What Makes a Mobile Banking App So Beneficial?

The ability to view your bank account history is one of the benefits of a mobile banking app, in addition to conducting financial transactions. Learn more.

Mobile banking apps have come a long way in just a few short years. They are faster, more user-friendly, and packed with helpful features that make managing your money easier and more convenient than ever before. Though many mobile banking apps are similar, some features set each app apart and can make the decision of which one to download a little more challenging. From easy transfer of funds between your accounts to receiving notifications when your balance drops below a certain threshold, there are many reasons to download a mobile banking app. In the past, they were nothing more than an easy way to check your balance and transfer money. Now, mobile banking is much more than that. Users can now pay their bills directly through the app, deposit checks with their phone camera and even get notifications for important account activities like when a high-alert transaction or third-party log-in occurs. Users have many options when it comes to choosing a mobile bank app. Each institution has its version of the app, which means there are pros and cons to each one. If you’re looking for an app that has a certain feature or operates in a specific way, these details will help you decide which app is right for you.

Check out these features before you choose

While most of these features can be found on most mobile banking apps, it’s important to make sure your preferred app has them before you download it. Some apps may not offer certain features due to your institution’s partnerships or your account type, like if you prefer paperless statements or if your account is a retirement account. Below are some features that all mobile banking apps should have, but not all of them do.

• Voice or Text-Based Customer Support - If you have any questions or issues with your account, it’s nice to know that there is a way to get in touch with customer service quickly and easily.
• Mobile Security - Mobile banking apps are more secure than ever, thanks to biometric login options like facial recognition and fingerprint scanners.
• Remotely Locking and Wiping the App - If your phone is ever lost or stolen, you can remotely lock or wipe all the information from the app. This will help prevent fraudsters from accessing your account information.
• Alerts and Notifications - Pick which account activities you’d like to be notified about, so you don’t have to log in to the app every time you want to check your balance.

Paying Bills

If you’re not already using your mobile banking app to pay your bills, you’re missing out. Paying bills directly through your bank’s app is easy and secure and can help you save time and money. These days, many apps have built-in functionality that allows you to pay your bills directly from the app, but not all of them do. Some of these apps let you pay bills from your account, while others let you pay from a linked credit card or another account you may have. There are a few things to keep in mind when paying your bills through your bank’s app:

- Make sure your preferred payment method is linked to your account. If not, you’ll need to add it before you can pay your bills.

- Use your bank’s bill-pay service for the best experience. While paying bills directly from your account is convenient, the fee for doing so may outweigh the benefit.

Checking and Savings Accounts

Beyond the ability to check your account balance, a good mobile banking app should also let you transfer money between accounts and manage your savings. If you have a savings account with your bank, you may be able to link it directly to your mobile banking app. One great thing about linking your savings account to your app is that it allows you to make interest-earning mobile deposits. Many banks allow you to link your checking account to your app as well. This will allow you to do things like deposit checks remotely using your phone camera, view the check images, and even apply for a loan using the app.

Remote Deposit

If you’re like most people, you get paid by check. This can make it difficult to transfer large sums of money from your account to another. One way to avoid this is to deposit your checks remotely through your mobile banking app. These apps also allow you to scan and upload documents through the app, which makes it easier to track your important documents.

Managing Loans and Investments

If you have loans or investments linked to your banking account, you can easily track their progress and payment due dates through your mobile banking app. You can also transfer money between your accounts or make payments through the app. Mobile banking is convenient and easy to use, especially if you are on the go. The best part about it is that it’s secure. The app has security features to protect your account and sensitive information. And, if you are concerned about the app being hacked, rest assured that your bank has strict security protocols in place to protect your money. This keeps you informed without having to log in to your account constantly. These features are available on most mobile banking apps, but not all of them. If you’re looking for a certain feature, make sure the app you want has it before downloading.

Transparency

Banks are starting to offer a feature that lets you see your account activity in real time so you can easily see when a payment is deposited, or a transfer is made. Some banks also offer a mobile app that lets you keep track of account activity, view detailed account statements, and transfer money between accounts. If you have a checking account, it’s important to keep track of all deposits and withdrawals to make sure you have enough money to cover all of your expenses. This can help you stay on top of your account, especially if you use your account frequently. Some banks will allow you to choose which types of transactions you want to see in real time, while others will show you everything. If you’re not sure if your bank offers this feature, ask someone in customer service.

Conclusion

There are many reasons why you may want to switch to mobile banking. Switching to mobile banking can make it easier to stay on top of your account and pay your bills, especially if you’re always on the go. Mobile apps are usually easier to use than their web-based counterparts and offer a more streamlined experience. They can also be secured with fingerprint recognition, which makes them even more convenient. Mobile banking can also make it easier to keep track of your spending by letting you monitor your account balance. With one quick glance, you can see how much money you have left in your account. Mobile banking can also help you avoid having late payments if you forget to log in and make a payment in time. If you’re still using the old online banking system, you may want to switch to mobile banking. This way, you can take advantage of the many benefits of mobile banking and take your account management even further.