Overview: Guide to the Best Mobile Banking Apps and Online Banking Apps

Advancements in technology via the internet and the wide acceptance of smartphones have brought about the phenomenon of online and mobile banking, and with good cause.

Mobile banking makes checking your bank account fast and easy while on the go. But how do you know where to find the best mobile banking app that fits your needs?

mobile banking apps

Image Source: What is mobile banking

This guide will provide you with tips on how to find the best mobile banking apps on the market.

You’ll also learn current mobile banking trends and the difference between online and mobile banking. Discover more about the best mobile banking apps on the market and how to find them by reading this guide.

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What People Want to Know About Online and Mobile Banking

If you think you’re the only one wondering what the best mobile banking apps are or what the difference is between online and mobile banking, think again. Here are a few concerns people have about mobile banking:

  • What is mobile banking?
  • Where can you find the best online mobile banking apps on the market?
  • What are some mobile banking trends I should watch?
  • What is the difference between online and mobile banking?
  • Do I need a specific device to access mobile banking apps?
  • What are the benefits of mobile banking?
  • Is mobile banking safe?

What is Mobile Banking?

Mobile banking is banking online via a software application that is downloaded to your mobile device, such as your smartphone or tablet. Once the mobile banking app is installed on your smart device, you can easily look up your bank information. Mobile banking apps are useful for viewing your financial transactions and history, such as your account balance and recent withdrawals or deposits.

Mobile banking also empowers you to initiate transactions from your mobile device, such as depositing a check, scheduling bill payments, or transferring funds between accounts.

So, why is this important? Prior to the days of mobile banking apps, bank clients would more than likely have to call a toll-free number or physically go to their local banks to find out basic information about their accounts.

Some bank customers even had to wait until their statements were mailed to them in order to see their updated balances and all their transactions for the month.

Today, mobile banking customers have the benefit of receiving their updated information live and from their smartphone devices. In fact, control and convenience are some of the main benefits of mobile banking and using mobile banking apps.

What Is the Difference Between Online and Mobile Banking?

If you’re wondering if there’s a difference between online and mobile banking, you are correct. Mobile banking is primarily powered by apps designed to be used on mobile phones, tablets, and other mobile devices, while online banking is primarily banking used from a desktop computer or laptop.

With online banking, the banking customer more than likely will use a stationary computer device.

On the other hand, a mobile banking customer can look at the information wherever they go using some of the best mobile banking apps on the market. Mobile banking also includes websites that are optimized for mobile device use.

Additionally, mobile banking is considered to be far more secure than online banking. This is due to the fact that if an unauthorized transaction were to occur, you can set up alerts on your mobile banking apps to notify you of any unusual online mobile banking activities and show you what has taken place.

 In contrast, if you are only using online banking access from a desktop and do not use mobile devices, you will have to be near your computer to receive an email.

Another benefit banking with mobile banking apps has over online banking is that you can use a mobile device, such as a smartphone or tablet, to set up a passcode or encrypt access using fingerprint security. This becomes helpful in the event your mobile device is stolen or lost.

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Mobile Banking Trends to Watch

To find the best mobile banking app, it’s a good idea to take a look at mobile banking trends. Mobile banking trends provide insight on some of the most widely used mobile banking apps available today.

Here are some mobile banking trends to watch while you’re searching for the best mobile banking apps on the market.

  • The use of mobile banking apps and mobile banking is increasing.

Millenials seem to be the driver of this change, and it makes sense as millennials are the largest living generation, as of 2016. Nearly 70 percent of millennials used mobile banking services, including mobile banking apps, in 2015.

  • Physical bank numbers are decreasing.

As mobile banking apps became more popular in 2015, more banks shut down. In fact, over 1,600 banks closed their doors to the public during 2015. In fact, some banks are making mobile banking easier by giving tours of their banks from virtual reality headsets.

  • The use of mobile payments is helping to drive the use of mobile banking apps.

This is partially thanks to large retailers now accepting mobile banking apps that hold card information, such as Android Pay or Apple Pay. Additionally, banks are supporting these services.

For example, banking customers that use Android Pay can make payments from their mobile phones at retailers that accept Android Pay using debit and credit card information from banks, such as PNC, Bank of America, Chase, and Wells Fargo.

Instead of carrying around a credit card or debit card, customers who use mobile banking apps or mobile payment apps can link these cards to their mobile devices instead. By doing so, these customers can conveniently unlock their mobile device and use it as a wallet at a store’s cashier checkout lane. Rather than carry around a number of separate cards, mobile payments makes it easy to access all these cards from one device.

  • Updated credit and debit cards to chip-enabled cards make checkout slow.

best mobile banking app

Image Source: Mobile banking apps

Several banks are updating cards with chip technology for better security against fraud. The issue with the switch is that not all retailers are equipped to handle the switch, which causes checking out an item to be slower than with a magnetic stripe card.

