Did you know that four out of ten Americans manage their finances via online banking services? As reported by the American Bankers Association (ABA), 40% of Americans use the internet to access and manage their accounts on their computer, while 26% of Americans use mobile services and apps.
Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments, stated “Since the first smartphone changed the world ten years ago, banks have leveraged mobile technology to take customer account access and convenience to the next level. Banks also integrating new technology in the design and functionality of their branches.”
In addition to providing convenience and security to the banking process, here is a few more ways mobile banking apps yield efficiency.
Mobile Banking Apps Provide Real-Time Updates
Banking Apps Encourage Easy Filing
Mobile banking apps make it easier for consumers to stay organized. Some mobile banking apps, like Quontic’s Mobile App, allow for extensive receipt management.
Consumers can easily capture and organize their receipts with the Quontic Mobile App. Using the SensiBill Receipts feature within the app, consumers can take a photo of their physical receipt, tag the expenses with appropriate details, and file them the appropriate folders. Similarly, consumers can also store emailed receipts. With this management feature, consumers can effortlessly search, filter, and export receipts.
Mobile Banking Apps Enable Quick Transfers
If consumers have multiple accounts at one financial institution, they can typically transfer funds between accounts through their banks’ mobile app. For instance, on pay-day, consumers can immediately transfer direct deposits from their checking accounts to their savings accounts.
Many banking apps also allow consumers to set up autopay, which may be used to draft funds from checking accounts to pay bills. Consumers can then shrug off the stress of late fees and relieve themselves of one, albeit crucial responsibility.
Banking Apps Pile On High Security
Banking apps offer more security than banking websites because apps often require multi-factor authentication like Touch and Face ID. By utilizing more login requirements, consumers’ account details stay secure and private from relentless or lucky hackers.
Mobile banking apps enable consumers to bank conveniently and on-the-go. With secure transfers and updates via just a few taps of a finger, consumers always know their account statuses.