Top 22 mobile banking trends

Mobile banking is a huge demand from banking customers as well as a major piece of many financial institutions’ marketing strategies. With that in mind, Juniper Research came up with a list of 22 mobile banking trends:

  1. Open banking permits many innovative FinTech offerings to be offered to mobile customers from a variety of startups as well as established non-banking online systems. 
  2. Mobile-only banks, with their non-stop convenience, improved customer experience and bundled product offerings, will become even more prominent.
  3. Non-traditional banks will continue to push innovations and promote social awareness.
  4. Micro-lending of amounts up to a few thousand dollars via mobile apps will increase in popularity and usage. 
  5. Peer-to-peer lending is removing the financial institutions as an intermediary in some lending transactions.
  6. Artificial intelligence usage will continue to expand, especially as related to improving fraud detection.
  7. Chatbots will continue to improve and be more widely deployed.
  8. Data mining, including geolocation data, will allow for more targeted offerings.
  9. Augmented reality will help customers find the places the need (e.g. bank branch, ATM location).
  10. Location technology will become more precise. 
  11. Vocal pattern recognition for authentication and transaction processing will continue to improve.
  12. Touchless transactions will expand.
  13. Human digital banking (i.e. a personal human banker using digital assistance) will become more popular.
  14. The internet of things will enable increased automation for a number of banking transactions. 
  15. Mobile digital wallet usage will expand, including those holding cryptocurrencies.
  16. Cloud-based mobile apps will enable a surge of innovation in mobile banking.
  17. Apps capable of doing more than one thing will become more popular.
  18. API integration, that allows for easier interconnectivity between systems, will become more important than ever.
  19. Social media messaging will become an increasingly popular way to communicate with customers. 
  20. Mobile devices will continue to replace bank cards, even at ATMs.
  21. Biometric authentication will become more prevalent for identification and authentication. 
  22. Early identification verification will help to identify an authorized user based on historical patterns of physical activity that are monitored and kept in a database.