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)
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
- U.S. Bank
- Varo Bank
- Wells Fargo
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.