Top 5 Things to Look for When Banking with a Mobile App

Top 5 THINGS TO LOOK FOR WHEN BANKING WITH A MOBILE APP

Most banks have created mobile apps to serve customers like you. But not all mobile banking apps are created equal. Sure, you should be able to check your balance, see recent transactions, and find information to contact customer service, but how do you know what features are the most important considerations when it comes to mobile banking? What do you look for in a bank’s app when choosing where to keep your hard-earned money?

Below, we’ve reviewed the top five most important features for your mobile banking app to have:
 

#1:  Security

The best mobile banking apps provide multi-factor authentication to log in to the app initially. In addition to requiring a username and password, the app will also log you out after a short, designated amount of time.

Another ideal security feature is to be able to turn your debit card on and off right from the app – in case it gets lost or stolen. This lost/stolen debit card feature goes together with card alerts that allow you to turn on and off notifications of card activity and login errors.

#2:  Mobile Deposit

Electronic check deposit or mobile check capture are great features that the best banking apps have.

Within the app, you’ll be guided through entering the deposit amount, taking photos of the front and (signed) back of the check, then instantly receive confirmation that the bank received and is processing your deposit… all with just a few taps.

This function works anywhere, anytime you have a mobile or WiFi connection, so you can conveniently deposit your checks without ever having to step foot inside a bank.

#3:  Peer-to-Peer (P2P) Transfers

When you head out to coffee and brunch with friends, or your family pools money to pay for one big gift for your favorite aunt, it’s just simpler for one person to pick up the whole bill, but not always so simple to ensure everyone’s settled up.

The best banking apps will allow you to make completely secure payments to anyone with a debit card at any bank, simply by inputting their phone number or email (or their debit card number, if they’re comfortable sharing with you.) Unlike separate payment apps, the money will be deposited directly into their bank account, without any fees for you.

Another ideal feature in this category is the ability to save your favorite people to make transfers even easier.

#4:  Locate a branch or ATM

While many apps offer the convenience of searching for a branch location, it’s also helpful to know where ATMs are located, especially the ones that are surcharge-free!

Good banking apps help you find nearby ATMs that are in their network, and the best banking apps have a map and search feature that make it easy to find the location most convenient to you.

#5:  Ease of Use

It’s important that your bank’s mobile app be compatible for both Apple and Android devices, and the app needs to be intuitive and simple to use.

Depending on your level of comfort with mobile applications in general, give yourself about 30 minutes to find everything you need the first time you use the app. If it seems overwhelming right off the bat, it probably isn’t a great app and will frustrate you down the road.

A good banking app also integrates with digital wallets like Apple Wallet, Samsung Pay, and Google Pay functions.

Also, be sure to check the app’s rating – ratings of at least 4.0/5.0 on either platform are preferred. If it’s lower, be sure to read the comments to consider if you might have similar issues.

And finally, the app should always be free to download and use.

If you’re looking for one of the best mobile banking apps available, try the Bank of the Bluegrass mobile app. It has all the above features and more. Bank of the Bluegrass is locally-owned and operated in Lexington, Kentucky, and with our mobile app, you can bank anywhere in the world. Learn more about our online and mobile banking on our website HERE.

This post is for informational purposes only. Third-party data rates may apply. No one method alone will protect from fraud.