Software development is a very versatile industry. One of the promising areas is the creation of mobile applications. In this article, we will talk about the latest trends in mobile banking. Everyone is interested in such solutions: users, bank managers, and business owners who sell goods and services. Users pay for these goods and services, and transactions go through bank accounts.
The benefits are clear for all three parties. The complete list of IT solutions, as well as answers to your questions, can be found here
Let’s start talking about the mobile banking software development trends in 2021.
Growth in the number of super apps
Firstly, this is not only happening around banking services. Large successful companies of any profile are trying to build service ecosystems.
Secondly, the super app is the next logical step from the branched partner systems of banks. Especially for non-banking services. At first, banks gathered as many partners as possible to provide special conditions to their clients.
There are so many partners that their presence and numbers have practically ceased to mean anything to the user. To turn partner offers into an advantage again, paradoxically, the number of partners must be reduced, and it is better to single out the main one in each industry and include its services in several bank services. Huge banks can buy such partners; smaller banks can conclude unique contracts with them.
Banking Apps Examples
The second-largest bank in Belgium, KBC Bank, has provided access to the non-banking features of its app even to non-customers. And in 2020, KBC surprised everyone by announcing the acquisition of rights to broadcast football matches within the application.
The Spanish banking market leader Caixa has a different path. He launched separate imaginKids and imaginTeens apps for kids ages 0-11 and 12-17, respectively.
The first app is for financial education through games. imaginTeens was developed for financial education for teenagers. In addition to content, it also contains non-banking services.
Embracing Remote Work For Banks, Letting Go Of Physical Office?
In 2020, almost all processes switched to a remote mode of operation (like robotic process automation experts do). Therefore, the role of the bank’s office, the importance of which was already fading away, has significantly decreased. In contrast, some large banks have opened image offices in an innovative format.
For example, in one of the banks, a physical office recognizes the faces of customer visitors and immediately transfers all information about them to the bank’s employees. The office has no paper media and fixed workplaces.
In another office, they also connected biometrics and abandoned the usual counters and cash registers. Communication with customers is now at round tables, like in a coffee shop. There is also coffee.
Interestingly, earlier, the image offices were intended only for servicing Private Banking clients. This rethinking of the offline space shows how the banking sector has become democratized.
It is worth remembering that the customers of banks, especially the largest ones, are highly differentiated, and some users still need to be explained how to use ATMs. Therefore, innovative offices aim at a very narrow audience, but this trend will continue in 2022.
Software Development Trends TL;DR
All the trends that we have collected in this article can be classified into two categories:
- Technology Race: Advances in technology allow us to improve processes and apply them to the next level. The main technological trends include the further development of technologies for collecting and recognizing biometrics, smart applications, separate tariffs for each user, and open APIs for integration with third-party applications. The larger and more successful the bank is, the more it invests in testing and developing new tools, services, and options. Competition in the banking segment is high, which turns developing services into an arms race.
- Changing services in response to the evolving lifestyles: In 2020, we all had to become more technological and drive many processes online. In this regard, banks have once again rethought the role of offices and expanded the functionality of online services.