completed transactions for up to seven years in addition to conventional financial transactions. For finding ATMs, the program also offers a geolocation feature. Based on 1,716,908 reviews, the app currently has 4.4 stars in the Google Play store;

d) The Discover Mobile Banking App

This highly developed application allows you to examine data right away without logging in. For recurrent payments, there is also a transaction scheduling feature. Based on 3,259,069 reviews, the app gets 4.9 stars in the App Store;

e) The TD Bank Mobile Banking App

It provides a standard feature set, a wide range of possibilities for money transfers, and top-notch analytical tools. Of course, the integration with geolocation technologies to locate the closest ATM was also provided by its designers. The app has a total of 214,357 votes and 4.8 ratings in the App Store.
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