In today’s digital landscape, it’s imperative that apps are constantly evolving to meet the demand for sophisticated and user-friendly interfaces. Banking apps are not exempt from this requirement because everyone wants to be able to access their bank accounts from anywhere and transfer funds with just a few taps of their finger.
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According to GOBankingRates’ Best Banks 2023 study, nearly 60% of Americans prefer to bank through their bank’s mobile app. With so many users preferring in-app banking, it’s imperative that banking apps meet their ever-changing needs and provide features that assist them in their process. There are many well-functioning banking apps out there, some with innovative features that their competitors don’t have.
Considering that so many Americans prefer to bank through apps, take a closer look at the survey data to see the 5 most innovative banking apps users love today. Let’s look at.
Over half of Americans prefer to bank via mobile apps
With online banking, even pulling out your laptop can be a hassle. According to our survey data, more than half of Americans prefer using mobile his banking as 59% of respondents prefer doing banking this way. However, 22% of them prefer to do their banking in a web browser. Finally, 19% of Americans prefer banking in person.
Gen Z and younger millennial members make up the majority of users who prefer mobile apps for their banking needs. According to our research, 66% of 18-24 year olds, 68% of 25-34 year olds and 65% of 35-44 year olds prefer this banking method. In contrast, only 34% of Americans over the age of 55 prefer to use online banking.
With the majority of Americans under 44 opting for in-app banking, let’s take a look at some of the most innovative banking apps that not only get the job done, but stand out.
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Unlike many other banking apps on the market, Chime offers its users a Visa debit card that helps them save money. Every time you make a purchase with your card, the app will round it up to the nearest dollar and put the difference in your savings account. A few cents may not seem like a big savings, but over time it can make a big difference.
The app also helps you get cash early as it offers early direct deposits. In addition to these features, Chime offers fee-free ATM access and automatic savings.
If you enjoy earning cashback rewards on your debit card spending, check out banking app Aspiration. It also provides the ability to track and offset emissions.
The app sets itself apart from its competitors with socially conscious, community-focused financial services. Users can monitor their carbon footprint, invest in socially responsible companies and grow their finances in a more conscious way.
The Chase mobile app makes managing money convenient and simple while providing users with maximum financial security. Easily keep track of your finances, check balances, transfer money, and deposit checks right within the app. And users can access their car, mortgage information, and credit cards from anywhere.
A unique feature offered by the Chase banking app is Chase QuickPay, an application similar to Zelle and Venmo that allows users to easily send and receive money from anyone with a US bank account.
The Capital One app offers a feature users love called Eno. Eno is a virtual assistant that answers questions, helps users navigate apps, and informs them of all available app options.
In addition to helpful guides in this app, the Capital One app has features for account management, mobile check deposits, and setting financial goals. The mobile app provides instant push notifications so you can track your credit and transaction history and access all your financial information, including car and mortgage information. Finally, if you tend to lose your items, you can lock your Capital One card with just a few touches within the app.
One of the most innovative banking app options, Ally Bank offers a simple and straightforward in-app experience. From secure logins that require fingerprint recognition for ultimate security to ATM locators, the Ally Bank app has many features.
The app features real-time information on all your financial accounts as well as stock trading and monitoring from your phone. Within the app, users can access her Zelle and instantly transfer funds between contacts at no additional charge. Users can also sort their savings into “buckets”, so you can set up separate savings for gifts, rainy days, bathroom renovations, or trips to Europe. It works and allows you to organize your money within your savings account.
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Methodology: GOBankingRates surveyed 1,000 Americans ages 18 and older nationwide between December 7-12, 2022, asking 19 different questions. (1) Which category does your current financial institution fall into?; (2) Have you considered changing banks within the past year?; (3) Have you considered changing banks within the past year? If so, were there any of the following factors? (Select all that apply):; (5) Are you currently satisfied with all banking products and services offered by your bank/credit union?; (6) You may have different types of accounts at multiple banks (i.e. checking with Chase, savings with TD Bank); (7) What is your preferred method of banking?; (8) Which of the following is the biggest reason to stay with your current bank? (9) Which of the following bank accounts do you currently use/open? (Select all that apply); (10) What is the minimum checking account balance?; (11) How much is in your savings account right now?; (12) How much sign up bonus would you consider changing banks?; (13) App only in the last year have you considered using a banking platform (a.k.a. neobank) (e.g. Current, Upgrade, Chime, Dave, etc.)? (14) How important is it to you for your bank to partner with a cryptocurrency exchange/platform?; (15) How often have you written a physical check in the past year?; 16) When was the last time you went to a bank in person?; (17) What are your reasons for visiting a bank in person? (Select all that apply); (19) What services/products do you expect from banks and/or credit unions? (Select all that apply). GOBankingRates conducted the research using PureSpectrum’s research platform.