Apps Changing the Way We BankIn the age of rapid digital transformation, banking is swiftly adapting to the demands of mobile phone use. Case in point, Variety pointed to a report by Deloitte that found that Americans check their phones on average 52 times a day. The portable nature of mobile phones has made them the new go-to gadget for our daily needs, beating desktop computers for their ease of use. To cater to all your banking needs, here are five apps that are changing the way we bank:
1. Bank of America App
In order to give you more protection when you travel, some mobile banking apps enable the option of location services to prevent fraudulent errors. The Bank of America app explains that “To reduce card declines, BofA will access your location at least once daily to verify you’re near your Visa card when it’s being used.” According to a Bank of America spokesperson, this fraud-detection setting has been available since 2017, but only for Visa cardholders. However, you can always opt-out of this option in the event that you’re uncomfortable with sharing your location.
2. Petal Mobile App
Featuring an intuitive and minimalist interface geared towards the Millennial and Gen Z market, the Petal mobile app helps you clearly understand your spending. It shows how much interest you owe based on your planned payments, a customizable monthly budget, and even lets you keep an eye on your credit score. Other useful features include freezing your card with the flick of a switch, getting 1 percent cash back on all purchases, as well as autopay options. Integrating a variety of features in one app helps clients have a user-friendly experience, without the hassle.
3. Step Mobile App
A new market is opening up to give teens cashless methods of spending. Step aims to target teens aged 13 and up, allowing parents to set spending limits on their use and teach them financial responsibility. It also enables parents to link their own bank accounts for fund transfer, allowing them to give their kids money for allowance and chores. According to TechCrunch, “The mobile banking service Step provides will also aim to be more comprehensive than just a debit card. It will offer a combination of checking, savings and a Visa card that works as both credit and debit.”
4. Greenlight App
Another personal wealth management app geared towards the younger generation is Greenlight, funded by Wells Fargo and JP Morgan Business Insider reports that their ultimate aim is to promote financial literacy for kids, with “a debit card for children and an associated app with parental controls. Families with up to five children pay $4.99 each month and the maximum account balance per family is $35,000, with each account backed by Community Federal Savings Bank.”
5. Chase Mobile App
Lastly, JPMorgan Chase was ranked as the best mobile deposit user experienced this year by Cornerstone Advisors. Their study found that more than half of mobile banking customers used their mobile banking app’s check deposit capability in the past year. In addition, 52 percent of users claimed that depositing a check was one of the most vital mobile banking features. It claims that “Chase climbed its way to the top by improving not only its customer experience but also its policies—specifically, its limits and, most importantly, check retention time.”
While some of the apps on this list have options to track your spending, we previously reviewed other financial tracking alternatives, like Value, to keep an eye on your budgeting needs.
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