Mobile banking is surging. A 2024 American Bankers Association survey found 55% of U.S. consumers turn to mobile apps to carry out their banking more often than they rely on personal computers, bank branches, ATMs or phones.
Although mobile banking apps are growing in popularity, some apps might not let customers conduct all the banking tasks they’d like. So, which mobile banking features are necessary and which are optional?
App Functionality Is a Huge Factor
Ben Maxim, chief technology officer at Michigan State University Federal Credit Union, says you shouldn’t put the app before the financial institution. In other words, you shouldn’t let the strengths or weaknesses of a mobile banking app dictate your decision about which bank or credit union to pick.
Nonetheless, Maxim says, the functionality of a mobile banking app is a “huge factor” in deciding where to do your banking. “A bank may have a beautifully designed app, but if it lacks the products or services you need, its value is limited,” Maxim says. “Conversely, a bank might offer a full suite of relevant products, but if the app doesn’t provide seamless, intuitive access to those offerings — allowing you to manage your finances on your own schedule — it can create unnecessary friction. Ideally, both product depth and digital usability should align to inform your choice of financial institution.”
Here are common mobile banking app features, sorted by banking experts by how necessary they are.
[Read: Best Online Banks.]
Need-to-Have Features of a Mobile Banking App
Security may be the most important thing you need in a mobile banking app. Be sure to check whether the bank has had any issues with cybersecurity in the past before putting your information in its app.
“Consider the situation a customer may be in when using a banking app,” says Sean Gelles, senior director of banking and payments intelligence at J.D. Power. “If they don’t feel it’s secure or easy to use, they’ll be less likely to use it.”
Gelles also highlights these four features as must-haves in your mobile banking app:
1. Speediness. A mobile banking app should operate quickly. While your mobile device could be slowing down the app’s functionality, in some cases the app may actually be to blame. To help ensure speediness, always use the most up-to-date version of the app. “If an app is slow and it’s hard to see what’s happening in the app, why would customers want to use it?” says Gelles.
2. Simple navigation. Navigating through a mobile banking app’s features should be straightforward and intuitive. Banking can be frustrating enough without being forced to find your way around an app that’s bogged down by poor navigation.
3. Readability. The legibility of a mobile banking app should be such that “customers can read as easily or more easily compared to other frequently used apps,” says Gelles.
4. Modern appearance. A mobile banking app should look like it was created in this decade and not in 2011, when the first fully functioning app for mobile banking launched.
“Unfortunately, 40% of national banking apps do not meet (basic) criteria. In other words, many banks have work to do to bring their apps up to snuff,” Gelles says.
Other need-to-have features of a mobile banking app include:
— Access to account information, such as current balances and recent transactions
— Easy transfers of money from one account to another
— Mobile check deposits
— Debit and credit card management
— Bill payment, either automatic or manual
Nice-to-Have Features of a Mobile Banking App
Here are seven beneficial features of a mobile banking app:
1. Multifactor authentication. While a bank customer doesn’t need multifactor authentication to use a mobile banking app, it’s a valuable security tool. Multifactor authentication requires at least two methods for an app user to prove their identity, such as a password and a fingerprint.
2. Virtual assistant. A virtual assistant, such as Bank of America’s Erica tool, can help you find answers to banking questions and carry out banking tasks.
3. Automatic alerts. While not crucial to mobile banking, the ability to set up alerts when a direct deposit is received or your balance drops below a set amount is a valuable benefit.
4. Peer-to-peer money transfers. Peer-to-peer transfers enable you to send money to another person or a business through a built-in tool such as Zelle. More than 2,200 U.S. banking apps include Zelle.
5. Wire transfers. Ideally, a mobile banking app should let you send money to a U.S. or foreign recipient’s bank account through a wire transfer.
6. Loyalty programs. Some mobile banking apps now incorporate loyalty programs. This can help you keep track of the rewards you earn as a customer, and access exclusive deals.
7. Credit monitoring. Many banking apps give users the opportunity to monitor their credit scores.
[See: Best High-Yield Savings Accounts]
How to Choose a Mobile Banking App
Start by checking out your existing bank’s mobile app. If it doesn’t have everything you need, shop around by reading online reviews, user comments in app marketplaces like the Apple Store and Google Play, and consumer resources like J.D. Power’s annual U.S. Banking Mobile App Satisfaction Study
.
In J.D. Power’s 2025 study, Bank of America’s app ranked first for customer satisfaction among national banks and First Third Bank’s app ranked first among regional banks.
Top 5 Mobile Banking Apps From National Banks
Top 5 Mobile Banking Apps From Regional Banks
Gelles says picking the right mobile banking app boils down to your own financial circumstances.
“Different customers will likely have different personal financial situations and different needs and wants,” Gelles says. “With that in mind, customers may find it worthwhile to ask representatives at their banks to help them explore what their apps can do.”
Maxim says that when selecting a mobile banking app, you should evaluate apps from banks or credit unions where you already do business. Then, weigh which apps provide features you value the most and pinpoint any gaps in features. “From there, you can explore apps from other providers that offer the capabilities you’re looking for,” He says.
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