Tech
5 Trends in Banking Application Development That You Need To Know
Banking Application Development – For majority of history, financial history has remained more or less the same. However, past 100 or so years have completely changed it.
You see, when the modern technologies and computers were first introduced, financial industry was the first one to use them for innovation. That’s how we first got credit cards and internet backing back in 1980s and 1990s.
Now, some 30 years later, in 2023, with industry 4.0, financial industry or what we call is fintech industry undergoing innovative changes again. While there are lots of fintech solutions like loan lending app development, banking application development holds a special place.
With more and more people developing investing in banking application development, they are asking, what are the current trends in banking fintech industry?
Well, if you are one of these people, this blog is for you. Here, we shall be discussing everything related to trends in banking application development. In addition to this, we shall also be discussing how to develop a successful application and reason to invest in this opportunity. But before that, let’s start with an introduction to banking application development.
Introduction To Banking Application Development
What are mobile banking applications? This is one of the first people ask as there are various who are still not familiar to the concept.
Well, as the name suggests, banking applications refers to mobile based solution that allow users to access banking services through their own mobile phone. These mobile apps allow the user to:
- Check account balance
- Transfer money
- Edit/update account information
- Consult bank teller
- Apply for cards
- Apple for financial products
And many more things.
If you have a bank account and a smartphone, there are high chances that you are already using a banking mobile app. One of the most popular example of such apps is Bank of America’s App.
Well, the rest rise in use of these apps is resulting in more and more clients going for banking application development.
Moving on, let’s see why so many people from across the world are investing in these solutions in next section.
Why Create A Banking Application?
Why are so many companies and financial institutions investing in banking application development? And should you?
These are some of the big questions that every potential investor asks when first to this opportunity. Therefore, in this section of the blog, we shall be looking at these reason. They are, as mentioned below:
- Growing integration of fintech solution in our society calls for more and more digital banking solutions, causing growth in mobile banking app development
- When compared to traditional banking system, mobile banking apps are much easier, much more convenient to use, and saves a lot of time. Thus, people prefer using banking app solution rather than going to bank.
- Mobile banking application aren’t just beneficial for customer, but it also saves a lot of money and time on the side of bank. Thus, more and more financial institutions are pushing for banking app development.
With this out of the way, it’s time to discuss the current trends in banking application development. Let’s do it in detail in the section below:
Current Trends in Banking Application Development
Trends are what drives innovation in industry and vice versa. So, what are the digital trends in retail banking app development that are driving growth?
Well, it is a good question because incorporating trends in banking apps can give you an edge over competition while also helping you capture more customers.
Speaking of which, let’s look at the current trends in mobile banking application development. These are, as mentioned below:
Mobile-First Approach
The very first and very obvious current trend in fintech is, mobile first approach.
With the increasing popularity of smartphones, banking applications are now focusing heavily on mobile-first development.
Banks are investing in creating user-friendly and intuitive mobile apps to provide customers with seamless access to their accounts, transactions, and banking services.
Moreover, Mobile apps are being optimized for different platforms (iOS, Android) and devices, ensuring a consistent and responsive user experience.
Enhanced Security Measures
As cybersecurity threats continue to evolve, banking applications are implementing advanced security measures to protect user data and transactions. And that’s what makes this trend a must include in every banking app development.
Moving on, Biometric authentication methods such as fingerprint scanning, facial recognition, and iris scanning are becoming common in banking apps.
Additionally, two-factor authentication (2FA) and encryption techniques are being used to reinforce the security of transactions and user information.
Personalization and AI
Personalization is a mega trend in industry 4.0, and it doesn’t come as a surprise when it is seen in banking application development too.
You see, Banking applications are leveraging artificial intelligence (AI) and machine learning (ML) technologies to offer personalized experiences to users.
AI algorithms analyze customer data and behavior to provide tailored recommendations, financial advice, and product offerings.
Virtual assistants or chatbots are also being integrated into banking apps to provide instant support and assistance to customers, enhancing the overall user experience.
