Guide:
TOP Banking Apps with the Best UX 2024
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Author: Alena Tomchuk
Last updated March 29
Contents
Introduction
Banking apps have become essential for managing money in this digital age. Users want easy-to-use banking apps that can carry out complex tasks. They need them to be always quick and on hand, matching the speed of today’s fast life.
Traditional banks and new fintech companies understand that they must meet these required user needs. This will, in turn, keep their customers happy and will also help banks and fintech companies to stay competitive and change along with the financial world.
To make users love their banking experience, apps have to follow some guidelines. Mainly, they should make essential things easy to find so people can navigate and complete
their tasks without getting frustrated.
The apps also need to keep updating often and add new features that will keep users interested. Companies can also make services custom-made to help connect deeply with users as well. Lastly, customer support has got to be super-fast in order to help solve problems or answer questions quickly.
When these principles are part of their designs, banking apps don’t just fulfill but go above what users expect, creating a benchmark for digital banking services.
TOP UX Trends for Banking Apps in 2024
More people are using online banking in 2024 and banks are continuously improving their apps to satisfy these users. Many universal trends dictate how to make the user experience as friendly as possible. This includes:
✓ Mobile banking
✓ Artificial intelligence and machine learning
✓ Chatbots and virtual assistance
✓ Biometric authentication
✓ Instant payments
✓ Voice processing
✓ Social integrations
✓ Use of Application Programming Interfaces (APIs)
✓ Use of Blockchain Technology
Each trend listed above is discussed in more detail below.
Mobile banking
Mobile banking is becoming an important feature of banking apps in 2024. It’s not just about having a handy app; it’s also about making things personal and easy for the customer. Mobile banking gives you fast payments, easy transfers, and constant access to banking processes. More people in the US are using it as their main way to bank every day. In 2019, 34% of households were using it, and by 2021, this rose to over 43%, which further continues to grow bigger.
Mobile banking is also growing in poor countries, giving more people a chance to use banking services. Bank customers want their apps to be easy like other digital experiences they have, and the shift towards mobile banking primarily comes from how easy it is for users. Users find that they can do all transactions on their phones without going into the bank branch physically, helping them save time and stay comfortable at any location of choice.
As for numbers, by the end of 2024, it is expected that 3.6 billion people around the world will be using digital banks. In 2022, nearly 78% of adults in America would rather bank using their phone or computer than go into a branch. More and more people are trusting mobile banking which explains why it is a key factor to consider within the UX trend forecast for the year 2024.
Smooth onboarding
Onboarding made easy is a top trend for banking apps in 2024. This process helps users understand the app better. It aims to deliver an experience that feels personal, simple, and smooth. When onboarding is well-organized, it can make users happier. This can also lead to them using the app more often and staying with it longer.
In the landscape of employment, numbers show that a strong onboarding process keeps 52% of new hires around longer and makes them over 18x more productive. However, only about 12% of US workers think their company does onboarding well. This highlights the importance of a smooth onboarding process and one that can be replicated into mobile banking apps to drive user engagement and revenue.
If your onboarding journey works as it should, you could grow revenues by up to two-and-a-half times! The data confirms the key role easy onboarding will play for banking apps in 2024.
Chatbots and virtual assistance
In 2024, the use of chatbots and virtual assistance will become a trend for banking apps. Chatbots change how businesses talk with people. Many sectors use them to give great customer service. The global market for chatbots might cross $1,25 billion by 2025. A lot of consumers, around 67%, already use chatbots for easy interactions. These helpers manage about 65% of talks between businesses and customers now.
More than half of the companies plan to spend more money on creating bots than making regular mobile apps each year. It’s expected that bots will answer almost all questions (75-90%) by the end of this year. So these numbers show why chatbots and virtual help is a big trend in banking apps in 2024.
