5 Desirable Mobile Banking App Features

Ben GranBanking Reviewer and Writer

Ben Gran is a freelance contributor for Forbes Advisor on banking. He also writes for The Ascent (a Motley Fool service), where he covers insurance, credit cards, personal finance and investing. Ben has over 10 years of experience as a freelance content writer for regional banks, tech startups, and financial services companies like LendingTree and Prudential. He also works as a ghostwriter for business executives, with bylines in publications such as Fast Company, Entrepreneur and TechCrunch.

Daphne ForemanEditor

Daphne Foreman is a former Banking and Personal Finance Analyst for Forbes Advisor. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices.

Ben Gran,

Ben GranBanking Reviewer and Writer

Daphne Foreman

Daphne ForemanEditor

Banking Reviewer and Writer, Editor

Doug WhitemanEditorial Director, Financial Services

Doug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's passionate about making financial information clear and useful for consumers — taking personal finance from "Huh?" to "Ah!" He has been quoted by numerous media outlets including The Wall Street Journal, CBS News and USA Today.

Reviewed

Doug Whiteman

Doug WhitemanEditorial Director, Financial Services

Editorial Director, Financial Services

Reviewed

Updated: Feb 26, 2021, 7:00am

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If you’re looking for a new bank account, you may want to consider choosing a bank or credit union that offers a robust mobile app with all the latest features for on-the-go banking.

Digital banking features have come a long way in recent years. Along with the basics, like mobile check deposit, viewing your account balance and online bill pay, some banks now offer a more comprehensive array of convenient features to enhance the banking experience.

Here are a few on-trend mobile banking features to look for if you’re in the market for a new bank account—or if you’re hoping to see your current bank offer an improved app experience.

1. Cardless ATM Withdrawal

During the Covid-19 pandemic, there has been increased interest in contactless payments, as many people try to avoid unnecessary touching of public surfaces. Cardless ATM withdrawal provides an excellent solution for reducing the points of contact when withdrawing cash from an ATM.

With cardless ATM withdrawal, you can access cash via your bank’s mobile app without using your debit card. This can be an excellent way to access cash or other banking services while on the go, especially if you don’t have your physical card with you.

Here are a few types of cardless ATM withdrawal options offered by three big banks:

BMO Harris Bank Mobile Cash. This bank offers a cardless ATM service called Mobile Cash that lets you access cash from an ATM without using your card. Using the BMO Harris Bank mobile app, you scan a QR code at the ATM and then complete the transaction securely without using a card. Mobile Cash is available at most BMO Harris ATMs.
Wells Fargo card-free access. Wells Fargo offers card-free access to accounts at any Wells Fargo ATM. You just need to put your Wells Fargo card into a digital wallet (for iOS or Android devices) and then use your mobile wallet to access your account at the ATM. Instead of swiping or inserting a card, you hold your phone close to the ATM or tap it on the contactless symbol so the near-field communication (NFC) system can detect your card information. Then you’ll enter your PIN.
Bank of America contactless transactions. All Bank of America ATMs have contactless readers that offer contactless transactions via digital wallets. Put your debit card into your digital wallet, hold your phone close to the contactless symbol at the ATM and enter your PIN.

Cardless ATM withdrawal isn’t available from every bank and may not be the best option for every bank customer. For example, you need to have a compatible ATM to use this feature and not every ATM offers cardless ATM withdrawals. Some people may find it easier to use a debit card when withdrawing cash.

If you’re concerned about avoiding extra touches on shared surfaces in public, or if you don’t often carry your debit card and want another convenient way to get cash, cardless ATM withdrawal could be a good option.

2. Voice-Activated Virtual Assistants

Several banks are offering virtual customer service with the power of artificial intelligence, or AI. Instead of calling into a customer service center to talk to a real person for routine inquiries and banking transactions, these virtual assistants make it easier to get immediate help for various banking tasks. Here are three examples of these virtual assistants and how they work:

Bank of America Erica. Erica is the virtual assistant for Bank of America. Erica can help with everyday banking and can empower you with better insights into your finances. Talking to a virtual assistant like Erica may help you save time on everyday transactions and balance inquiries. Erica also can provide details and trends on how you’re spending money and managing your overall financial life.
U.S. Bank Smart Assistant. This voice-activated virtual assistant service in the U.S. Bank mobile app helps you monitor your accounts, schedule payments, analyze spending and manage transactions by talking, typing or tapping. For example, you can say simple things like, “Schedule a $100 payment to Mary,” or ask a question, such as, “How much did I spend at coffee shops last month?”
Capital One Eno. Eno is the virtual assistant for Capital One bank accounts. Eno helps monitor account transactions to prevent fraud and alerts people to spending trends and insights. If you accidentally get overcharged for your monthly utility bill, or if you’re spending more than usual on restaurants, Eno can notify you and confirm that your transactions are correct. Eno also provides virtual credit card numbers—limited-use tokens generated by an extension or app at the time of purchase—that you can use when shopping online to help keep your account safe from fraud.

