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If you are looking for a new bank account, you might want to consider choosing a bank or credit union that offers a robust mobile app with all the latest features for banking on the go.
The functionality of digital banking has come a long way in recent years. In addition to the basics like mobile check deposit, viewing your account balance, and paying bills online, some banks are now offering a more comprehensive range of handy features to enhance the banking experience.
Here are some trending mobile banking features to look out for if you’re in the market for a new bank account or hoping to see your current bank provide an improved app experience.
1. ATM withdrawal without card
During the Covid-19 pandemic, there has been increased interest in contactless payments as many people try to avoid unnecessary touching public surfaces. Cardless ATM withdrawal is a great way to reduce touchpoints when withdrawing cash from an ATM.
With cardless ATM withdrawal, you can access cash through your bank’s mobile app without using your debit card. This can be a great way to access cash or other banking services on the go, especially if you don’t have your physical card with you.
Here are some types of cardless ATM withdrawal options offered by three major banks:
- BMO Harris Bank mobile payment. This bank offers a cardless ATM service called Mobile Cash that allows you to access cash from an ATM without using your card. Using the BMO Harris Bank mobile app, you scan a QR code at an ATM, then complete the transaction securely without using a card. Mobile Cash is available at most BMO Harris ATMs.
- Access without a Wells Fargo card. Wells Fargo offers cardless access to accounts at all Wells Fargo ATMs. Simply put your Wells Fargo card in a digital wallet (for iOS or Android devices), then use your mobile wallet to access your ATM account. Instead of swiping or inserting a card, you hold your phone near the ATM or tap on the contactless symbol so that the Near Field Communication (NFC) system can detect your card information. Then you will enter your PIN code.
- Bank of America Contactless Transactions. All Bank of America ATMs have contactless readers that offer contactless transactions through digital wallets. Put your debit card in your digital wallet, hold your phone near the contactless symbol at the ATM, and enter your PIN.
Cardless ATM withdrawal is not available at all banks and may not be the best option for all bank customers. For example, you must have a compatible ATM to use this feature, and not all ATMs offer cardless ATM withdrawals. Some people may find it easier to use a debit card when withdrawing cash.
If you want to avoid the extra contact on surfaces shared in public, or if you don’t carry your debit card often and want another convenient way to get cash, cardless ATM withdrawal might be a good idea. good option.
2. Voice activated virtual assistants
Several banks offer virtual customer service with the power of artificial intelligence, or AI. Instead of going to a customer service center to talk to a real person for routine inquiries and banking transactions, these virtual assistants make it easy to get immediate help with various banking tasks. Here are three examples of these virtual assistants and how they work:
- Bank of America Erica. Erica is Bank of America’s virtual assistant. Erica can help you with day-to-day banking and can give you better information about your finances. Talking to a virtual assistant like Erica can help save you time on day-to-day transactions and balance inquiries. Erica can also provide details and trends on how you spend money and manage your overall financial life.
- Intelligent assistant of the American bank. This voice-activated virtual assistant service in the US Bank mobile app helps you monitor your accounts, schedule payments, analyze expenses, and manage transactions by speaking, typing, or typing. For example, you can say simple things like “Schedule a $ 100 payment to Mary” or ask a question, such as “How much did I spend in coffee shops last month?”
- Capital One Eno. Eno is the virtual assistant for Capital One bank accounts. Eno helps monitor account transactions to prevent fraud and alert people to spending trends and information. If you are accidentally overcharged for your monthly utility bill or if you spend more than usual in restaurants, Eno can notify you and confirm that your transactions are correct. Eno also provides virtual credit card numbers (limited-use tokens generated by an extension or app at the time of purchase) that you can use while shopping online to protect your account from fraud.
Not all banks offer voice-activated virtual assistants with a full range of complex information and services. But some banks are starting to provide chatbot functionality for quick responses to routine inquiries or limited interactions. Banks will likely continue to develop more sophisticated AI-powered options to improve customer service and help you manage your accounts.
3. Advanced account information
Some banks are offering new features in their mobile apps to help people track their spending and manage their monthly budgets. If you want a better understanding of where your money is going, these mobile banking app tools can help:
- Marcus Insights. Marcus by Goldman Sachs offers Marcus Insights, a collection of tools and trackers. This feature allows you to link accounts with external institutions to get information about your finances. You can use this feature on the bank’s website or through the Marcus by Goldman Sachs app, even if you are not a Marcus bank customer.
- Financial overview of nbkc bank. The nbkc bank checking account made our list of the best checking accounts for the customer experience, in part because of its Financial Snapshot feature. This tracking tool allows you to link all your external accounts (credit cards, loans and investments), providing a single overview of your finances.
- Varo Bank account linking. The application of this online banking allows you to link external accounts to get an overview of your finances in one place. With a more holistic view, you may be able to make better financial decisions.
Mobile banking apps are getting more sophisticated to help people manage their finances better. Mobile apps these days aren’t just about checking account balances and paying bills. The best mobile apps provide better information on how you spend, where your money is going, and how you can make better financial decisions.
4. Automated savings tools
Some features offered by banks and their applications can help you automate your savings. Here are three examples of these features:
- Ally Bank Surprise Savings. Ally Bank’s Surprise Savings feature analyzes your spending habits and account balances and automatically transfers small amounts of money (less than $ 100 at a time) from your checking account to your Ally savings account. The goal is to help you save money by taking money out of your daily expenses without even realizing it. You can use this Ally surprise savings tool even with non-Ally checking accounts.
- Auto savings tools chime. Chime is another online bank that offers convenient automated savings features. The Save When You Spend feature takes the purchase made on your Chime debit card, rounds it up to the nearest dollar amount, and deposits the difference into your savings account. As its name suggests, the Save When I Get Paid function automatically transfers part of your paycheck into savings.
- Varo Bank automatic savings tools. Varo Bank also offers automated savings tools. Save Your Pay allows you to automatically transfer a percentage of your direct deposits to your savings account. The Save Your Change feature rounds each transaction to the nearest dollar and saves the spare change.
5. Check balances without logging in
Some banks make it easier and faster to check your bank account balance and perform basic banking transactions without logging into your account. Here are four examples:
- Wells Fargo FastLook. This feature allows you to see your bank account balance and charge payment reminders from your phone with a single tap, without entering your login credentials. Wells Fargo also provides text messaging commands, allowing you to send the bank a text message to check your balance, transfer money, or perform a few other necessary transactions.
- Citi Mobile Snapshot. This Citi feature provides a quick overview of your bank or credit card account summary without having to log into your account.
- Check out the quick view of the bank. Discover’s mobile app allows you to use the Quick View feature to check your account balance without logging in each time.
- Quick balance of the Bank of the West. Bank of the West offers its Quick Balance feature for iOS and Android applications. It allows you to view your account balance and the last five transactions without logging into the account.
Expect more from mobile banking apps
Banks are increasingly innovative and creative with their mobile banking features. If it’s been a few years since you’ve checked out the latest updates to your bank’s mobile app, it’s time to take a fresh look and see what’s available. Features that were once considered cutting edge are now becoming the norm, such as mobile check deposit.
Banks, including large national banks, small regional banks, and online banks, will likely continue to expand their mobile banking functionality. Mobile banking apps go beyond traditional account balance updates and push notifications, as customers expect more from their mobile banking experience.
Look for more sophisticated mobile banking features that can help you be more proactive in managing your money and making financial decisions, wherever you are.