Top 10 Banking Apps in USA

Traditional ways of banking are now being upgraded to online banking with the ripening technology fruit. Customers prefer to use banking services through their devices because of easy accessibility and time-saving reasons. Although there are many benefits for both banks and customers which is the ultimate reason for the growth in banking app development.

Based on the latest survey from Chase, it is found that 62% of customers said that they can't live without their banking apps and 78% are using it weekly. People in the USA are living a fast life, they prefer to use banking services online which is great!

Why Banks Are Inclined Towards Banking App Development?

It is time for banks to monitor customer behavior and make changes based on that. Here are some statistics to reflect the customer behavior and growth in the online banking industry:

Eighty-six percent of consumers said they prefer to use one app for all their banking.

Gen Z was most interested in credit monitoring at 74%, followed by Millennials at 72%.

The number of digital banking users in the United States is expected to reach 217 million by 2025.

According to a report, the net interest income will reach 300 billion US dollars by 2029.

Following such stats, many banks have already established a good customer base for their banking apps.

Top 10 Banking Apps in USA

According to the latest report from Forbes, These are the best banking apps available based on available features and ease of use.

1) Citi Mobile

Citi Mobile bank app uses multiple layers of security to keep the customer's information safe. Citi Mobile banking app provides all the features for safe and secure banking such as Login, checking account balance, checking credit score, transferring money, paying bills and rent, requesting bank services, and many more.

2) Bank of America Mobile Banking

With over 10 million downloads, Bank of America bank offers ease of access to the bank's services and security via its banking app. Users pay their bills, transfer money, and manage their bank accounts with this app. Erica, your virtual finance assistant, can assist you with tracing transactions, paying past-due payments, and much more.

3) Chase Mobile

Users can manage their JP Morgan investments and their Chase accounts via the Chase Mobile app. It provides features such as managing accounts, transferring money with Zelle, managing credit cards and auto payments, budget allocation, track credit journey. With the Chase mobile app, users are free to do commission-free trades for stocks, mutual funds, ETFs, and more.

4) Ally: Bank, Auto & Invest

With Ally, users can manage their bank accounts and investments along with the Auto Payment feature. Make a one-time vehicle payment or use the auto payment feature for scheduled payments. With Ally, make secure credit card payments, review statements, and check credit scores too.

5) Discover Mobile

By using Discover Mobile app, users can manage their Discover cards & accounts conveniently and securely. The app is power-packed with features such as accessing transaction and account history, managing credit card payments and features, requesting different banking services, paying loans, and more.

6) Capital One

Access any banking service anytime, anywhere with the Capital One app. Just like other banking apps, this app also provides all the banking services on one platform.

7) Wells Fargo

Wells Fargo app is known as the best banking app in terms of user experience. Wells Fargo mobile app provides all the online banking services with a stand-out user experience. It facilitates users with features such as account management, Online payments and transfers, investment tracking, and more.

8) Alliant Credit Union

Alliant Credit Union app makes all the banking services available for users on the go. With active internet and a mobile app, users can instantly check deposits, respond to secure messages, find ATMs nearby, pay monthly bills, and activate many other banking services.

9) SoFi

SoFi app users can earn up to 4.60% APY on their checking and savings accounts. It allows users to access all the online banking services without any charges. It also facilitates users with auto investing without any fee.

10) Varo Bank: Mobile Banking

Instantly send/receive money from anyone anywhere with the Varo Bank app. The Varo app allows all the banking features for customers at zero cost. In addition to that, Varo doesn't require you to keep a minimum balance in your account.

Types of Banking Apps

• Retail Banking Apps

Apps that are specially designed and developed for related banks or any financial institutions are known as Retail Banking Apps. Such apps provide all the banking services such as account management, tracking history, and managing credit card payments, online via the app. For example, Well Fargo, U.S. Bank, etc.

• NeoBank Apps

This type of app is for completely online banks means there's no physical presence of the company. They are completely online based and transactions with NeoBanks are faster than traditional banking. For example, InstantPay and Frio.

• Investment Apps

These apps allow users to invest online in stocks, mutual funds, ETFs, bonds, etc. They charge some minimum fees on transactions allowing customers to trade on their app. For example, Stash and Robinhood.

• P2P Apps

For simpler and faster online money transfers, P2P apps are used. The user's name, account, and number all are connected to the app and the sender can directly transfer the payment to their phone number, and on the other end, the receiver receives the amount almost immediately. For example, Venmo and PopMoney.

