With users dealing with different kinds of banking functions and needs everyday, there has been rapid integration of finance technology in the banking sector, to help individuals and companies have a better overall banking experience.
One such development in the banking and finance sector over the years has been the introduction of banking apps. A banking app or application is a service which is provided by banks or by other kinds of financial institutions which allows you to conduct different kinds of banking functions (money transactions, payment of bills, instant shopping, etc.) through the means of your mobile phones, or even other mobile and personal devices.
Banking applications are different from internet banking, banking apps are meant to be downloaded on to one’s device, whereas internet banking does not require the same process. However, both features are largely dependent on the availability of an internet connection. By using a banking app instead of having to physically go to a bank or even use internet banking through a browser, you can be assured of better security and you can get your work done faster, much more easily, as well as conveniently because of all the flexibility.
Banking Apps That Are Going to Completely Transform Your Banking Experience
Since banking apps have gained so much popularity over the years and have become a preferred means of engaging users to control various banking functions, there has been a significant amount of increase in the number of banking apps available for use.
Founded in the year 2015, Revolut, a British fintech company which offers a wide range of banking services, some of which include GBP as well as EUR bank accounts, fee-free exchange of currency, a VISA debit card or a MasterCard prepaid debit card, peer-to-peer payments, exchange of cryptocurrency, stock trading, etc. The Revolut app directly supports both spendings as well as ATM withdrawals in about 120 currencies and spending in about 29 currencies. When it comes to cryptocurrency, the app allows users access to Bitcoin, Ethereum, Litecoin, XRP, etc. by means of exchanging to or from 25 flat currencies.
Another United Kingdom-based digital bank, Starling Bank, was founded in 2014 and offers a well-rounded current account experience. The app provides you with a number of features, which include overdrafts, savings goals, fee-free spending outside the country, in-credit interest, etc. Some other prominent features include insights into your spending habits, the appearance of notifications immediately as you spend money, round up transactions to the nearest pound as well as the transfer of the change into your savings, the possibility of setting and well as monitoring your saving goals, the choice to lock and unlock your card in-app, etc. You can also choose to turn off particular kinds of spending functions like online spending, and you can also create joint accounts.
Founded in the year 2015, Monzo functions quite similarly to Starling Bank. What used to initially be a prepaid card, Monzo became a fully licensed bank in the year 2017 and also has app facilities which work similarly to the card. Monzo is a great banking app because it will send you notifications just as you spend money, it lets you create what is known as Savings Pots such that you can set aside a certain amount of money. Moreover, it also offers East Access Savings Pots, which are accounts for short-term savings. Just like Starling Bank, Monzo, too lets you set spending targets for different purposes, such as groceries. If you wish to know whether one of your regular direct debits is higher or lower than usual, the app offers Bill Tracker. Your spending abroad is free, and you can get up to 200 pounds worth of cash withdrawals a month. The app offers you the possibility of creating a joint account, as long as you have your own individual account as well.
Quite like Revolut, Monese is not a licensed bank but is an Electronic Money Institution that is monitored by the FCA. It was introduced in 2015 and offers a number of facilities, especially for international students, but unlike the others, there are fees associated. In order to open an account, you would not need to provide any address proof, or the credit history of your regular income. So as to keep track of your spending, the app will send you notifications immediately as you spend money and also allows you to lock and unlock your card in-app. With the help of the Monese app, you can easily deposit cash into your account either at the Post Office or at a PayPoint shop. An interesting feature is that you can actually get paid if you refer the app to your friends.
There are quite a few banking apps available in the market today, which have features that ensure that your banking experience is as seamless as possible. In the coming years banking apps will become more comprehensive and deliver even more services for the convenience of their users.