Dorota Jasińska
Andrzej Puczyk
Cut Chargebacks with GenAI
The evolution of mobile banking apps in the last few years has been marked by significant advancements in technology, user experience, and the range of services offered. In the past, mobile banking was primarily focused on basic transactions and account monitoring. However, the landscape has visibly changed. Mobile banking apps have seen a substantial increase globally since 2019.
New features in mobile banking
Mobile banking apps have introduced several new features and functions to meet the evolving needs of users.
Cost counters & cashback services
To help users manage their finances better and encourage the use of banking apps for payments, aligning with the trend of rapidly growing mobile e-commerce.
Peer-to-peer transfers
Simplifying money transfers using just phone numbers or codes makes the process more straightforward and appealing.
Bill splitting
A feature that gained popularity, facilitating easy splitting of bills and account management in a mobile-first world.
Chatbots and voice menus
Customer support is available any time of the day without the need to visit a bank physically, enhancing user convenience significantly. For more on the top banking chat experiences, check out the article The Best Chatbots in Banking.
User notifications
Keeping users informed about transactions, account updates, and security concerns promptly through push notifications.
Financial planning, support, and investment tips
Utilizing customer data to offer personalized financial advice while ensuring data security and privacy.
Top mobile banking apps
The recent mobile banking trends show a commitment to growth and development, with an increasing number of mobile device users expected to switch to mobile banking. Leading banks and payment apps, including Citibank, Wells Fargo, Ally Bank, and Capital One, have been at the forefront of these innovations, with PayPal being the most used mobile payment app.
Based on the latest rankings and reviews, the best mobile banking apps for 2024 offer a wide array of innovative features catering to various customer needs, from fee-free accounts to advanced security measures and innovative financial management tools.
Chime
Chime stands out for its user-friendly features, like automatic savings options and fee-free transactions at a vast network of ATMs. It’s noted for its emphasis on helping users save more efficiently through automatic round-ups and direct deposit advances.
CIT Bank
CIT Bank is praised for its mostly fee-free banking experience, 24/7 access, and a variety of savings options, including high-yield savings accounts and CDs. It’s particularly attractive for those looking for a blend of traditional and online banking features with competitive interest rates.
Ally Bank
Ally Bank offers a comprehensive online banking experience with no minimum deposit checking accounts, the innovative “buckets” feature for organizing savings, and various savings boosters to help users grow their funds faster. It’s well-regarded for its customer-friendly approach and wide range of financial products.
Varo Bank
Varo Bank is highlighted for its fee-free account offerings, high interest rates, and a sizable network of fee-free ATMs. It’s unique in that it’s an online-only bank that has obtained its own national banking charter, allowing for a more integrated and independent banking service.
Wells Fargo
Wells Fargo is appreciated for its wide selection of banking products and services, alongside a highly functional app that includes customizable alerts and robust account management features.
These apps have been recognized for their excellence in providing secure, convenient, and innovative banking solutions that cater to the evolving needs of modern consumers.
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