Banking » Guides » 8 Great Mobile Banking App Features You Should Know About
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

8 Great Mobile Banking App Features You Should Know About

Technology improves come up with new banking app features - from depositing checks to ATM cash withdrawing, here are the top features to know
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Mobile banking apps have made paying bills, money transfers, and other financial transactions much more convenient and fast, than ever before.

However, as technology improves banks come up with new banking app features, which can be useful for the customer and make the mobile banking experience more exciting and simpler. This is one of the key areas, where banks work to attract new clients.

So, let us take a look at some of the most interesting banking app futures, you should know about:

1) Depositing Check By Mobile Banking App

Considering modern life’s busy schedule, sometime it might be challenging to find spare time to visit the bank in person to deposit a check. It can be frustrating when you know that you still can’t access those funds before you do not deposit the check at the bank.

Luckily, some banks have identified this problem and offered their customers a solution. Using the mobile banking application people can scan the check and upload it using the app.

Some of those apps even allow their customers to take a picture of the check, instead of scanning it. After some time, the bank will process this check and if everything is in order, will deposit it in the bank account.

This feature saves time for customers and makes depositing checks much more convenient. Banks with this feature can have an advantage over those financial institutions, which still cannot offer this service.

Man Taking Photo Of Check To Make Remote Deposit,
(Photo by Andrey_Popov/Shutterstock)

2) All Bills In One Place

This mobile banking feature allows you to add and memorize your regular billers. In this way, you can see all of your bills listed on one page with the payment information. This makes it much easier to control your spending and avoid missing payments.

In addition to that, this feature lets you schedule payments on specific dates so that you do not have to worry about forgetting making payments.

One thing to keep in mind here is to make sure that you always have sufficient funds available to keep up with those payments. Some banks might charge you fees if there are no sufficient funds available for automatic payments. So ignoring this aspect might prove costly for the customer.

If you do not want automatic payments, then you can set reminders for utility and credit card payments and other types of bills. Some banks also offer demo versions of the bills payment page, so that customers get a better idea about this feature.

3) Investment Account Performance

Besides opening high yield savings accounts, checking accounts, and CDs, some banks allow their customers to open investment accounts as well. However, in many cases, customers have to log in to a separate website or app to view the performance of their portfolio.

Some banks started integrating investment accounts into their online and mobile banking applications. This has several benefits for customers.

The first obvious advantage of this approach is that people can view all or most of their financial assets, like savings, CDs, and investments on one page. Consequently, this app feature makes it much easier for customers to calculate their net worth.

Another benefit of this feature is convenience. People do not have to memorize separate usernames and passwords to take a look at their investments. Instead, they can do their portfolio analysis and bill payments at one website or mobile app.

4) Branch And ATM Locator

This is yet another handy feature banks offer their customers. The idea here is simple. People can check the location of the nearest branches and ATMs. It also shows the distance from the current location of the individual.

Indeed, people can always visit a bank website and search those locations from there. This can work for some people. However, using the branch and ATM locator is more convenient, since it shows the client’s current location and the distance. This is not the case with many bank websites.

Surprisingly, this feature can also help people to save money on fees. Some banks will charge you a fixed or percentage fee for withdrawing money from the ATM, belonging to another bank. This might seem a small sum, but over time this can add up to a considerable amount.

This app can help you to easily locate the ATM of your bank and avoid those hefty fees in the process.

5) Financial Analysis Tool

Nowadays several banks offer financial analysis tools. The actual name of this feature might vary from bank to bank. Yet, the main idea is the same: The financial analysis page lists all of the current financial assets and liabilities of the client. For example, Chase Bank offers some great tools to budget and manage your finances. Another bank that has made great progress is Wells Fargo, which offers a bunch of tools for customers.

In most cases, the list is accompanied by charts, to make it easier to visualize the financial situation.

Now the fact of the matter is that there are many paid financial analysis tools on the internet. Some of them even have large subscription fees. However, people can get this for free via a mobile banking app.

This feature makes it much easier to get a better idea about one’s financial situation. It also helps people to measure their progress towards their goals. When you see your asset column rising and debts falling, it can be very encouraging. So this makes it easier to stay motivated and remain on track.

mobile banking Financial Analysis
(Photo by Burdun Iliya/Shutterstock)

6) Linking Bank Account To Credit Card Rewards

Most credit card companies and banks do have a separate website, which lists the rewards, customers can earn on their credit cards. However, some banks have added the credit card rewards page to the mobile banking app.

Here customers can see how they can earn points with different purchases. It also lists information about businesses, where people can earn cashback or other types of special rewards. For example, American Express even offers a fixed amount of rewards if clients spend a specific amount of money at some businesses.

On this page, people can also check their credit card points and even redeem them for different rewards.

This feature is very helpful for credit card holders. This allows them to maximize their credit card rewards and earn more points than before. In this way, people can offset some or all of the annual fees they have to pay for their particular credit card.

Finally, with some apps, on this page, people can also check the rewards of other credit cards the bank offers. This can be also handy for the decision-making process in the future.

7) Withdrawing Cash From ATM Without A Card

It can be a quite frustrating experience to approach an ATM, only to discover that you left your card at home or some other place. Luckily, some banks can offer a solution to this inconvenience.

The fact of the matter is that some financial institutions allow their customers to withdraw money from ATMs, using the mobile app, instead of standard debit or credit cards. So how this works? Well, in most cases the ATM will display a QR code and the customer has to scan this code with their phone, using the mobile banking app.

This can make cash withdrawals more convenient for people. At the same time, this makes it more difficult for thieves and fraudsters to steal your money. Yet, it is worth noting that even this type of technology cannot give a 100% guarantee that your money will never be stolen.

Withdrawing savings account Money From Atm

8) Automatic Transfers To Savings Accounts And Loan Repayment

Many people find it very difficult to save any money or repay debts. In this case, this mobile banking feature might be handy.

The fact of the matter is that many banks allow their customers to specify the amount which will be automatically transferred to the savings or money market account. For example, SoFi offers you to set up recurring vault transfers via your SoFi Savings account

Customers can modify the amount saved, as well as change the frequency of payments. This gives people additional flexibility in managing their finances.

For example, if an individual is going through a financially challenging period, then he or she might decide to reduce monthly contributions to savings. On the other hand, if a person is having some windfall or pay rise, then it might be a good time to consider increasing monthly payments.

In most cases, this feature also extends to loan products. Here people can pay down their credit card, loan, or mortgage debt. Here it is possible to make one payment or set a fixed amount of automatic payments on a weekly, monthly, or quarterly basis.

Bottom Line

As we can see from the above examples, there are several mobile banking apps, which can be helpful for customers. Some of them focus on making banking more comfortable, like depositing checks online, or ATM locators.

At the same time, others are designed to help customers to make informed decisions and improve their financial situation in the process.

Checking Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Checking Accounts
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Table of Contents