Best Bank For Mobile Banking - Mobile banking apps give customers 24/7 access to view account balances and past transactions. Due to their flexibility of access and ease of use, mobile banking applications are attracting the attention of users around the world. Unlike traditional bank deposits that involve long queues, digital banking apps help users send or receive money instantly through their mobile devices.
Financial conglomerates around the world are digitizing to take advantage of market opportunities and provide more personalized banking services to their customers. In this article, we want to discuss the adoption of mobile banking apps in the United States. We've also compiled a list of the best digital banking apps in the US in terms of downloads and usage percentage.
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Mobile banking apps are the fastest growing category of apps in the US. Almost 90% of banks in the United States are moving to digital technology to provide fast and contactless banking services to customers in this pandemic situation. It has become the driving force behind the growing adoption and use of mobile banking apps in the US.
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Due to the COVID-19 disease, the installation and use of banking and financial apps has been booming since 2019. According to market research reports, downloads and registrations of digital banking apps in the United States have increased by almost 60% in the last year. Here are the important reasons behind the increase in banking app downloads in the country.
As shown in the pie chart, the most common reason for installing and using a mobile banking app in the US in 2020 was to check account balances. About 90% of smartphone users download banking apps to check their account balances on the go.
Following the convenience of banking apps to view transaction history, transfer money, and pay balances, there are other important reasons for the unexpected increase in app installs in the United States.
It is important to note that the demand for Android or iPhone banking apps in the US is from people between the ages of 25 and 44. The chart below shows the growth of mobile banking apps in the US from younger generations and millennials.
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Thus, this application development provides a cost-effective and meaningful way to develop banking applications in the United States during this current coronavirus pandemic. In the context of the COVID-19 pandemic, the development of virtual or digital banking applications for Android and iOS in the United States, like the countries affected by COVID-19, will allow people to manage their finances through mobile phones without going to a bank branch for their needs their
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Here is a list of the most popular mobile banking apps in the US and you can definitely clone any of the mobile apps listed below to tap into the country's digital marketing opportunities.
#1 Most Popular Mobile Banking App in the US. Chime - The most downloaded banking app in the US in 2020
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Chime is the best banking app in the US. It still has over 10 million user downloads from app stores. Powered by easy features like TouchID, faceID, two-way authentication, overdraft up to $200, early payout, no maintenance fees and instant transaction alerts, this app is listed on the most trusted banking app today. . The app is compatible with Android and iPhone.
Bank of America mobile banking app is the second best banking app in the US with a 4.6+ app rating and 10,000,000+ installs. This digital banking app allows users to deposit checks, check credit scores, set up personalized business alerts, pay electronic bills, set up travel notifications, and generally keep bills and loans well organized digitally. It's also popular for its guaranteed cash back deals with BankAmeriDeals®.
Acorns is America's leading banking and fintech app. Highlights of a popular mobile banking app like Acorns include easy verification of personal and investment account information, the flexibility of direct deposit and mobile check deposits, the ability to track transactions and view history, and a high-level authentication process to detect and prevent fraud.
Current is an on-demand mobile banking app in the US. It is available for Android and iOS users. Benefits of developing a banking app similar to the current one in the US include overdrafts up to $100, mobile camera checks, visibility to send money, support for Google Pay, Touch ID and Face ID security controls and more. Furthermore, the app also allows users to receive notifications about bill payments, instant money transfers, and content related to budget management strategies.
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Varo is a well-known mobile banking app in the United States (US) that works flawlessly on Android and iPhone/iOS mobile devices. The app became popular by answering user queries 24*7. Users of the Varo Bank app will also instantly receive a virtual visa® debit card that gives users access to 55,000+ free Allpoint® ATMs at stores such as Target, CVS and Walgreens.
This innovative mobile banking app also makes it easy for users to send money through Varo and external bank accounts, receive transaction alerts and track spending on the go.
Recommended Reading: The Power of AI and ML Technologies in Banking and Finance #6. USAA-The Best Android/iOS App for Banking, Finance and Investments
The USAA Mobile Banking app provides convenient and secure access to bank accounts from mobile devices. This app helps users manage their banking, finance, investments, insurance accounts in an encrypted way.
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Sending money through Zella (a digital payment network in the US), paying bills, depositing through mobile checks, credit checking, EMI calculation and e-wallet access are some of the best features of popular banking apps like USAA in the US. The app currently has a 4.8/5 star rating and over 5 million downloads.
Ally is a leading banking and financial application available for Windows, iOS and Android. The app was developed by Ally Financial Company, headquartered in Detroit, Michigan, USA. To provide 24/7 customer support, the company launched the Ally Mobile App in 2012.
Key features and functionality of this popular banking app include Ally eCheck Deposit, Check Account Balance and Transaction History, Instant Transfer, View/Download Account Statements, Zelle® to pay US bank accounts, Ally Messenger to chat, Alley Invest to invest in US stocks and ETFs with zero commission. This app also helps users locate the nearest ATM by enabling mobile GPS.
If you are planning to develop a banking app and plan to launch it in the US, here are the top features you must add to your mobile banking app.
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The design, features and functionality of mobile apps determine the success of the app. Being one of the leading mobile banking and FinTech app development companies in the US, we have compiled a list of essential features in a banking app to ensure its success in the app stores.
The cost of developing a banking application will be around $40,000 to $250,000. But this estimated development cost depends on app features, app platform, app type, app design and user interface (UI) complexity. Furthermore, the hourly rate of a mobile app developer in the US will be different from the hourly rate of a mobile app development company in India.
Additionally, the estimated cost of developing a banking app (android or iOS) will also depend on the size of the mobile app development team and the total time taken by the mobile app development company you hire.
Let's talk to USM Business Systems – the best mobile banking app development company in the US. We develop custom mobile applications for the banking and finance industry.
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We use advanced artificial intelligence (AI) and machine learning (ML) to create next-generation digital banking and finance solutions, increase customer retention, prevent fraud and reduce banks' total operating costs. Written by Mary Wisniewski Written by Mary WisniewskiArrow Right Bank Editor Mary Wisniewski is the Bank Editor. She oversees the editorial staff of the savings and mobile banking articles, as well as personal finance courses. Connect with Mary Wisniewski on Twitter Twitter Connect with Mary Wisniewski on LinkedIn Linkedin Mary Wisniewski and René Bennett Written by René BennettArrow Right Bank Writer René Bennett is a writer for , reports on banking products and personal finance. René Bennett
Edited by David Schepp Edited by David ScheppArrow Right Wealth Editor David Schepp is the wealth editor for , focusing on deposits and consumer banking content. Connect with David Schepp on Twitter Twitter David Schepp
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