10 Must-Have Features and Benefits of Mobile Banking Apps

A mobile banking app needs to be, above all else, simple and secure so that people are confident using it regularly. And to achieve those goals, banking apps need to check a lot of other boxes along the way. Savvy customers have come to expect certain must-haves from an app that they can trust with their finances. Here are 10 features and benefits that any mobile banking app must deliver so you can rest easy.

Two-Factor Authentication and Biometric Authentication

You should be the only one with the keys to your banking app. Two-factor authentication and, even better, biometric authentication through fingerprint scans or facial recognition help prevent others from accessing your account if you lose your phone.

Customizable Interface

Once you’re in, your app should be able to adapt to you. You’ll want an app that you can customize to fit your priorities and preferences, so you see what’s important to you first.

Basic Banking Functions

The whole point of having a mobile app is to be able to access your money so it can do what you need it to do. That includes the ability to deposit checks, pay bills, make loan payments and transfer money between accounts from anywhere you are.

Account Usage Alerts

You should be able to set up alerts to fit your preferences so you can always stay on top of your finances. Whether it’s a large purchase or a low balance, your app should keep you in the know.

Advanced Financial Management Tools

We’ve come a long way from hand-written budgets and basic spreadsheets. A good mobile banking app should have the ability to feed data into a dashboard that helps you understand your cash flow, spending habits and balances better than ever before.

Create and Use a Digital Wallet

There are a lot of reasons to use a digital wallet, and a worthwhile mobile banking app should help make this even easier. This replaces the need for cash or cards, putting the power of payment entirely in your phone.

Click-to-Pay Convenience

One of the worst parts about online purchases is filling (and refilling) information about your card each time you use it. Click-to-Pay eliminates that headache so you make payments quickly and move on with your day.

Card Control

Lost your wallet or left your card somewhere? Your banking app should allow you to deactivate your card to prevent or limit any unauthorized attempts to use it. Find it? You can turn it back on and go back to normal.

Submit Travel Notices

Traveling can present security challenges, leaving people locked out of their funds when they’re away from home. Banking apps should allow users to alert their banks that they’re traveling so that your trip doesn’t go off the tracks.

Access to Bank Reps

A chat function allows you to ask a question and get a response from anywhere without the need to visit or call a branch location.