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In today’s digital landscape, it is vital that applications constantly evolve to meet the demand for elegant and easy-to-use 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 taps.
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According to the GOBankingRates Best Banks 2023 survey, nearly 60% of Americans prefer to do their banking through their bank’s mobile app. With so many users preferring in-app banking, it is vital that banking apps meet the changing needs of their audience and provide features that help them in their process. While there are many banking apps that work well enough, some go above and beyond with innovative features that the competition lacks.
In light of so many Americans who prefer to carry out their banking needs through an app, let’s take a closer look at the survey data and look at the five most innovative banking apps that users are loving right now.
More than half of Americans prefer to do their banking through a mobile app
When it comes to online banking, sometimes just pulling out a laptop is a hassle. Our survey data shows that mobile banking is the method of choice for more than half of Americans, with 59% of our respondents preferring to do their banking this way. However, some still prefer to do their banking in a web browser, at 22%. Finally, 19% of Americans prefer to do their banking in person.
Members of Gen Z and millennials make up the majority of those who prefer mobile apps for their banking needs. According to our survey, 66% of those aged 18-24, 68% of those aged 25-34 and 65% of those aged 35-44 prefer this banking method. In contrast, only 34% of Americans age 55 and older prefer to do their banking online.
With the majority of Americans under the age of 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 with the card, the app rounds up to the nearest dollar and deposits the difference into a savings account. While a few pennies may not seem like a huge savings, they 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 access to fee-free ATMs and automatic savings.
If you like to earn cash back rewards for your debit card spending, you might want to check out the Aspiration banking app. In addition to offering cash rewards, the app also offers the ability to track and offset carbon emissions from purchases.
This app sets itself apart from the competition for its community-focused and socially aware financial services. Users can control 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 view your balances, transfer money, and deposit checks easily within the app. Users can also access their car and mortgage and credit card information from anywhere.
A unique feature offered by the Chase bank app is Chase QuickPay, an app similar to Zelle or Venmo, which allows users to easily send and receive money from anyone with a US bank account.
The Capital One app offers a feature highly appreciated by its users called Eno. Eno is a virtual assistant who can answer questions and help users navigate the app and stay informed of all the app options available to them.
In addition to the helpful guidance in this app, 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 track your credit and transaction history and access all your financial information, including auto and mortgage information. Finally, if you’re prone to losing items, you can lock your Capital One card with a few taps 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 maximum security to an ATM locator, the Ally Bank app has a lot to offer.
The app presents real-time information on all your financial accounts, as well as transaction and stock monitoring from the comfort of your phone. Within the app, users can access Zelle and instantly transfer funds between contacts with no additional fees. Users can also categorize their savings into “buckets” so they can set aside savings for gifts, a rainy day, a bathroom makeover, or a trip to Europe. These buckets act similar to envelopes, allowing you to organize your money within a savings account.
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Methodology: GOBankingRates surveyed 1,000 Americans age 18 and older from across the country between December 7-12, 2022, asking them nineteen different questions: (1) What category is your current financial institution in?; (2) Have you considered changing banks in the last year?; (3) If you have considered changing banks in the last year, was it any of the following factors? (select all that apply):; (4) What feature, benefit, or other offer is most important to you when opening an account at a new institution?; (5) Are you currently satisfied with all banking products and services offered by your bank/credit union?; (6) Would you ever have different types of accounts at various banks? (ie, checking account at Chase, but savings account at TD Bank); (7) What is your preferred banking method?; (8) Which of the following is the most important factor for you to stay at your current bank?; (9) Which of the following bank accounts do you currently use or have open? (Select all that apply); (10) What is the minimum balance that you maintain in your Checking Account?; (11) How much do you currently have in your Savings Account?; (12) How much of a sign-up bonus would make you consider changing banks; (13) Have you considered using app-only banking platforms (also known as neobanks) in the last year (eg Current, Upgrade, Chime, Dave, etc.); (14) How important is it to you that your bank is affiliated with a cryptocurrency exchange/platform?; (15) In the last year, how often have you written a physical check?; (16) When was the last time you personally visited your bank?; (17) Why would you choose to visit your bank in person? (Select all that apply); (18) When you think of 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 the PureSpectrum survey platform to conduct the survey.