Instant payments and various transfer methods
Banks these days are shifting more towards providing online services. Fast and simple payment options are catching on all around the world. These easy pay choices include no hassle payment styles, instant payments, digital wallets, open-end credit systems, mobile banking and even digital currencies like Bitcoin.
People expect to make less cash payments by over 80% from 2020 to 2025 as this trend catches on globally. This is particularly evident in India, where the most used system for this was BHIM UPI (an Indian mobile payment app) having a share of 67% among all of the other apps used for payment. So, we can see how having multiple ways to easily transfer money helps users feel more comfortable with their bank’s app.
Social integrations
Another trend on the rise is making banking apps work with social media to improve user experience (UX). As digital technology changes, banks now use social media to engage customers more and offer them unique experiences. Users will be able to link their bank accounts with their social profiles, which will make transactions easy and provide real-time updates.
The rise in online banking on mobile phones largely drives this trend and it’s calculated that around 805 million people from the Far East and China alone are using online banking for transactions today. By the end of 2024, this number may touch one billion.
When banks let their platforms join in with social sites, users will find their banking platforms more friendly and engaging. This, in turn, will strengthen the relationship between customers and banks by boosting customer satisfaction. Therefore, by 2024, joining up with social media will be vital for banking apps and not just trendy.
Blockchain and cryptocurrency
Blockchain and cryptocurrency are also becoming key trends in banking apps today. This technology is changing the financial world by offering safe, clear, and effective transaction methods. Mainstream finance is starting to adopt cryptocurrencies, which also use Blockchain.
The global size of the blockchain market could increase from $3 billion in 2020 to $39.7 billion in 2025. By the end of 2024, it’s predicted that people will spend about $17.9 billion around the world on solutions using Blockchain.
Decentralized finance (DeFi), made possible by Blockchain, removes middlemen during financial transactions. This technology also promotes Central Bank Digital Currencies (CBDCs).
Many countries are also planning to start using their own digital currencies.
Adding Blockchain and cryptocurrencies into banking apps can boost security. It can also improve user experience with quick transactions at a low cost. Thus, moving forward, these technologies will become necessities for banking apps rather than just trends.
AI/ML to drive personalization
In 2024, AI and ML can become key players in improving banking apps. They can help to create a unique user experience by understanding each person’s needs. By studying what people like or do, these technologies can suggest services that best fit them. This leads to happier and more involved users.
The numbers don’t lie either. Almost all businesses (92%) are using AI for personalizing their approach in 2024. Most customers (83%) also don’t mind sharing data if it means getting a better service catered to them.
Surprisingly, though, only a small fraction of marketing heads - about 17%, use these technologies widely despite most (84%) agreeing they enrich real-time personal experiences.
From this data, we can confidently establish and understand the crucial role of AI/ML in personalization that is proving itself as an essential trend for banking applications’ UI in 2024.
Biometric authentication
The use of biometric authentication to sign in apps is also something that is being incorporated into mobile banking apps. This technology improves both security and ease of use, which makes it key in making the app user-friendly. Facial recognition or fingerprints are some ways this is done; some apps even identify the user by the way they walk. This type of signing-in offers better security and meets individual needs.
The market value for these biometric systems could reach $68.6 billion dollars by 2025, showing their demand. In the year 2022, 81% of smartphones had biometric authentication enabled for usage at any time.
It was also found that almost 46% of the individuals who were traveling used such systems at airports in 2023 - which was up from just 34% a year earlier. Most impressively, however, were the findings that around 176 million people across America were using biometric authentication technology that identified them through their facial structure.
These figures highlight why biometric authentication is seen as part of the top trends for banking apps being planned now in 2024.
Voice processing
In 2024, adding voice processing into banking apps is also on the rise. This is because they benefit from the mix of artificial intelligence (AI) and voice tech. The change it brings to banks is huge, giving users new ways to interact. Many people who use digital services prefer voice-based apps. It is estimated that every day, around 50% of mobile users in the US use voice commands for their searches.
