Technology Trends In Banking 2023 – Future Of Mobile Banking

May 5, 2023, read 8 minutes

For a long time, the banking industry has been regarded as one of the most conservative in terms of technology. However, the banking sector today is rapidly evolving.

There is an emergence of startups and neo-banks, which are changing the way people engage with their banks. Digitalization, customer demands and technology are also making an impact – Mobile Banking has become the norm as customers can access their accounts anywhere, anytime from any device with a mobile phone or tablet. According to a statistic shared by Think With Google, 73% of smartphone users have signed up for financial services and are using them regularly.

On top of that, the introduction of blockchain technology and other innovations are providing a completely new approach to banking. These changes are also affecting all aspects of banking including mobile apps, online payments and even ATMs. In this article, we’ll try to explain the most important trends of global development in banking technology in 2023.

Trends and technological development in banking sector

These days technology is playing a key role in the banking industry. With the increasing use of digital technologies, online and mobile banking has become easy and convenient for customers to perform their financial transactions. The transition from traditional banking to digital technology has opened up new opportunities for banks to serve customers better than ever before.

Currently, the latest development in banking industry includes:

AI as the latest development in banking industry
Cloud computing as a recent development in the banking industry

Mobile banking market in 2023

Mobile banking has already become a part of our life. The use of mobile apps to manage your personal finance is rapidly increasing, and a significant number of customers have already started using this service. According to a study by Insider Intelligences, a poll found that 89% of respondents use mobile banking. Younger generations are not the only ones who benefit from mobile banking; 79% of baby boomers and 91% of Gen Xers also stated that they use it. It’s a convenient way to access your bank account when you don’t have the time or ability to visit a physical branch. With mobile banking, you can perform basic tasks such as checking your balance, transferring funds between accounts, paying bills and more. You can even deposit checks using your smartphone!

Mobile banking market in 2023

As reported in ConsumerAffairs, banks that provide mobile banking services can gain a competitive advantage over their competitors because it’s easier to reach customers via their smartphones than through physical branches or other channels. On top of that, online and mobile banking platforms are among the most effective customer retention tools for banks because 82% of account holders mention these services as an important reason they have not switched institutions.

Statista forecastsmobile app revenue to reach $438 billion in 2022. Furthermore, the revenue of in-app purchases will probably climb to $203 billion. An annual growth rate is estimated around 6.58%, which can turn the market growth to $565 billion by 2026.

Mobile banking apps are evolving from information-only platforms to robust transactional ecosystems. Today’s customers want their banks to provide convenient, fast, and secure transactions via multiple channels, including mobile devices with an intuitive design and user experience.

Latest mobile banking trends

Let’s look at the main trends of mobile banking that are gaining popularity:

Mobile banking applications
Biometric authentication for mobile banking app


There are many factors that will contribute to shaping the future of technology development in the banking sector. The trends show that more and more people are getting comfortable with technology, and it is becoming a crucial part of their lives. With the introduction of new technologies like AI, blockchain etc., it has become easier for banks to offer innovative solutions to customers by leveraging these emerging technologies.

Mobile banking is a rapidly growing market with great potential. It provides consumers with a convenient, secure way of managing their finances in an increasingly digital world. The future success of mobile banking depends on making it more interactive and easy-to-use, while also improving security measures to protect users from fraud and cyber crime. Mobile banking is a very popular service among consumers. In fact, the majority of people in developed countries use their smartphones to access financial services.

The recent report by Market Research Future (MRFR)predicts that the mobile banking market will reach USD 3.47 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.4%. This is a huge market opportunity, and many businesses are now trying to get a piece of it.

All this points towards an exciting future of mobile banking where we can expect new products and services which enhance our lives at every step!

Planning on building your own banking app?

Audax has extensive experience in FinTech industry and can help you to create a banking application in Android or iOS platform for your business needs.

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