Essential banking technology trends in 2024 and beyond
The expansion of mobile banking technology in the last decade has transformed banking apps into feature-rich hubs dedicated to financial management and other money-related operations. As the digital banking market grows, with over 3.6 billion users expected by the end of 2024, banks and financial institutions must prioritise convenience, accessibility, and security to meet consumer demands. This article outlines the essential features that should be included in banking apps to meet consumer demands and become future-proof.
How can banks stay competitive?
To outpace fintech startups and adapt to market changes, banks must invest in advanced banking technology and continuously refine their offerings based on customer feedback and data analytics. Collaborating with established outsourcing vendors can help banks introduce cutting-edge solutions.
At Speednet, we’ve been working with financial companies to create innovative software that integrates advanced features into their apps. The impact of a digital-first approach and customer-centric design can’t be underestimated. By partnering with experienced software development agencies, banks can easily integrate must-have features without disrupting their ongoing operations.
Features that enrich customer experience in banking apps
Here’s a list of the features that are most appreciated by today’s banking app users. They give financial brands a competitive edge and increase not only client satisfaction but also revenue.
Security measures
Banking technology is supposed to ensure robust safety to protect users against cyber threats and data leaks. Features like Two-Factor Authentication (2FA), Multi-Factor Authentication (MFA), biometric logins, encryption protocols, fraud detection algorithms, certificate pinning, data confidentiality, and request signing are critical for safeguarding user data.
Finance management
Customers expect seamless and insightful access to their accounts with real-time balance updates and comprehensive transaction histories. Advanced search, filtering, and categorisation of transactions, along with visual spending patterns and downloadable statements, are key for effective money management.
The same goes for budget tracking, spending analysis, and financial goal-setting features that empower users to manage their finances effectively. Personalised financial advice and recommendations can further improve the banking experience.
Transfers and payments
Banking apps should facilitate easy transfers and payments, including peer-to-peer payments, QR code payments, digital wallet integration, and NFC payments. They significantly speed up money-related operations and are very convenient.
Automated and one-time bill payments help users manage their financial obligations successfully, while integrated subscription tracking enables easy cancellation. Also, banking apps should include features for reporting lost or stolen cards, monitoring card transactions, ordering new cards, and setting spending limits for comfortable card management and enhanced security.
Customer support
AI-powered chatbots, voice bots, live chats with bank reps, and in-app appointment scheduling are the most effective ways to provide seamless customer service. Banks should ensure omnichannel support and use banking technology dedicated to providing personalised assistance. This way, they can increase the amount of positive feedback and fix problems faster.
Users should also be able to set up various custom alerts about transactions, account balance updates, inquiries, and promotional offers that can integrate with all their devices. This way, they can be constantly informed and engaged.
Additional financial services
Banking apps should be able to streamline loan applications, offer credit score monitoring, provide loan management tools, and present pre-approved loan offers to assist users with their credit needs.
Additionally, multi-currency accounts (including cryptocurrencies) with conversion features, international transfers, and trading platforms cater to users interested in using multiple fiat and digital currencies.
Open banking integration
API support is necessary for seamless access to external solutions and value-added services. It extends the functionality of banking apps, making them more versatile and adjusted to consumer needs.
Final word
Banking technology continues to expand and provides new possibilities every year. Including the top features in banking apps is a must for financial businesses that want to stay at the forefront of modern money-related services.
Investing in the right software provider can be the right decision for companies that don’t have the resources to hire an in-house team. If you’re interested in such collaboration, Speednet is an IT agency specialising in building banking apps and financial software.