Voice banking will let customers talk to their bank apps like they would with a human. It will use real time data for talking about relevant topics, just as we do in normal conversations. This means the app understands you better and feels more personal. So, instead of just dealing with your financial matters, the app will actually be able to interact with you.
Voice technology used in bank-related applications will grow within the next few years—it’s expected not just a recent trend but a major turn in how we use services online.
API and integrations
In 2024, banking apps are trending towards the use of APIs and integrations. Many business and IT departments see APIs as a key focus, with results from a worldwide study showing that 88% believe their importance has grown in recent years. Banks can use APIs to automate how they interact with customers. APIs also allow banks to create special customer experiences and safely share data with fintech companies.
This boosts teamwork and helps develop fintech software. Open banking relies on these APIs to change the finance industry. It’s estimated that by 2024, Open Banking could generate $2 billion in potential revenue within the UK alone. As customers expect changes, open APIs will help banks provide creative, tailored, and integrated services. Therefore, come 2024, not only will APIs be integral for banking apps but it is clear they are here to stay.
At Velmie we handle annual market research to be on track with trends and opportunities. The “Fintech market trends 2024” report brings together market research and expert views from the Fintech world to share knowledge and provide inspiration on key technology topics that are set to impact financial services in 2024 and beyond. It is based on the statistical results of our annual survey and interviews with industry experts.
What's inside:
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Main Fintech trends and fastest growing sectors in 2024
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The impact of artificial intelligence on Fintech
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Open banking: a regulatory revolution and the path to customer adoption
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Digital currencies: trends and opportunities in 2024
Key Challenges to Following UX Trends
Banks need to keep up with UX trends in apps, but this is not easy. Compliance with rules from the relevant authorities is strict. They have to be followed while making sure that users have a good experience using the app.
Security also needs much attention, as securing financial data must be a top priority. Another aspect to consider is combining the banking system with other services, which takes careful planning, and doing it well is key.
Lastly, the costs of designing these apps matter, as new ideas should not break the bank. We will dive into all these hard challenges below and will discuss ways to tackle them.
1. Compliance
Compliance measures pose a significant challenge in the user interface design of banking apps. The growth in mobile banking makes it key to follow rules and standards. By 2021, the use of mobile devices reached almost 15 billion, many used for mobile banking. Still, these apps do have openings that challenge security. These problems might cause huge money losses because of weak data safety in these apps. Therefore, banks should keep their solutions aligned with compliance measures and find new ways of messaging channels and content sharing.
Reports highlight that most people (90%) use phone-based banking applications to look at how much finances they have in their bank account, while about 79% of people use them to go over past transactions or purchases that have been made recently. This shows why having strong measures for following regulations is important when it comes to phone-based platforms for managing one’s own finances.
2. Security
Making banking apps with good security measures is very important. Their design plays a huge role in keeping user data secure. A good, secure design increases trust and use by customers. On the other hand, weak security measures can lead to loss of finances and create a bad reputation for the bank.
Banks must reflect on many things when they design an app’s look and feel. They must use encrypted data, safe sign-ins, session timeouts, and multi-step logins. Banks also must update their apps often to ward off new threats.
Yet the balance between safety and ease of use is vital, too. Hard-to-use banking apps with high-security protocols could turn users off, while those that are easy to use but less secure expose them to risk. Hence, it’s tough for banks to make an easy but secure interface that doesn’t put user information at risk.
Research shows that 85% of Android and 70% of Apple mobile banking apps face some threat or have loopholes that allow unauthorized control over accounts.
3. Seamless integrations
Another huge challenge in designing banking app interfaces is making sure everything works smoothly together. If it does, people might use the app more and get better services. Sadly, if things don’t work well together, the app becomes hard to use.
Banks need to think about many issues when they design apps. They must make sure their app will work with other businesses’ systems. Plus, having other businesses being able to easily join in helps those who find it hard getting vital goods or services. The bank’s data needs up-to-date information and should stay safe and private.
