US mobile banking has surged in popularity in recent years. The shift to digital technology is encouraging Americans across all demographics to turn away from traditional banking.
Online and mobile banking was originally viewed as a way to cut operational costs. As a result, banks started to deploy more online banking apps so that customers could conduct some tasks themselves.
Now, it is just as important to have an enticing design and added features.
Citi’s 2018 Mobile Banking Study has found that mobile banking app usage has risen considerably to become one of the most used methods to bank.
The survey, which included 2,000 adult respondents, found that 31% of consumers use their mobile banking app the most, just behind apps for social media (55%) and weather (33%).
So what are some of the best US mobile banking apps and what do they offer?
The Discover app allows customers to check balances and make transactions. According to reviews on the Android and Apple stores, Discover customers are extremely happy with the ability to freeze and unfreeze accounts, as well as Discover’s cashback offers.
The app also provides service for Discover credit cards, as well as customers of its online digital bank.
The apps’ overall ranking on the Apple and Google store is 4.7 out of 5. Users compliment how quickly customer service responds and the frictionless onboarding process.
Chase also boasts an overall ranking of 4.7. The bank has invested heavily in implementing more features on their mobile app. Banks want their apps to become expressions of their brand.
If it is well designed, consumers will be more likely to tap on to it on a daily basis. Users can download up to 7 years of account transactions digitally. The platform presents the users’ financial history in a manageable format. However, Chase wanted to move past just having a regular mobile banking app.
In June 2018, Chase launched Finn, an all-mobile banking app. Finn aims for ease of use and quick responses.
The app has multiple features that the Chase app does not. Those features include an expanded ATM network — with surcharge-free locations in all 50 states. In addition, the app is more personalised and employs charts and emoji to help users categorise spending.
Unlike Chase, the account does not charge monthly or overdraft fees. If a user doesn’t have enough money to pay for a purchase, it simply declines the payment.
Bank of America (BofA)
The Bank of America mobile banking app offers perks such as credit card rewards redemption options, free access to your FICO score and a Spanish language setting. One of the benefits most noted by customers on the Apple store is the ability to deposit checks remotely from home.
If you’re out shopping, you can access BankAmeriDeals cash-back offers available near you through the app.
In June 2018, Bank of America announced that it had surpassed one million users on Erica, an AI-driven virtual assistant in financial services.
Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to customers.
There are a number of ways that customers can interact with Erica including texting, talking or tapping options on their screen. BofA stated that customers have mostly used Erica to view transactions and check their balance.
All three of these US mobile banking apps rank high on overall customer satisfaction.
US mobile banking app stats
According to research conducted by GlobalData in June 2018, the majority of Americans stated that they would choose mobile banking to conduct numerous financial tasks. The statistics measure age group and millennials shoot ahead in terms of mobile banking adoption.
Among those aged between 18 and 24, 54% said they would use a mobile banking app to check balances. Those aged between 35 and 44 are just behind at 40%, and a low 11% for those over the age of 65.
When it came to the overall experience of US mobile banking, most participants praised their apps. 53% of those aged between 18 and 24 were pleased. However, it was those aged over 65 that highlighted the ease of the overall experience the most with 65% saying they were satisfied.