Mobile banking has changed the face of financial transactions around the world, and is continuing to evolve at an unprecedented rate.
At the heart of this revolution has been the ability of banks to provide simple user interfaces on hand-held devices that give customers quick, efficient, convenient and secure access to all their banking needs in a single application that goes with them wherever they may be.
The enormous range of choices that individual customers can get from competing banks has made them extraordinarily discerning. Even first-time users demand a range of functionality that they would not have expected from old-fashioned banks.
Regarding the degree of customers’ selectivity, European banks score better than their global rivals thanks to the advantages of being in the largest pool of users and service supplies with shared regulations, as well as a broader catalogue of easier-to-use and often customisable functionalities. European banks also offer a more comprehensive range of investment and banking services built-in to their apps.
Banks cannot just offer a digital banking experience. It needs to be seamlessly integrated with the entire customer experience and also be adaptable to customers’ individual preferences and needs. The pressure on banks to develop user-friendly and comprehensive mobile apps is intense, because the Open Banking wave gives customers easy access to a range of financial services via a single interface.
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How to choose the best banking apps in the world
Rating mobile banking apps can be done on a few different scores. In one, the size of the bank can be used as a scale. Larger banks have the resources to develop the most comprehensive apps. On the other scale, the focus can be on functions that suit the customer’s specific needs.
Mobile apps allow you to conduct all of the banking, borrowing and saving actions without visiting a bank branch. All activities are initiated on a mobile device and will enable the customer to view account balances, make payments, transfer funds and buy new financial services all in one interface.
What to look for in basic features of banking apps
The best banking apps in the world offer a combination of the following features as a minimum.
- In many cases, these are enhanced with more specialised functions that can suit individual customers’ needs.
Apple and Google Pay
- Biometric (face and fingerprint) login or two-level authentication
- Ability to freeze & unfreeze online transactions
- View card pin
- Quick balance view
- Send money directly via the phone contacts
- Allowing for push notifications on spending
- Toggle contactless payments
- Toggle online transactions
- Toggle ATM withdrawals
- Allow access to investment facilities
- Allow for in-app rewards
The following is a list of mobile banking apps ranked as being the best mobile banking apps for Android in 2022. In general, the same apps are also rated for iPhone devices, but there is some difference in their popularity – we show the relative popularity for the top 20.
The following is a list of the twenty best digital banking apps in iPhone that are not members of the above list:
- U.S. Bank Mobile Banking (#9)
- Aspiration Spend, Save & Invest (#12)
- Mint (#17)
- Schwab Mobile (#19)
- U.S. Bank Relia Card (#20)
FAQ
What is the best free mobile banking app?
Based on how well each app matches the clients of individual banks, the ten most highly rated apps are:
- Alliant Credit Union
- Bank of America
- Chase
- Chime
- Discover
- U.S. Bank
- USAA
- Varo Bank
- Wells Fargo
FAQ
Can I do banking on my iPhone?
There are many banking apps as well as the native Apple Bank Mobile Banking function. These let you pay bills, transfer funds, deposit checks, and other facilities that individual banking apps cater for.
What is the difference between online banking and mobile banking?
Online banking can be done on any device that has an internet connection (such as a desktop or laptop computer, smartphone or tablet) and a browser. It does not require a downloaded app. Mobile banking requires an app that has been installed on a portable device, such as a tablet or smartphone.
What’s the best online mobile banking?
The best bank or digital bank for mobile banking depends on your preferences, needs and the options in your region or country.
- Revolut: Revolut offers international money transfers, currency exchange, budgeting tools, and cryptocurrency support.
- Monzo: Monzo, a mobile-only bank, offers a user-friendly app with instant spending notifications, budgeting tools, and fee-free international spending.
- N26: N26 is a sleek and simple mobile banking platform. It offers international withdrawals, budgeting tools, and instant notifications.
- Chime: A U.S. digital bank, Chime offers fee-free banking, early direct deposit, automatic savings, and a user-friendly mobile app.
- Ally Bank: This online bank offers mobile check deposit, bill pay, and high-yield savings accounts.
Which mobile banking app is best
Choose the best mobile banking app based on your priorities. A good mobile banking app should be easy to use with a smooth interface. Two-factor authentication and biometric logins are essential for financial data security. Account management—checking balances, transaction history, and transferring and paying—is crucial. A smartphone camera-based mobile deposit feature is also useful. Real-time notifications and alerts update account activity. The best mobile banking app meets your needs, is easy to use, and protects your financial transactions.
Which bank is best for mobile banking?
Features, services, customer satisfaction, and regional availability determine the best mobile banking bank. These banks are known for mobile banking:
- Chase: Chase’s mobile banking app includes bill pay, check deposit, and account management.
- Bank of America: The Bank of America mobile app includes account alerts, bill payment, and person-to-person transfers.
- Ally Bank: Ally Bank’s mobile banking app includes check deposit, bill pay, and round-up savings.
- Wells Fargo: Wells Fargo’s mobile banking app offers Zelle money transfers, mobile deposit, and account management.
- Capital One: Capital One’s mobile app offers check deposit, bill payment, and spending tracking.
- Consider the bank’s reputation, fees, customer support, and banking services. To find the best mobile banking option, research and compare banks’ features and benefits.
