Top 5 Mobile Banking App Development Trend To Consider In 2021

Mobile Banking App Development: Gone are those days when people waited in a long queue of banks for different banking and finance-related activities. From making payments to transferring funds to opening an account, mobile banking apps are available for everything. Imagine sitting in your chair and tracking your account's transactions. Yes, it’s possible to know your actual net worth by month, day, and even by the second. All thanks to mobile banking apps, even having these apps is mandatory for every bank in 2021.

Top 5 popular mobile banking apps in 2021

If you are planning to switch to a bank with a great mobile app, look at our top 5 choices.

#1 - Chime

If you are looking for an easy way to manage your money, Chime is the best banking app due to its user interface and clean design. Plus, you can get your paycheck up to two days early when you have a direct deposit. You can save time when you get paid and see automatic savings when using your Chime Visa Debit Card.  Pros and cons of Chime:  Pros:

• Free ATMs
• No credit checks
• No fees

Cons:

• Limited withdrawals
• There are no joint accounts

#2 - CIT Bank - Mobile Banking App Development

CIT Bank is the best mobile banking application for those who are looking for a higher yield. This app offers one of the highest APYs-0.40%. This mobile banking application helps check your balances, money market accounts, history, and certificates of deposit whenever you want.  Pros and cons of CIT Bank: Pros:

• High interest earning
• Multiple saving options
• No fee banking

Cons:

• No paper checks
• Minimum opening deposits

# 3 - Ally Bank 

With Ally Bank, you can check everything you need from your bank, from saving accounts and investment accounts to mortgages and loans. It provides a 24/7 access service, meaning you can access all banking services anytime you want with the aid of this banking app. Pros and cons of Ally Bank: Pros:

• Pay friends and family with Zelle
• Use mobile check deposit
• Free ATMs
• No Fees

Cons:

• There's no way to deposit cash
• Limited transactions

#4 - Capital One

Do you need an easy-to-use banking app? If so, Capital one is the right option! This is known for its credit card, but it also offers online banking services. So, you can easily check your balance and account history with this baking application. What’s more, you can use Zelle to make online payments and manage other parts of your finances and banks.  Pros and cons of Capital One: Pros:

• Overdraft protection
• Higher yield savings
• Track your credit score in the app
• It pays a competitive savings APY

Cons:

• Limited in-person locations
• Its APY isn't as high as at other banks

#5 - Discover - Mobile Banking App Development

If you want a full-service bank experience from your smartphone, Discover is the best app to choose! With this banking application, you can get information about your Discover saving accounts and check credit cards and other accounts. On top of that, you can use this app to transfer money between Discover accounts as other accounts. Pros and Cons of Discover: Pros:

• Largest ATM network
• Higher yield savings
• Easy money transfer
• No fees

Cons:

• You'll need at least $2,500 to open a cash deposit or money market account.

So, these are the top five mobile banking applications in 2021. So, if you are thinking about a successful mobile banking app for your bank and finance business, you need to keep yourself updated with its trends. Here are other mobile banking trends expected to evolve further:

Top 5 mobile banking trends for 2021

#1 - Mobile App ATM Connectivity

Undoubtedly, mobile apps have long made it possible for users to manage their accounts without any hassle. However, innovations in near-field communication technology and QR code scanning help customers interact with ATMs more easily than ever. Having to fumble with debit cards and enter passwords in a public setting is now quite an old school. Now, users can access funds by simply scanning their phone screen. These trends include many applications such as Apple Pay and Google Pay and QR code functionality. 

#2 - Voice payments

With just a voice request on mobile search, people can access apps without even touching their devices. So, mobile banking applications use voice technology to help users get the finance and banking services they need with minimal obstruction. This technology allows users to access banking services faster and more easily than ever. While observed as a growth point last year, 2021 will likely see the integration of voice recognition artificial intelligence, enabling enhanced security for such transactions. 

#3 - Machine Learning and Chatbots

As more and more people use mobile banking applications, financial institutions and banks can collect more data about their services. After that, they can use that information for improving their customer experience. Machine learning algorithms with bots offer immediate answers to provide a personalized user experience. Combined with voice recognition technology, ML will make the future of banking apps more responsive and user-friendly. 

#4 - Big Data Fraud Prevention - Mobile Banking App Development

No need to mention that security has always been a sensitive matter in the bank and finance industry. The ability to collect and analyze data about how people use their financial apps and services makes it easy to identify unpredictability associated with fraud and cybersecurity threats. Thanks to big data, banks and financial institutions can improve customers’ data security significantly.  For example, Capital One and Bank of America are banking apps that use AI technology to provide users with warning of fraud alerts, double charges, and notifies if the subscription rate increases. 

#5 - Blockchain technology

Blockchain is one of the best trends to facilitate faster payments and increase security just because of its way to store data. While financial institutions and banks have been using blockchain data storage for a few years, the improvement in speed, efficiency, and security means that the entire financial sector is looking at this trend.  These five trends of mobile banking apps not only will remain leading in 2021 but continue to expand beyond. So, if you are looking for a secure and cutting-edge mobile banking app, get in touch with a reputed mobile banking app development company.

How can Yugasa help in mobile banking app development?

At Yugasa, we help banks and financial services companies sharpen their competitive edge with the power of mobile technology. Our experts use their deep knowledge of banking application development to make your banking solutions engaging and commercially viable. In addition, we provide custom mobile banking apps to provide a better customer experience with flexible and convenient banking operations from mobiles.  If you want to know more about mobile banking app trends, contact us today!  Read More: Top 10 mobile app development companies in Delhi NCR