Similar to what’s happening in the food sector with the increasing popularity of mobile delivery apps, it has been predicted that we will start to use mobile banking apps 10 times more often than we will physically visit a branch by the year 2020.
To put this into perspective, a study was conducted by CACI Consultancy which found that the number of branch visits in the United Kingdom is expected to fall to 268 million, while app usage will increase to 2.3 billion.
Even though banking apps are a crucial feature for our mobile devices, a MyPrivateBanking report found that most banks were not meeting clients’ digital expectations or innovating enough. In fact, a mobile banking survey conducted by Nielsen in late 2016 found that facial recognition and cheque scanning and deposit technology are the features that mobile users would like to see the most in future banking apps. Luckily, however, these needs are on their way to being met thanks to some innovative apps.
Here are the top 5 international banking apps.
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Chase (NYSE:$JPM)
It’s no surprise that Chase has made it on this list. For the second year in a row, Chase has been voted the best mobile banking app in the United States by MagnifyMoney.
Features on the app include the following: fingerprint sign-on, mobile cheque deposit, and views of deposited cheques, as well as conventional features like branch and ATM locators and bill payments.
What’s the best thing about this app?
Many seem to enjoy the person-to-person payments with Chase QuickPay with Zelle, which allows customers to send and receive money within a matter of minutes. According to a Google Play User, “This is by far the most used app on my phone. It’s so easy to use and understand and not to mention convenient. Say goodbye to going into the bank from here on out (unless of course, you need to make withdrawals.)”
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Atom Bank
Launched in 2015, Atom is one of the UK’s “challenger” digital-only banks. The app does not have any high-street branches and works solely through a smartphone app, which offers fixed-term savings accounts and mortgages. In addition, the app plans to add current accounts, debit cards, overdrafts, and instant access savings to the app.
What’s the best thing about this app?
Atom holds the title of being one of the first banks to offer biometric security. What does this mean? Well, an individual is able to log in through face, voice, or fingerprint recognition. According to a Google Play User, “Wholly impressed, not sure what’s not to love. Very modern, good looking app that seems to do what it’s meant to do.”
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iAllowance
Parents, this one is for you! Do you ever wonder if your children are really doing what they say they are? If so, iAllowance, often referred to as Piggy Bank 2.0, will let you set and track your kid’s chores then pay out their allowance based on what they complete. But wait, it gets better. You even have the option to track screen time. According to iAllowance, the app has been used to complete 20 million chores and pay 12 million allowances.
How does it work? You can start off by setting up weekly or monthly allowances, savings and even charity accounts then add chores from a list and schedule them.
What’s the best thing about this app?
Impressively, iAllowance supports 150 currencies, and you have the option to mix and match them between banks. Additionally, you can turn on parental controls so your children don’t have the option to fiddle with the results. According to a user of the app, “I use all of the banking features and my second-grader has a pretty clear picture of his total net worth right now – which is more than I can say for many college grads.”
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Money Dashboard
This app is a free budget planner for UK users which aggregates all your bank accounts and credit cards in one secure location. At the 2017 British Bank Awards, Money Dashboard won best personal finance app.
Money Dashboard allows a user to add internet-enabled bank accounts and credit cards by inputting all of your login details. After that, the app creates a read-only service that allows the individual to see all of their income and outgoings in one secure portal. Additionally, Money Dashboard will show you what categories you are spending money in, as well as your balances and spending today versus last month.
What’s the best thing about this app?
Many people seem to enjoy the fact that the graphs are colorful and easy to read. Plus, you have the option to filter transactions to view only outgoings, one account, or sort by amount, date, or description.
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Bitcoin Wallet by Coinbase
As of right now, Coinbase is the leading platform on which to purchase and sell Bitcoin. The company reported that it has assisted $20 billion worth of digital currency exchanges. The app is available in 32 countries, mostly Europe and North America, and to purchase, sell or create a local currency wallet connected to your bank account, you have to reside in one of these countries.
What’s the best thing about this app?
Many find it to be helpful that you can create recurring buys and sells of Bitcoin every week or month to slowly buy Bitcoin. According to a Google Play user, “Bitcoin has allowed me to purchase Bitcoin with near zero in fees when I plan ahead.”
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