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The Key Trends of Mobile Banking App Development in 2019 – 2020

Internet Banking has become an essential part of our day-to-day lives. We’ve managed to witness a solid and consistent growth in online payments and the usage of banking applications. Because of the growing interest of institutions, mobile banking app development is starting to experience more popularity.

Currently, most major banks are providing their users with banking applications, allowing them to check their account balances, send funds, and even make offline payments. Since everything is going digital, banks haven’t stopped innovating. We’re highlighting in this article some of the key trends regarding banking app developments.

System Upgrades

The core system of mobile banking applications must experience constant upgrades that are reflecting the latest technological advances and financial threats. Ensuring security on a mobile device is essential since phones are exposed to various threats constantly.

Even if the user is responsible to ensure the protection of his phone, banks must be able to protect the user’s funds in case of a threat. The problem is that often, many banks are setting up a mobile application only to forget about it, the app soon becoming outdated.

However, more banks are starting to notice the importance of system upgrades and the importance of filling the gaps found in the app’s security. Each bank must stay up to date with the latest technologies, and make sure that their system is bulletproof when it comes to most threats.

Fraud Detection Improvements

Considering that more and more of our data is getting stored online, the risk of data and identity thefts is rising exponentially. The ability of a banking app to prevent any fraud attempts is an essential feature that could save users a lot of money if something happens.

Banks and mobile banking app developers noticed the importance of fraud detection, and have started experimenting with new technologies. Big data is starting to become an intrinsic part of any mobile banking application.

This technology allows bank algorithms to pick up data from various sources, and analyze it to determinate unusual behavior. For example, if a user lives in the USA but, it is suddenly making a payment or withdrawal in another part of the world that might be a red flag. Such analyses could help banks detect and stop most kinds of fraud.

The use of machine learning and artificial intelligence to analyze patterns and learn more about the user’s behavior could represent a future trend. Through such technologies banks would be able to analyze big data better and detect behavior anomalies easier, preventing various fraud attempts.

Feature and Design Improvements

Even if banks have eventually adopted internet and mobile banking, their applications are not of the highest quality possible yet. The complexity of the apps’ features and design, were always minimal.

Users are starting to desire better banking applications since the majority of mobile payment gateways provided by corporations are usually of a higher quality. If banks want to beat tech corporations at their own game, they must innovate constantly and make sure to push out better features and designs.

Some banks have noticed the importance of these factors, and have started investing more resources in a better and more helpful user interface. Moreover, the implementation of contactless payment gateways right within the banking app starts to represent a more important feature.

Users currently have to rely on third-party services for NFC payments but, if bank apps would support the NFC technologies, they would be able to win a larger market share.


Even if banks have adopted the internet, it is harder for them to innovate quickly thanks to the immobile nature of these institutions. However, some banks have started to notice the importance of certain features, and a new trend of mobile banking app development has emerged.

Better security with constant updates, complex fraud detection algorithms and the constant creation of innovative features are only a few of the trends present in banking.

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