In today's digital landscape, it is vital for apps to be constantly evolving to meet the demand for sleek and user-friendly interfaces. Banking apps are not exempt from this requirement, as everyone wants to be able to access their bank account from anywhere and transfer funds with a few finger taps.
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According to GOBankingRates' Best Banks 2023 survey, nearly 60% of Americans prefer to do their banking via their bank's mobile app. With so many users preferring in-app banking, it is vital for banking apps to meet the ever-changing needs of their audience and provide features that aid them in their process. While there are many banking apps that function well enough, a few go above and beyond with innovative features their competition lacks.
In light of so many Americans preferring to conduct their banking needs via an app, let's take a closer look at the survey data and check out the five most innovative banking apps users are loving right now.
Over Half of Americans Prefer To Do Their Banking Via Mobile App
When in comes to online banking, sometimes just pulling out a laptop is too much of a hassle. Our survey data shows that mobile banking is the preferred method by over half of Americans, as 59% of our respondents prefer to do their banking in this way. However, some still prefer to do their banking on a web browser, at 22%. Finally, 19% of Americans prefer to conduct their banking in person.
Members of Gen Z and young millennials make up the majority of those preferring mobile apps for their banking needs. According to our survey, 66% of those age 18 to 24, 68% of those 25 to 34 and 65% of those 35 to 44 prefer this banking method. In contrast, a mere 34% of Americans over 55 prefer to do their banking online.
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 of the other banking apps on the market, Chime offers its users a Visa debit card that helps them save. For every purchase made on the card, the app rounds up to the nearest dollar and puts the difference into a savings account. While a few cents might not seem like major savings, it can make a significant contribution over time.
The app can also help you get cash early as it offers early direct deposit. In addition to these features, Chime provides no-fee ATM access and automatic savings.
If you enjoy earning cashback rewards for your debit-card spending, you might want to check out the banking app Aspiration. In addition to offering cashback rewards, the app also offers the ability to track and offset carbon emissions from purchases.
This app stands apart from its competition for its socially conscious and community-focused financial services. Users can watch their carbon emissions, invest in socially responsible companies and grow their finances in a more conscious way.
The Chase mobile app offers users maximum financial security while making money management convenient and simple. You can stay on top of your finances and see your balances, transfer money and deposit checks easily within the app. Users can also access their car and mortgage information and credit cards from wherever they are.
A unique feature the Chase bank app offers is Chase QuickPay, an application similar to Zelle or Venmo, that allows users to easily send and receive money from anyone who has a U.S. bank account.
The Capital One app offers a feature well-loved by its users called Eno. Eno is a virtual assistant that can answer questions and help users navigate the app and be informed of all the app options available to them.
In addition to this app's helpful guide, the Capital One app features account management, mobile check deposit and the opportunity to set financial goals. The mobile app offers immediate push notifications so you can keep track of your credit and transaction history and access all financial information - including car and mortgage information. Lastly, if you are prone to losing items, you can lock your Capital One card within a few touches while in the app.
One of the most innovative banking app options out there, Ally Bank offers a simple and straightforward in-app experience. From a secure login that requires fingerprint recognition for ultimate security to an ATM locator, the Ally Bank app has much to offer.
The app features real-time information on all your financial accounts as well as stock trading and monitoring from the convenience of your phone. Within the app, users can access Zelle and instantly transfer funds among contacts with no added fees. Users can also categorize their savings into "buckets" so they can set separate savings for gifts, a rainy day, a bathroom renovation or a trip to Europe. These buckets act similarly to envelopes, allowing you to organize your money within a savings account.
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Methodology: GOBankingRates surveyed 1,000 Americans aged 18 and older from across the country on between December 7 and 12, 2022, asking nineteen different questions: (1) What category does your current financial institution fall under?; (2) Have you considered changing Banks within the past year?; (3) If you have considered changing banks in the past year, were any of the following factors? (select all that apply):; (4) Which feature, perk, or other offering is most important to you when opening an account with a new institution?; (5) Are you currently satisfied with all your banking products and services offered by your Bank/Credit Union?; (6) Would you ever have different types of accounts across multiple banks? (i.e. Checking at Chase, but Savings at TD Bank); (7) What is your most preferred method of banking?; (8) Which of the following is the biggest factor of you staying with your current bank?; (9) Which of the following bank accounts do you currently use/have open? (Select all that apply); (10) How much is the minimum balance you keep in your Checking Account?; (11) How much do you currently have in your Savings Account?; (12) What amount of a sign up bonus would make you consider switching banks?; (13) Have you considered using any app-only banking platforms (aka neobanks) in the past year (e.g. Current, Upgrade, Chime, Dave, etc.); (14) How important is it to you for your bank to be affiliated with a crypto exchange/platform?; (15) In the past year how often have you written a physical check?; (16) When was the last time you visited your bank in-person?; (17) Why would you choose to visit your bank in-person? (Select all that apply); (18) When you think about banking, do you think of it as something you need or don't need?; and (19) What services/products do you expect from your Bank and/or Credit Union? (Select all that apply). GOBankingRates used PureSpectrum's survey platform to conduct the poll.
This article originally appeared on GOBankingRates.com: 5 Most Innovative Banking Apps
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