Best 5 mobile banking apps that focus on customer experience

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Older and newer generations alike want convenient online banking. According to research from Jumio, 76 percent of Baby Boomers bank online while Millenials make up 77 percent of online banking customers.

Reliable mobile banking apps are becoming an important determinant as the number of consumers using mobile banking apps continues to grow.

According to a Gallup study, more than half of banking customers prefer a digital banking relationship to a physical one.

Consumers, especially Millenials, are using digital banking to accomplish bill payment, account management, transfers, applying for credit and loans, making investments, and other financial transactions on one mobile app. For many, mobile banking has become their primary account management tool.

We reviewed a 2019 Javelin Strategy & Research report that studied digital banking opportunities and listed the top 5 Banking Mobile Apps according to Javelin's 2019 Mobile Banking Award Category Leaders:

Best 5 mobile banking apps

  • Account Opening: Bank of America, Regions, USAA
  • Customer Service: Bank of America, BBVA, USAA
  • Ease of Use: Bank of America, BBVA, USAA
  • Financial Fitness: Bank of America, BB&T, USAA
  • Money Movement: Chase, Citi, USAA

What is digital banking?

Digital banking primarily digitizes every program and activity undertaken by financial institutions and their customers. The activities include remote deposits, money transfers, bill pay, and basic online management of accounts.

BBVA offers nationwide digital banking as well as in-branch banking in 7 states. BBVA's award-winning app in customer service also includes remote banking. The mobile banking app is available both on the App Store for iOS and on Google Play for Android and offers English as well as Spanish options.

The app includes a search tool that lets you use your voice, as well as typed-in commands, to find what you’re looking for. Customers can even access data from non-BBVA accounts to get an overall picture of all bank accounts in one place.

BBVA's digital banking customers have access to a team of personal bankers. When you open a BBVA free checking account online, you'll be assigned a team of dedicated concierge bankers at no extra cost. You can contact financial consultants via text, email, chat, or phone.

BBVA's Online Free Checking Features:

  • Open with $25.
  • No Monthly Service Fees.
  • No ATM fees nationwide at 64,000 BBVA USA and participating non-bank ATMs.
  • Automatic rebate of ATM fee charged by other banks.
  • Deposit cash and checks at Allpoint® Network ATMs.
  • Complimentary Online Banking and Mobile Banking, plus Mobile Deposit® and Bill Pay.
  • Popmoney® lets you send money to virtually anyone, within minutes, using an email address or mobile number.
  • Easily keep track of your purchases and get instant transaction alerts on the go with BBVA Mobile Banking App.
  • Earn cash back for everyday debit card purchases

Are banking apps secure?

Mobile banking is a fast and convenient way to effectively manage your money – i.e. check your balance, transfer money, and pay bills online – but how safe is it?

Some experts suggest that banking through a mobile device is safer than banking online. That may be due to the actual smartphone's security. “Mobile phones have more security natively,” says Ryan Zlockie from Entrust Datacard. “The apps are more protected than the open website experience.”

Because nothing is 100 percent safe, mobile banking app users should take as many precautions as possible when using mobile banking apps. For instance:

  • Monitor your accounts regularly and act quickly if you discover anything out of the ordinary.
  • Keep your mobile device's operating-system updated. Do not ignore your phone's updates.
  • Download new software often including new app versions from your bank.
  • Enable two-factor authentication from your bank. That means in addition to the sign-in process, a code is delivered via text message or email that you would then input to access your account.

As more banking customers turn to their mobile phones for basic banking tasks, banks are constantly working to keep customer accounts safe and secure. Biometrics may be the next move to safer mobile banking.

Biometrics involves automated methods to recognize customers through their biological characteristics and traits such as fingerprints, finger vein patterns, iris, and voice recognition. Biometric characteristics are unique for every individual which makes it is very difficult to forge.

Some banking apps are engaging in biometrics as a two-factor authentication method by requiring a fingerprint or facial recognition. Banking apps may likely move to biometrics in the near future.

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