As someone who belongs to the Fintech industry, upgrading to banking apps is beneficial for both customers and businesses.

Benefits of Developing a Mobile Banking App

Banks should have their mobile banking app as they bring so many benefits to them such as:

Customer Convenience: Banking apps provide accessibility to their customers that allows them to use any bank service at any time anywhere. Customers can transfer funds from one to another without any hassle of visiting the bank and can access many other features as well. More the convenience, more the users.

Decreased Operational Cost: With the use of banking apps, there's no such need for customers to visit the bank unless it's something that can't be done by an app. With that banks don't have to manage a huge pool of people all day, in that area, banks can reduce their operational costs with a mobile banking app.

Enhanced Security: Banking apps use advanced technology and highly secure algorithms and databases to protect customer's data. By following government security standards, banks can launch secure banking apps for their customers.

Competitive Advantage: Customers these days want everything on their phones, by having a mobile app, banks can provide convenience and efficiency to their customers which can help them retain customers and attract more customers to use their services.

Direct Communication channel: Banks can directly notify their users with personalized messages and alerts through the app. Push and in-app notifications help banks to connect with their users directly.

Banking App Development: Planning to Performance

It is important to choose the right type of company for banking app development. Follow below mentioned steps:

• Research and Planning

Start by researching the market and your business needs and choose the type of banking app you want to develop. Define the target region and analyze the customer needs, based on that plan the app flow and features.

• Designing & Development

It's time for the designers and developers to get involved after choosing the app's features and type. For the design of your banking app, Hire UI/UX designers. To get people to use the app and prevent them from thinking it's a tonne of work, make sure that all of the design components are tastefully done and not overly overwhelming.

Once the design is confirmed, choose the tech stack appropriate for the banking app development. Based on the technology, hire developers based on their experience and expertise in the related tech stack.

• Testing & Deployment

Hire QA engineers to perform various test cases under different testing environments. Banking apps must go under thorough testing because they contain bank and customer-sensitive information. After that, set up the app in the local environment deploy the final product, monitor it, and make changes accordingly.

Contact a mobile app development company to carry out the entire process all at once. These are some key features that your new banking app should include.

Features to Add to a Mobile Banking App

Here are some of the must-have features to have in your next mobile banking app.

• Secure Authentication

Security in the banking apps can not be compromised because of the sensitive database and with technological advancement, cyber crimes are increasing too. It is important to add a security layer of authentication when logging or making any transaction from the user end. This feature ensures security and authenticity.

• Digital Core Banking

Banking facilities like account activation, updating any details, tracking transaction history, debit/credit card activities and monitoring, and many others come in handy in day to day life of customers. When providing a banking app, must include all these core banking facilities to the customers through the app. The main purpose of providing an app to customers is that they can easily access banking services digitally.

• QR Code Payments

QR codes are a secure way of transacting money more than barcodes. It conducts faster and more secure transactions from one end to another. Users simply need to scan the QR code to start the payment process and complete the transaction. It is secure because it offers a higher layer of security because of encryption.

• Online Cheque Deposit

Customers can use the camera on their phone and the necessary data to deposit cheques straight into their accounts with the aid of this function. Consumers can safely deposit cheques using a banking app on their phones instead of having to go to the bank.

• Cardless ATM Withdrawals

To eliminate the need for a physical credit card or debit card, users can generate a unique QR code to withdraw money from an ATM. This transaction can be authorized and authenticated by the customer's device. It reduces the risk of lost card or card theft/scam and provides a secure method to withdraw cash from an ATM.

• Voice Activated Virtual Assistants

AI is everywhere and so in the banking apps! These voice-activated virtual assistants help customers in performing activities like checking account balances, transferring payments, paying bills, etc. This feature also helps people with blindness to access banking apps. This improves the user experience of an app.

Conclusion

Evolving and upgrading with market and customer requirements is important. This is the trend of technology and there is no other than hoping on the trend and giving your business a digital touch. Other than that, having mobile banking apps is beneficial for banks and other financial institutions as well as for customers as it offers an opportunity to reach a broader clientele. However, it's important to follow security guidelines and procedures while creating a mobile banking app. Hire a leading mobile app development company with expertise in the banking app development space, such as Hyperlink Infosystem.