Open Banking and APIs
Open Banking is a concept that promotes the sharing of customer data securely between financial institutions and third-party service providers through Application Programming Interfaces (APIs). This technology is driving force behind mobile payment technology.
Banking application development solutions are adopting APIs to enable seamless integration with other financial services and third-party applications.
This allows customers to access a wide range of services, such as account aggregation, budgeting apps, and payment solutions, from within their banking app.
Blockchain and Cryptocurrencies
Well, well, we all knew that these names were going to show on the list sooner or later. Though it is not one of the latest trends in banking, it is clearly the largest.
Blockchain technology is gaining traction in the banking sector due to its potential to enhance security, transparency, and efficiency in financial transactions.
Some banking applications are exploring the integration of blockchain technology to enable faster and secure cross-border payments, identity verification, and smart contracts.
In addition to this, the rise of cryptocurrencies has prompted banks to consider supporting digital assets within their applications. Thus, allowing customers to manage and trade cryptocurrencies alongside traditional currencies.
So, these are the current trends in banking application development that we are seeing today. With this out of the way, let’s move to next section.
Banking App Development, How To Do It Right?
With banking app development growing so popular, you need to do things differently if you want to stand out.
Now, we know there are lot of questions related to the concept that you want to ask. What is banking app development cost? How long does it take? And so on.
But that’s not important.
Therefore, we shall be focusing on some best practices that you should be doing differently if you want to create a success mobile banking application. These are, as mentioned below:
- Create a tech stack that compliment your app’s goal
- Always cross-check the idea before going in to development
- Choose fintech app developers carefully
- Explore multiple options
- Maintain clear communication with developers, throughout development
These are some of the best practices that you should follow. And with this, we have come to the end of our blog.
Conclusion
With the mobile banking application development growing popular and industry going through yet another revolution, there are a lot of people looking for current trends. Well, they are right in their approach as using these trends can lead to better results. Now, if you want to learn more about the same or create your own app, it’s highly recommended that you consult a banking app development company.
SEE ALSO: Microsoft Rewards (Bing Rewards) To Pay You For Searching – How It Works?

Tech
US: A Judge Mandates that Google Allow Competing App Stores to Access Android

(VOR News) – The ruling is that Google, the greatest technology firm in the world, is required to make its Android smartphone operating system available to merchants that supply applications that are in direct rivalry with Google’s. This decision was reached by a judge in the United States of America.
The Android Play store, which is owned and operated by Google, was found to be an example of an illegal monopoly arrangement by a jury in the state of California on Monday. The finding was reached by a jury. Monday is the day that this decision was come to.
An earlier federal judge ruled Google’s search engine illegal.
This finding, which came after that decision, has forced the company to suffer yet another setback. As a result of the corporation having already encountered its initial obstacle, this decision has been established. This particular decision was made by the judge during the month of August, when the month was in progress.
In light of the fact that the decision was made, what exactly does it mean that the choice was accepted?
In accordance with the verdict, Google is obligated to make it possible for users to download Android app stores that are offered by third-party competitors. For a period of three years, the corporation is prohibited from imposing restrictions on the usage of payment mechanisms that are integrated into the application.
In addition, it is important to keep in mind that Google does not possess the right to impose restrictions on the utilization of ways to make payments online.
Additionally, the verdict makes it unlawful for Google to give money to manufacturers of smartphones in order to preinstall its app store. Smartphone manufacturers are prohibited from doing so.
Furthermore, it prevents Google from the possibility of sharing the revenue that is generated by the Play store with other companies that are in the industry of delivering mobile applications.
In addition to this, the court has mandated the establishment of a technical committee that will be made up of three different people chosen at random.
The committee will be responsible for monitoring the implementation of the reforms and finding solutions to any disagreements that may occur as a consequence of the implementation of the reforms while they are being implemented. This task will fall under the committee’s purview so that it may fulfill its duties.
