6 Mobile Banking Features Customers Use Most
|Mobile banking has revolutionized the way we manage our finances. From instant transfers to bill management, finance apps in 2023 contain numerous innovative features to help us manage and monitor our finances on the go.
With so many tools at your fingertips, it can be difficult to determine which are the most useful for your circumstances or whether your favorite app is missing any key features. That’s why we’ve put together a list of the six mobile banking features customers use most.
Account Balances
One of the most common uses of banking apps is balance checking. Where in the past individuals would have had to stop by the bank or ATM to request an update on their funds, all popular banking apps now allow you to see your balance in real-time. This feature can help you avoid awkward financial blunders, such as your card declining for insufficient funds when trying to pay for dinner. Conversely, if your card malfunctions when paying, you can easily check whether you may have been double charged in error.
Fund Transfers
Fund transfers (moving of money between accounts) are another popular banking feature that has changed the financial landscape. Fund transfers, which are now instant with many banks, take the stress out of settling the bills when you’re out to dinner with friends. They’re also invaluable if you’ve got a partner or child who needs a quick cash injection for an emergency bill or UBER ride.
You can also transfer funds between your own accounts, which can assist you with budgeting and automating bill payments.
Paying Bills
Mobile banking users rely heavily on bill-paying features to take the hassle out of bill management. Not only do banking apps give you the convenience of paying bills on the move, but most also allow you to ‘set and forget’ recurring expenses so you’re always able to pay on time. Some apps, like Spendee, even let you link your services directly to the app, so you can receive bill reminders, receipts and keep a comprehensive payment history log.
Alerts
All good mobile banking apps come with built-in notifications and alerts. These alerts are generally customizable and can include everything from bill payment notifications to large transaction alerts. These alerts can help you avoid fraudulent charges and stick to your budget by informing you of any irregularities or overspending across your accounts.
Budgeting Tools
More and more apps are starting to include an array of powerful budgeting features. Using AI and smart technology, mobile banking apps can precisely track and categorize your transactions to provide insight into your spending habits. Some apps also include rounding up features (where your payments are rounded up to the nearest dollar and any extra cents go to savings) and goal-setting tools to help you develop a personalized budget.
Customer Service
No one likes being on hold to their bank or financial provider. Mobile app users can now typically skip the queue by opting to speak with a customer service representative via in-app chat. If your issue cannot be resolved through text alone, some apps also help you avoid long hold times with a ‘request a call-back’ feature, which alerts the next available agent to ring you back at a nominated time.
While the six features listed above are rated most highly among mobile banking customers, the best banking apps are constantly adding new features to improve your mobile experience. From advanced card management to tailored investment advice, we can expect to see more improvements in mobile finance management than ever in 2023.