Not every bank offers voice-activated virtual assistants with a full range of complex services and insights. But some banks are starting to provide chatbot functionality for quick answers to routine inquiries or limited interactions. Banks are likely to continue to develop more sophisticated AI-powered options for enhancing customer service and helping you manage your accounts.

3. Advanced Account Insights

Some banks are offering new features in their mobile apps to help people track their spending and manage monthly budgets. If you want better insights into where your money is going, these mobile banking app tools may be able to help:

Marcus Insights. Marcus by Goldman Sachs offers Marcus Insights, a collection of tools and trackers. This feature allows you to link accounts at external institutions to gain insights into your finances. You can use this feature on the bank’s website or via the Marcus by Goldman Sachs app, even if you’re not a Marcus banking customer.
nbkc bank Financial Snapshot. nbkc bank’s checking account made our list of the Best Checking Accounts for Customer Experience, in part because of its Financial Snapshot feature. This tracking tool allows you to link all of your external accounts (credit cards, loans and investments), providing a single overview of your finances.
Varo Bank account linking. This online bank’s app lets you link external accounts to get an overview of your finances in one place. With a more holistic view, you may be able to make better financial decisions.

Mobile banking apps are getting more sophisticated to help people better manage their finances. These days, mobile apps are for more than just checking account balances and paying bills. The best mobile apps provide better insights into how you spend, where your money goes and how you can make better financial decisions.

4. Automated Savings Tools

Some features offered by banks and their apps can help you automate your savings. Here are three examples of those features:

Ally Bank Surprise Savings. Ally Bank’s Surprise Savings feature analyzes your spending patterns and account balances and automatically transfers small amounts of money (under $100 at a time) from your checking account to your Ally savings account. The goal is to help you build savings by moving the money out of your everyday spending stash without even noticing. You can use this Ally Surprise Savings tool even with non-Ally checking accounts.
Chime automatic savings tools. Chime is another online platform that offers some convenient automated savings features. The Save When You Spend feature takes the purchase made on your Chime debit card, rounds it up to the nearest dollar amount and deposits the difference into your savings account. As its name suggests, The Save When I Get Paid feature automatically transfers a portion of your paycheck into savings. It’s important to note that Chime is a financial technology company, not a bank. Banking services and debit cards are issued by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Varo Bank automatic savings tools. Varo Bank also offers automated savings tools. Save Your Pay lets you move a percentage of your direct deposits automatically to your savings account. The Save Your Change feature rounds up every transaction to the nearest dollar and puts the spare change into savings.

5. Check Balances Without Logging In

Some banks make it easier and faster to check your bank account balance and do basic bank transactions without logging in to your account. Here are four examples:

Wells Fargo FastLook. This feature lets you see your bank account balance and bill pay reminders from your phone via one swipe, without entering your login credentials. Wells Fargo also provides text banking commands, allowing you to send the bank a text message to check your balance, transfer money or perform a few other necessary transactions.
Citi Mobile Snapshot. This feature from Citi offers a quick overview of your bank or credit card account summary without having to log in to your account.
Discover Bank Quick View. Discover’s mobile app lets you use the Quick View feature to check your account balance without logging in each time.
Bank of the West Quick Balance. Bank of the West offers its Quick Balance feature for iOS and Android apps. It lets you view your account balance and the last five transactions without logging into the account.

Expecting More From Mobile Banking Apps

Banks are getting more innovative and creative with their mobile banking features. If it’s been a few years since you checked out the latest updates to your bank’s mobile app, it’s time to take a fresh look and see what’s available. Features that used to be considered cutting-edge are now becoming standard, such as mobile check deposit.

Banks—including big national banks, smaller regional banks and online banks—are likely to keep expanding their mobile banking features. Mobile banking apps are moving beyond the typical account balance updates and push notifications as customers expect more from their mobile banking experience.

Look for more sophisticated mobile banking features that can help you be more proactive when managing your money and making financial decisions—from wherever you are.