However, certain components were allowed to be put into action until July 1st, despite the fact that the judge’s statement suggested that the ruling would take effect on November 1st. The statement was the basis for the ruling, which ultimately became effective.
Particularly, I wanted to know what Google’s reaction would be.
There is a fact that Google does not adhere to this directive, which has been brought to their attention. This document argued that the alterations that the judge had ordered to be made would “cause a range of unintended consequences that will harm American consumers, developers, and device makers.”
The judge had ordered the modifications to be implemented. The alterations were to be carried out as indicated by the judge’s ruling. The judge made it clear that he expected these revisions to be carried out in accordance with his guidance.
The company’s regulatory affairs vice president, Lee-Anne Mulholland, provided the following statement: “We look forward to continuing to make our case on appeal, and we will continue to advocate for what is best for developers, device manufacturers, and the billions of Android users around the world.”
On average, over seventy percent of the total market for smartphones and other mobile devices is comprised of mobile devices that are powered by the Android operating system. Both smartphones and other small mobile devices are included in this category.
In the event that the Play app store continues to be shown on the home page and that other Google applications are pre-installed prior to the installation of the Android application, smartphone manufacturers are entitled to install the Android application at no cost at their discretion.
Additionally, the Android application can be installed on devices that are manufactured for smartphones.
SOURCE: DWN
SEE ALSO:
Over The Planned “Link Tax” Bill, Google Threatens to Remove NZ News Links.
Tech
WhatsApp Now Features a “Mention” Tool for Status Updates and Stories.

(VOR News) – Those who use WhatsApp now have the ability to mention other people in their stories or status updates as a consequence of a feature that was only recently enabled on the platform.
Previous to this point, this capability was not available. It wasn’t until quite recently that this capability became available to the public.
According to the information that was provided by the company, users now have the opportunity to tag close friends in their stories, and the person who is mentioned will have the option to go back and re-share an earlier version of that story. This information was provided by the company. The corporation was kind enough to reveal this information to us.
Because of a new feature that has been added to the WhatsApp app, users now have the opportunity to like individual stories and status updates.
This capability was previously unavailable to WhatsApp users.
A significant amount of progress has been made in this context. Alternative readers now have the chance to “like” a work, which is comparable to liking a post on Facebook. This feature was introduced in recent years. When compared to the past, this is a tremendous shift.
At one point in time, viewers were only permitted to observe the total number of views that a particular story had gotten. These restrictions were eliminated in later versions of the software.
Additionally, it is essential that the likes and reactions to a story be kept anonymous during the entire process. One of the factors that contributes to the general mystery that surrounds this characteristic is the fact that this is one of the elements.
The person who brought it to the attention of others is the only person who will be able to judge who enjoyed it and who did not care about it. These individuals will be able to make this determination.
A notification will be issued to the individual who was referenced earlier in the sentence and who was named in the story or status update that was discussed. A notification of this nature will be sent to the individual via WhatsApp.
This message will be sent to the user in question whenever that person makes a reference to another person while they are in the process of elaborating on a narrative or updating their status. You will receive a notification alerting you that you have been tagged in the narrative.
This notification will be delivered to the person who receives this message. In addition, students will be provided with the opportunity to re-share the tale for themselves.
It is important to note that if the names of individuals who have been referenced in a narrative or a status update are included in any of these, then the names of those individuals will not be accessible to any third party through any of these. In light of the fact that the identities of those individuals will be concealed from public disclosure, this is the condition that will be required.
While WhatsApp recently made the announcement that it will be incorporating this functionality, it is highly likely that not all users will have access to it at the same time.
This is despite the fact that WhatsApp recently made this announcement.
Despite the fact that WhatsApp has only recently made a public announcement that it will move forward with the deployment, this is the situation that has presented itself.
As soon as a short period of time has elapsed, access will be made available to each and every person on the entire world.
Additionally, WhatsApp has hinted that new functionalities might be introduced to the status and updates tab in the future months.
