We use our phones for just about everything these days, including banking. Whether you use a mobile app for budgeting, depositing checks, or checking your account balance, there may still be times when you wish your mobile banking tools could do more.
In 2023, you may be in luck. Banks have learned a lot about how people use tech to handle their day-to-day money matters, especially during the pandemic, when more banking was done from home. So what can we look forward to in the coming year? Here are the mobile banking trends we have our eye on in 2023 to make customers happier at home — or anywhere they want to access their finances.
1. More AI-driven insights
Artificial intelligence (AI) is in the news a lot, from how it's changing art to what it means for writing college term papers. Where we think it can be most useful is in how you interact with your mobile banking apps. This AI can be used to look for trends in how you pay bills, use credit cards, or even save, so you get more personalized and useful tips as you use the app.
How would you like to log in and get notified that you spent more on fast food last month than normal? What decisions would you make if your bank told you about the increase in Netflix charges versus last year? By providing personalized insights and letting you know about opportunities to save more and spend less, it could be the nudge you need to manage your finances better.
AI is already being used to discover fraud on accounts, and more advanced AI technology could alert you to a compromised credit or debit card before it causes big problems.
2. Digital banking with a human touch
While food delivery apps and telehealth companies allow people to stay home and still receive the services they need, much of the world is longing to do more in-person business again. This means banks will need to figure out which services are most likely to happen virtually and which still require the help of a banker at a physical location.
These preferences may vary by geography, the age of the banking customer, or even the time of year. Integrating the services people want to use into an app but giving them ways to connect easily with a human will matter more than ever. Apps will show customers the closest location to chat with a banking rep or get help with opening a new account. The Netspend App1, for example, can show you the closest physical location to get help loading your Netspend card.
3. 24/7 support
You can now deposit a check with a mobile banking app at any time of day (or night). The Netspend app lets you upload a check with the snap of your camera.
We are also expecting changes in how customers get answers to questions and advice. We anticipate this newest addition to digital banking apps, possibly through automated chatbots that help with everything from freezing your debit card to setting up an appointment for a bank loan application.
Companies already use chat services through platforms like Facebook to give you at least some information until a live person comes online. For banking apps that don't already use 24/7 chatbots, this will be a neat feature added for more banks that want to support their customers any time, day or night.
4. Integration with other tools
If you use a budgeting app or other tool to track spending, you know that it can be difficult to import all that data and keep your digital wallet, credit cards, and mobile banking app refreshed and communicating smoothly. App updates can cause issues, and juggling all those tools may take more work than you realize.
Banks are quickly learning that customers like to use multiple tools to track and manage spending. So, while they may add some basic budgeting features to their apps, they likely won't try to reinvent the wheel. Instead, they may make it easier to log in and verify your banking account with top budgeting apps and provide you with secure methods of sharing data between your multiple cash payment apps, shopping apps, and credit card apps.
Providing this for Android and Apple users is a daunting task, but it's one that may determine your loyalty to a bank. We think it will be a priority in 2023.
5. Calculators and custom life stage support
When it comes time to buy a new car, where do you learn about the options? If it's Google, your bank is missing out on an opportunity to be the first to tell you about what they offer. For this reason, mobile banking apps will likely integrate more tools within the interface to meet you where you are at, whether that's shopping for a student loan or figuring out the best way to save for retirement.
These calculators, quizzes, and tools are something that may be added to your favorite banking app, so you'll get real-time quotes for loans or CDs with today's interest rates. Banking apps that can keep you in their app longer, without you having to navigate away to a search engine, will not only get your attention, but they will make it easier to get the services you need since you're already a customer. If you can do more within the app, life will seem less complicated, and your bank will benefit, too.
(We also see a place for AI to make this better. If you've been researching auto loans within the app, the AI may alert the bank to give you a great rate on a loan or offer to set up a video call with a banker. How convenient would that be?)
The future of banking apps is already here
While you likely won't pick a bank by its app alone, it's an important factor when choosing because we use our phones so often, and accessing your cash is a necessity these days. Smaller banks with fewer resources will probably not take advantage of all these possibilities, while larger banks may already be implementing them in your app as we speak. The Netspend app1 has released exciting new updates that make it easier to manage your Netspend account on the go.
What banking app feature are you most excited about in 2023?