In today’s fast-paced world, people have become accustomed to highly personalized, engaging experiences, such as one-click shopping, voice-activated searches and home assistants. People have also come to expect these technological advances as part of their everyday banking experiences with real-time data and customized views. Adding recommendations relating
to savings options and financial purchases puts consumers in the driver’s seat when it comes to their financial decisions.
Mobile App Benefits
Mobile apps offered by financial institutions allow consumers to perform just about any function — gone are the days of filling out paper forms and waiting in line. Mobile apps allow members to:
- View real-time account balances and transaction history
- Pay bills
- View pending transactions
- Transfer funds between accounts
- Receive alerts on transactions or low funds
- Deposit checks
- Prevent fraud with security features such as card lock and mobile location
- Learn about unique benefits of membership
- And more
The best mobile apps are easy to use, secure, and can be customized to meet the user’s needs. Features such as a branch or ATM finder, the ability to enter travel information and scheduling your bill payments make a financial institution app convenient when you are on the go or away from home. Security is key; does the mobile app offer features to keep your account safe? These may include mobile location confirmation (compares the location of your phone with where your credit or debit card is being used), card lock (allows you to lock or unlock your credit or debit card using the app and without having to call or visit a branch) and eAlerts (showing daily account balance, transactions, check clearings and more).
The ability to customize the mobile app to alert you to low balances, transactions and due dates may be important to you. If you’re looking for a fast way to deposit funds, the convenience of eDeposit (taking a photo of a check to deposit electronically into your account) is an additional feature to look for in a mobile app.
The number of services available via mobile apps will continue to expand, providing more choice and convenience for users. Features available in the future may include account opening, instant replacement requests for lost or stolen credit or debit cards, and individual analytics-based financial insights.
Although the face-to-face experience in a branch or the ability to call the financial institution is still important to many consumers, the convenience and real-time information the mobile app offers is likely to become even more important in the future. With a mobile app, wherever you are, you have secure access and control of your financial accounts via a smartphone. MSU Federal Credit Union offers a mobile app free to members. For more information,