The purpose of these capabilities is to provide users with assistance in maintaining healthy connections with the individuals who play a vital role in their living experiences. This is done in order to give users with support in maintaining close relationships with the folks who are the subject of the inquiry.
It is with the purpose of supporting users in successfully keeping close ties with the individuals in question that this step is taken.
SOURCE: DN
SEE ALSO:
Over The Planned “Link Tax” Bill, Google Threatens to Remove NZ News Links.
Accenture and NVIDIA Collaborate to Enhance AI Implementation.
Tech
Over The Planned “Link Tax” Bill, Google Threatens to Remove NZ News Links.

(VOR News) – Google has sent a strong message to the New Zealand government, threatening to stop boosting local news content should the Fair Digital News Bargaining Bill become law.
The law, put up by the Labour government and backed by the coalition in power at the moment, mandates that digital companies such as Google pay back news organizations for links to their material.
News publishers, on the other hand, charge the tech giant with “corporate bullying.”
Google says this measure may have unanticipated effects.
Google New Zealand’s country director, Caroline Rainsford, voiced her worries that the law, which is being referred to as a “link tax,” is not doing enough to support the media industry in New Zealand right now.
She underlined that Google would have to make major adjustments if the previously mentioned law were to pass, including cutting off links to news articles from its Search, News, and Discover platforms and cutting off financial ties with regional publications.
According to Rainsford, similar legislation has been proposed and approved in other nations including Australia and Canada, but it has not been proven to be effective there and breaches the principles of the open web.
She drew attention to the fact that smaller media outlets will be most negatively impacted, which will limit their capacity to reach prospective audiences.
Google says its alternative options will protect smaller, local media from negative effects.
Conversely, it conveys apprehension regarding the possible fiscal obligations and vagueness of the legislation, which it feels generates an intolerable level of ambiguity for enterprises functioning within New Zealand.
The New Zealand News Publishers Association (NPA) has reacted to Google’s warnings by alleging that the internet behemoth is using coercive tactics.
They specifically contend that the need for regulation stems from the market distortion that Google and other tech giants have created, which has fueled their expansion into some of the most significant corporations in global history.
The legislation aims to create a more equal framework that media businesses can use to negotiate commercial relationships with technological platforms that profit from their content.
New Zealand Media Editors CEO Michael Boggs stated that he was in favor of the bill, citing the fact that Google now makes a substantial profit from material created by regional publications.
He also emphasized that the use of artificial intelligence by Google—which frequently makes references to news articles without giving credit to the original sources—highlights the significance of enacting legislation.
Paul Goldsmith, the Minister of Media and Communications, has stated that the government is now evaluating various viewpoints and is still in the consultation phase.
He stated that the government and Google have been having continuous talks and will keep up these ongoing discussions.
However, not all political parties accept the validity of the Act.
The ACT Party’s leader, David Seymour, has voiced his displeasure of the proposal, saying that Google is a game the government is “playing chicken” with. He threatened the smaller media companies, saying that they would suffer from worse search engine rankings if the internet giant followed through on its promises.
Seymour contended that it is not the government’s responsibility to shield companies from shifts in the market brought about by consumer preferences.
The things that have happened in other nations are similar to what has happened in New Zealand.
Google has agreements with a number of Australian media firms that are in compliance with its News Media Bargaining Code. These agreements contain provisions that permit an annual cancellation of these agreements.
Due to the government’s decision to exempt Google from the Online News Act, the company has committed to supporting news dissemination by contributing annually to the Canadian journalistic community.
The New Zealand measure is consistent with global approaches aimed at regulating the relationships that exist between technology corporations and media organizations.
It’s hard to say what will happen with the Fair Digital News Bargaining Bill as the discussion goes on. Google and the New Zealand media landscape are preparing for what might be a protracted legal battle.
SOURCE: TET
SEE ALSO:
Accenture and NVIDIA Collaborate to Enhance AI Implementation.
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