Mobile bankingConsumersCredit transfers

How versatile are banking apps?

Kathleen Altmann

The smartphone is more than just a tiny computer that fits in your pocket. It has become an integral part of our everyday lives. And, of course, it is becoming increasingly common for people to do their banking on these devices. But what are today’s banking apps actually capable of? 

The pros of banking apps

Compared to traditional online banking carried out on desktop computers, many basic functions of mobile banking are faster and more convenient with the relevant banking apps. Quickly checking your bank balance or firing off a bank transfer, these are just some of the advantages of app-based banking. For example, many apps can automatically read the transfer data on invoices or receipts via the camera on your smartphone or tablet and convert them into an electronic transfer form. Some apps can even make transfers using voice banking where the transfer details are entered using speech recognition on your smartphone. But if you do want to make a transfer this way, you should check that your banking app is compatible with your operating system’s assistive technology. Two-factor authentication is used to ensure the process is secure.

But banking apps can do more than that. They can be used to access a wide variety of other financial products and banking services from your mobile – such as opening a securities portfolio or trading in shares and other securities. You can also use them to order or block bank cards, and you can often even use them to set limits on the amount you can transfer or withdraw using your card. If your bank card gets lost or stolen, you can also block it temporarily or permanently via the app. 

And logging in to your account via the app has become easier and faster. Biometric features, such as fingerprint or facial recognition are now so far advanced they can be used to open your banking app securely and reliably.

Wearables in mobile banking

And the technology is constantly evolving. More and more users are choosing to do all their daily banking with banking apps. The banks’ goal is to make mobile banking even easier and simpler for their customers. In future, mobile devices will be able to handle more and more banking services with the help of assistive technology. 

Devices that can be worn on the body, or wearables, are the next development set to take the tech world by storm. Banking services will then be even easier and more intuitive to access using smartwatches and eyewear. You’ll not only be able to use them for making payments but also to exchange financial information or to place orders quickly.