As of recently, it has been estimated that a lot of transactions occur through mobile phones daily, with its worth being over $2 billion dollars! This shows how important seamless integrations are in banking apps.
4. Cost effectiveness
The design of banking apps should be cost-effective. A good layout can make users happy, making them use the app more often. However, to design a banking app that is easy to use requires talented designers and extra resources. This can affect the total cost.
Building a mobile banking app may range from $20,000 to $250,000. The price depends on how complex the app is, its features, and platform needs.
By the end of 2024, it is predicted that there will be 1 billion people using online banking. This suggests that resources spent on the app could bring in good returns later on. This demands that banks carefully strategize about costs and how user-friendly they make their apps.
They must decide between saving money or having an excellent user interface for their positive experience.
TOP 10 Banking Apps Providing the Best UX
Chase’s banking app is ranked highly due to its wonderful design, which users really like. The design stands out because it’s simple and custom-made, with user experience and cohesiveness in mind.
The app looks plain but is easy to use. Interacting with the app feels as if you’re interacting with a real human. This helps create a special experience of banking, shaped by each person’s needs. Chase also added fintech access to their mobile version. This feature appeals to their young audience more than ever.
As of the third quarter report from 2021, it was found that nearly 58 million active digital users were associated with Chase, along with over 44 million active mobile customers.
They ran their own survey which said that about 62% of people depend very much on their mobile banking application while around 78% are using it per week. Based on these findings, we can conclude that many users are happy when using Chase’s banking application.
Revolut is a fintech company from the UK. It offers a great user experience in the field of banking apps. The app’s design shows its charm through simplicity and uniformity, besides following UX laws. The app also gives users spending insights as it happens. It sorts out costs and shows trends, too.
This prompts users to manage money better and make smart financial choices. With features like face-id login and a recent payments tab, Revolut makes life easier for its users.
As of October 2023, there were 35 million Revolut users across the globe, with over 12.5 million downloads in the UK alone - a sign that users love this banking app.
Capital One is another popular banking app that gives you all the tools to manage your account, keep track of your spending in real time, monitor your credit score for free and even offers virtual cards for buying stuff online.
One feature that users really love is Eno, Capital One’s digital assistant. This app has become very famous because it puts the customer first when designing its features.
The popularity of Capital One can be seen from how many times it was downloaded in 2022. In that year alone, over 10 million people in the United States downloaded this app, making it one of the best among other banking apps.
It continues to impress with high ratings on the App Store as well as Google Play. As per data collected till March 2023, it scored an average of 4.9 out of 5 and 4.6 out of five, respectively, across these platforms.
All these points prove why Capital One stands as one of the top apps for consumers when they are looking for an easy-to-use banking app they can trust.
Monzo is a popular banking app known for its great user interface. Users get real-time updates on all transactions. This way, they know exactly where their money goes. Customers love using Monzo, and it shows in the ratings with an average of 4.9 out of 5, according to Smart Money People.
What makes Monzo unique are its new features like making payments to friends using emojis and having a smooth user experience. They also have savings accounts with good interest rates. Even though there are no physical branches, in 2023, customers deposited £5.94 billion, while card spending reached £33.6 billion.
Monzo’s user base also increased in 2023 by 27.4% from the previous year, at 7.4 million people registered. Its special features and impressive numbers show why many choose Monzo for easy and safe banking.
Chime is also another top banking app that has an interface that’s easy to use and offers instant notifications on all transactions. This feature helps users stay aware of their money flow. The effectiveness of Chime’s design centering on the customers shines through in its high ratings - it boasts an average score of 4.6 from over half a million votes.
Notable standouts among Chime’s features are free $200 overdrafts and access to more than 60,000 ATMs at no cost. They also provide a service that aids in credit building.
Despite having no physical locations, Chime made about $1.8 billion in revenue during 2022, primarily via interchange operations. In the same year, they had around 14.5 million registered users, out of which approximately 9 million individuals saw them as their main bank.
