Mobile banking applications have evolved with time. Earlier, features like cheque deposits were considered extraordinary. Consumers now have higher expectations regarding the functionality of these applications, with seamless money transfer, bill payments, ATM locators, and balance inquiries.
Some applications let the users track their accounts from different financial institutions, while others offer built-in services like financial wellness and budgeting platforms. Various applications also have digital wallets, which is very convenient in this day and age. Mobile banking has made banking easy and accessible for users today. Straits Research has created a list of the best mobile banking applications to help you choose an application that efficiently serves the purpose.
Ally Bank is one of the leading applications in the world in terms of online banking. The institute focuses on offering the best mobile banking experience to its vast customer base. The application provides various services such as money transfers, mobile cheque deposits, bill payments, ATM locators, and transaction history.
The application has a simple, user-friendly interface and allows users to save their password and log in using fingerprint recognition. All the transactions and details are accessible on the mobile device, and it also keeps a tab on savings, certificates of deposit, and even individual retirement accounts.
Capital one's mobile banking application has been recognized as 'Highest in Customer Satisfaction Among Mobile Banking Applications. The ratings on Google Play Store and App Store are a testament to the popularity of the application. Along with tons of features, Capital One also lets users access all their accounts, including home loans and auto loans. Users can also track their credit score and manage rewards.
The application also sends push notifications and keeps track of purchase and credit history. If a user misplaces his Capital One card, he can quickly lock it using the. Mobile application to prevent fraud, and he can also report a scam just with a few taps on the mobile device.
Bank of America’s mobile banking application stands out in terms of offering cutting edge security. The application allows users to establish travel notices for their accounts so that they can access their funds while being away from home. Functions like card activation, replacement, and card blocking are also offered. If the bank detects suspicious activity on the account, the application sends notifications so that the users can verify transaction activity and take necessary calls for action.
Simple entered the mobile banking market with an online-only entity with a mission to make mobile banking more secure and accessible. While the bank doesn't offer much in the way of account variety currently, it still stays on top of the mobile banking game. The application provides a wide array of features such as budget calculation, a 'safe-to-spend' component that tells users about the amount they have left after paying their bills and necessities.
Also, the application allows users to access digital envelops to meet their savings goals. It will even help them determine the amount which should be kept aside to achieve these goals. A unique feature also allows users to put the savings on autopilot by instructing the application to keep a limited amount aside every day to help users meet their different savings targets.
Wells Fargo is a leading banking institution in the United States. The application offers more than just the essential savings and balance inquiries. Users can also use the application to invest in various securities like stocks and mutual funds, along with easy access to investments, open orders from Wells Fargo Advisors and Wells Trade accounts. Additionally, the application offers real-time quotations, market data, and statistics to guide users on their investments and asset allocation decisions.
Another key feature offered by Wells Fargo is its card-less ATM access option. Users don’t even have to carry ATM cards to access their funds via thousands of ATMs.
Chase's mobile banking application allows users to access their liquid debit cards, credit cards, savings accounts, as well as investments. The users can easily manage their payments online and are also able to pay bills, transfer money via Zelle, and schedule credit card payments. The application also shows the TransUnion credit score and allows users to redeem their Ultimate Rewards as well.
Chime is somewhat a new player in the mobile banking applications game. Chime is a stellar mobile banking application designed for the best user experience for the fast-developing digital age. The application allows users to substitute their debit cards to access funds using their phones at more than 30,000 free ATMs in the national MoneyPass network. Additionally, users can also set a daily balance reminder for real-time transaction notifications.
Along with these notable features, Chime Bank gives direct deposits up to two days early in specific situations. Chime’s mobile banking application has high ratings both in Google Play Store and App Store alike.
Discover's mobile banking application provides various to its customers like Discover Deals, an in-app marketplace. The marketplace offers exciting deals on the latest brands and services, becoming one of the most favored applications by shoppers and bargain hunters.
In addition to these deals and offers, users can also access their credit card rewards through the application, access FICO credit score, and iPhone users can also add their Discover cards to Apple Pay wallet for more easy and comfortable access.