Mobile banking is a wonder of the modern world, and yet it’s also something that not everyone takes advantage of in spite of its many benefits.
If you’re in this group of late adopters, stick with us and we’ll explain what makes modern mobile banking apps so compelling, and what you can do to wring maximum value out of them.
The perks of using a mobile banking app
The reasons to bite the bullet and install a mobile banking app are extensive, and cover examples such as:
- Being able to check your balance at any time
- Having a way to track your spending day by day
- Getting alerts for any potentially fraudulent activity on your account
- Making contactless payments from your smartphone, without needing a payment card
- Sending money to friends to help with splitting bills at restaurants
- Earning rewards for fulfilling certain spending criteria
What to do to get the best out of your mobile banking experience
Because of how fully featured they are, it’s possible for new users of banking apps on mobile devices to miss out on some of the most convenient capabilities they offer. There are a few things you can do to avoid missing out, including:
Choosing a bank account with a great mobile app
When you open a bank online with Sofi bank you need to make sure that the mobile app associated with it is up to scratch.
Accounts from reputable banking brands aren’t all endowed with slick, convenient, intuitive apps that are available on your handset of choice, so check user reviews and read the small print before you commit.
It might make sense to switch to a new bank if your existing provider doesn’t have the right mix of features on their mobile app; that’s how competitive this market niche has become.
Setting custom alerts and notifications
It’s perfectly possible to use a mobile banking app in its vanilla form, but when there are customization options available then it’s definitely worth going the extra mile to tweak the experience to accommodate your unique needs.
For example, you could set alerts to warn you when you get close to or reach particular spending targets, which is sensible if you’re trying to stick to a budget and rein in any bad financial habits you’ve built up over the years.
You should also be able to have notifications pop up whenever money leaves and enters your account, which is handy for knowing when your paycheck lands without having to do this manually.
Checking your credit score
An option that’s increasingly common on mobile banking apps is being able to keep tabs on your credit score, and also look into the factors that are helping or hindering it at the moment.
Staying on top of your credit score is a good move regardless of your financial goals, because at some point you’ll need to undergo credit history checks, and the higher your score, the more likely you’ll be approved for the best deals on everything from loans and credit cards to car insurance.
As mentioned, you aren’t limited to one mobile banking app, so if you download and experiment with the software provided by your existing bank, it’s also easy to move your money elsewhere if you aren’t sold on the experience.
Also remember that you’ll need to keep your banking apps up to date to ensure that they have all the latest features. Using two-factor authentication to prevent unwanted access is also advised.