All these features and facts prove why many consumers prefer using Chime for hassle-free and safe digital banking.
Starling Bank, a popular banking app, is known for its wonderful user experience. Starling works hard to put the customer first, as seen in their high scores. Based on over 39 thousand reviews, they reached an average rating of 4.3.
What sets Starling apart are its new ideas, like spaces for savings and repayments. It also provides overdrafts and loans for both personal and business accounts. Even with no physical branches, Starling made £453 million in revenue in 2022 which was up by more than double from prior year’s profit levels. The platform has also grown its user base by nearly 29%, having 3.6 million customers in 2023.
These details show why consumers consider Starling Bank a top choice for hassle-free banking with ease of use.
Venmo is also considered a top banking app thanks to its easy-to-use design and social features. It’s more than just a place to make payments. Users can also share their transactions, making it unique among banking apps.
In 2022, people used Venmo to move around $244 billion. That’s 6% more money than the year before. The company itself earned close to $935 million dollars that year, which was 10% more than in 2021. With these numbers alone, you can feel how popular Venmo has become, especially among users living in the United States - currently numbering at over 78 million.
The platform goes beyond what your typical banking experience provides and shines out as an app that brings people together through shared financial activity while performing regular transactions and boasting high satisfaction rates from its users.
Citi Mobile offers many features for users to enjoy. These include watching your credit score, locking and unlocking your card, and monitoring spending. You can also pay bills and collect rewards with it.
People who use iPhones and Androids like this app a lot. On the Apple App Store, they give it 4.9 out of 5 stars as of September 2021. Google Play users give it a solid rating, too: 4.7 out of five stars.
One thing that makes Citi Mobile stand apart is how safe it is. According to one survey, almost 45% of people highlighted that they worry about others seeing their bank details, which highlights the need for apps to have strong security protocols, which the platform fully provides.
In short, its blend of useful options, easy use, and strong safety measures make Citi Mobile popular among users.
Ally: Banking and Investing is among one of the top banking apps in the market. It gives users an easy way to go along with their banking needs. Within the main Ally Bank app, you can access your holdings and trading platform. You can also research, do automated investing, open retirement savings accounts and have access to wealth management features with the app.
The thing that sets Ally apart is how user-friendly it is along with providing many features. People clearly like the app as seen from its scores on the Google Play store and Apple App Store.
People love Ally because it makes handling money simple yet secure. It has smart tools for savings, doesn’t charge when you overdraft, and takes security very seriously. For all these reasons, there’s no doubt about considering Ally: Banking and Investing as a go-to app.
Conclusion
In short, the growth of banking apps rests on handling challenges and accepting new trends in terms of making the user experience friendly. By placing importance on user experience with other factors like safety measures, cost-effectiveness, and smooth joining processes, banks can set themselves apart.
As we learn more about mobile banking, elements such as biometrics for identification and instant payments become important. Other factors include voice processing, the use of APIs (Application Programming Interface), blockchain updates, and even social media integration.
These suggest that the future of banking will use a mix of innovation and reliability. All to ensure customers’ diverse needs are satisfied in this modern age.
Velmie modular solution with white-label UIs offers a comprehensive kit of customizable components, including a smart typography system, practical colour schemes, predefined shadow and blur effects, meticulously crafted UI components, fast prototyping interactions, etc., all optimized for exceptional performance, speed, security, and compliance across Web, iOS, and Android platforms. Such an approach empowers businesses to swiftly deliver unique products and experiences to the audience within 1-2 months by combining various components and drastically cutting down go-to-market time from approximately one year to just 1-2 months.
The components incorporate best UX practices, accessibility standards, and shared learnings from leading banking apps such as Revolut, providing flexibility for seamless customization to align with a brand's look, feel, and behavior. Velmie UIs exhibit high performance, undergo rigorous testing with performance analysis tools, and meet industry regulations and security standards, ensuring the utmost protection for users.