Mobile Banking Features You Need to be Using

The world of banking is becoming more mobile and fast-paced every day. Customers expect their banks to have quality mobile applications with easy user interface and convenient features, and so should you. Here are seven mobile banking features you need to use that will simplify your financial life.

  • Cardless Withdrawal

Contactless transactions have boomed in popularity during COVID-19 as a way to limit the spread of the virus between people and high-traffic surfaces like card readers. Cardless withdrawal enables clients to do just that: take cash from the ATM without having to insert the card or touch the machine.

 

Instead of going through the withdrawal steps on the ATM, you simply log onto your bank’s mobile app and hold your phone close to the machine. The machine’s near-field communication (NFC) system then reads your card information, lets you enter your pin and follow the steps on your phone.

 

Cardless withdrawal is a fantastic feature if you’re concerned about touching germ-filled public surfaces or don’t regularly carry your debit card. However, you can only use ATMs that correspond to your bank.

  • Account Activity Insights

You should be taking full advantage of the activity insights your bank’s mobile app provides. Today’s banking apps can give you a ton of valuable information about your spending and saving habits. Tracking items like payments, deposits and withdrawals is crucial to managing your finances.

 

Many apps also allow you to link external financial accounts so all of your transactions are in one place. The “search” function is another popular feature that lets you view transactions within a certain timeframe or with a specific vendor. This tool can help you reduce spending at a favorite store, prepare for tax season or save money for a long-term investment.

  • Online Bill Pay

Online Bill Pay is another feature that centralizes your finances. It puts all of your separate payment accounts in one place to make your monthly bills easier to manage. You can preschedule your bill payments, create one-time or recurring payments and set reminders for upcoming due dates.

 

The end of the month is a stressful time for the 64% of Americans living paycheck to paycheck. A feature that simplifies the billing process can be life-changing for these people

  • Flexible Transfer Features

Transferring money to another person, account or bank used to be a hassle. Now, banks offer all the flexible transfer features you need on their mobile apps:

 

  • Person-to-person: you can send exact dollar amounts to family and friends through third-party apps like PayPal and Venmo that are connected to your bank account.

 

  • Account-to-account: transferring money between your checking, savings and other accounts can help you save money and cover payments.

 

  • Bank-to-bank: if you’re in the process of switching banks, you can easily transfer all of your funds to the new account.

 

Gone are the days when you needed to walk into a bank and request a transfer of finances. Today’s mobile banking apps enable you to transfer your money as you please, with no questions asked.

  • Mobile Security Services

Mobile banking has many advantages, but one disadvantage is the higher risk of a cyber attack. With all of your accounts and transactions in one place, a cybercriminal can do significant damage to your identity and savings. To keep your information secure, banks have implemented many security measures into their mobile apps:

 

  • Card control: this feature allows you to turn off a stolen or lost card and reactivate it once you retrieve the card.

 

  • Fraud alerts: if a bank notices suspicious or uncommon activity on your card, it will send you a fraud alert so you can verify the transactions or deactivate your card in a timely fashion.

 

  • Touch and Face ID: bank apps now offer fingerprint or facial recognition as an extra authentication step when logging into your accounts.

 

It’s easy to misplace a card or forget to log out of your bank accounts, so having these automated security features is a crucial part of protecting your online finances.

Optimize Your Mobile Banking Experience

Mobile banking apps have a plethora of features that make money management easier and more secure for clients. Start using these five features and more with your accounts and optimize your mobile banking experience!

 

 

Anindya Chowdury
Anindya Chowdury
MERN-Stack Web Developer trying to C Rust. Also writing articles sometimes.

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