However, mobile banking apps that offer payment options or wallets make it easy for checkout because information is given in real-time, and it often can be swiped like a card with contact technology. This allows customers to be less frustrated than when they use chip-enabled cards and have a speedier checkout.

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6 Tips for Finding the Best Mobile Banking App and Best Mobile Banking Services

When you’re looking for the best mobile banking app, you want to make sure you have a game plan in mind. That’s why it’s important to not only pay attention to mobile banking trends but to have a plan of action.

Tip #1: Look for mobile banking apps with robust security measures.

mobile banking

Image Source: Laptop Mag – What is mobile banking

If you want the best mobile bank app on the market, then you should prioritize finding an online mobile banking app with strong security measures. To consider a mobile app for online and mobile banking in the best mobile banking app category, you should have high standards for security and high levels of encryption.

The app must have a notification sent to you for all transaction — and not just by text. The reason you want the app to send the notification and not just text is that, should a hacker steals your information, they might take your phone number. If your mobile banking apps only sends you texts for each transaction and the hacker steals your number, you will not find out in time to prevent further damage.

With the mobile banking app sending notification to your phone, you will only need an internet connection via Wi-Fi or cell service to see all that is happening to your account. There is no need to settle for a mobile banking app that only gives you the option for email and SMS; find one that has mobile banking app notification for extra security.

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Tip #2: Use mobile banking apps with multi-step authentication.

what is mobile banking

Image Source: Multi-factor Authentication – What is mobile banking

If you’re using mobile banking apps on your mobile device, then you may have a passcode or fingerprint to access your device. However, once opened, you might have it set up to relock after one minute or less. That’s more than enough time for someone to take your device and log into your mobile banking app to get sensitive information.

Using mobile banking apps that require or enable extra authentication steps, such as setting up a passcode in addition to a password, will ensure you have extra protection if your device falls into the wrong hands. And remember to make the passcode different from what you use to log into your phone. This way, it’ll be harder for hackers to get in.

Tip #3: Look for mobile banking apps with store locators.

You would think having a store locator should be a given for many mobile banking apps, but you would be surprised at how many mobile banking apps don’t have this feature. A store locator is a must-have feature in the event you have to physically go to the bank or at least a nearby ATM that your bank supports. With the store locator, the app can not only find the nearest location but should plot a route for you as well.

Tip #4: Read reviews on online and mobile banking apps.

When picking which bank you want to store your money with, looking at reviews for their online and mobile banking app is key to finding the best mobile banking apps. If the general consensus is that the app is horrible and not worth downloading, then that may not be the best mobile banking app on the market.

While reading reviews for online mobile banking apps, focus on mobile banking apps with a 4-star or higher rating. Anything less than these ratings is a clear sign that the online and mobile banking app will not be worthwhile. Looking at recent reviews will also tell you if the app is having issues that users are still waiting to have fixed.

Tip #5: Decide what your banking needs are to see which is the best mobile banking app for you.

It’s important that the app you choose to conduct your online and mobile banking transactions fits your needs and current situation. Do you bank with a large bank? Forbes has rated Chase’s online and mobile banking app as one of the best mobile banking apps for customers at large banks. The app has convenient features such as Touch ID login and the ability to send money wirelessly internationally. As one of the best mobile banking apps for large banks, Chase rated 4.2 out of 5 stars in 2015.

Do you need a mobile banking app for a credit union? Some of the best mobile banking apps rated by Forbes in 2015 came from credit unions. These online and mobile banking apps scored an average of 4.7-star ratings out of five stars due to their simple designs.

online mobile banking

Image Source: Visible Banking – What is mobile banking

Is the ability to have online and mobile banking features available on multiple mobile devices, such as VR headsets and smartwatches, important? Does the mobile bank have the feature of connecting to your smartwatch?

With the current rise of consumers buying smartwatches, many would like the feature of looking at their watch to see updates from their bank. Instead of pulling out their cell phones, they can quickly glance at their smartwatch for updates.

Tip #6: Check for mobile banking apps with automation.

In today’s busy world, it’s hard to keep up with every transaction that occurs or bills that are due. That’s why it’s helpful to use mobile banking apps with automation. Look for mobile banking apps that remind you about important bills coming up, notify you of a scheduled payment, or enable automatic payment options to simplify your life.

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Final Thoughts

If you’re wondering what the best mobile banking apps are or how to find the best mobile banking apps, then you can use these tips to guide you in the right direction. The best mobile banking app will meet your needs and provide you with the convenience you seek.

Check trusted review sites, look for features that meet your needs, and consider the mobile banking app’s security measures. By taking these tips into consideration, you can find the best mobile banking app to meet your needs.

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