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Best mobile banking apps 2020 [features comparison table included]


Maryna Cherednychenko - May 26, 2020 - 0 comments

Gone are the days when a mobile application was considered cutting edge. Now almost every bank provides a mobile version of its services. Moreover, people are not surprised when banks do not have physical offices but distrust those who lack a mobile app. 

Instant money transfers, bill payments, and online loans are the features that people expect to have in place. If you want to delight customers, you should get creative. For your inspiration, I have collected the best mobile banking solutions 2020 according to the reviews in the App Store and Google Play. In the end of the article, you can find a detailed features comparison table for all apps. Let’s try to figure out what exactly makes them in-demand.

Ally Bank: best mobile banking app for savings 

App Store Rating: 4.8

Google Play Rating: 4.4

Ally is a typical representative of neobanks. It means it works online only without physical offices. The fact that neobanks are growing fast is beyond doubt. However, many people are still hesitant to entrust them with total control over personal finance. According to Forbes, only 3% of millennials have a primary account in a neobank.

Despite that, Ally is hugely popular. It takes 18th place in the list of the largest banks in the USA. Also, it has excellent ratings both in the App Store and Google Play. What makes it successful? First of all, a full range of banking services and a smooth user experience. 

Via the app, you can send money, pay bills, view transaction history, and do many other things. The app offers a variety of banking accounts: checking, savings, deposit, money market, retirement account, and that’s not all. By the way, Ally’s savings account is considered one of the most generous with its APY of 1.25%.

If you want to apply for a loan, the bank will assign a consultant to guide you throughout the process. Yet, there is one nuance with car loans: the app would not show rates. You can see them only in the dealer salon.

A voice command interface allows managing money using Ally’s Skill or Amazon’s Alexa. Also, users have free access to Zelle. It means they can send money by knowing the recipient’s email or phone number. The card details are not required.

Pros

  • no minimum requirements to open an account
  • saving accounts with high rates
  • convenient voice interface
  • dedicated support team

Cons

  • few fee-free ATMs
  • no way to lodge cash directly into an account
  • hidden rates for a car loan
  • no physical offices (for some it may be a drawback)

 

Ally best mobile bank app

Ally banking app

Capital One: best banking app in customer care

App Store Rating: 4.7

Google Play Rating: 4.7

In 2019, JD Power named Capital One a top bank in terms of customer satisfaction. Undoubtedly, this is a well-deserved reward. The bank cares about its customers and proves it with classy service. Take at least their cafe-like departments. Have you ever thought of hanging out in a bank? Well, it’s possible with Capital One. Now, you can get busy with banking things while drinking a refreshing beverage behind the bar.

The mobile service of Capital One does not trail far behind. Via the app, you can manage all the accounts, such as savings, checking, loan, etc. Also, you can view your credit score and utilize the credit card rewards.

The app developers took care of security and fraud prevention. If the user loses the card, they can easily lock it via the app. There is no need to call the bank and talk to the operator. Just a few taps on the smartphone, and your card gets useless for robbers.

Another bonus of the app is its cross-platform UI. Except for phones and tablets, the mobile banking of Capital one runs on wearable devices, for example, on Apple Watch. Also, you can interact with it with the help of Eno assistant and Amazon Alexa.

Pros

  • many banking products in one place
  • high APY for savings accounts
  • thought-out design
  • easy app management

Cons

  • lack of money market account
  • no typical bank offices
  • auto loans with certain brands only

 

Capital One phone banking software

Capital one banking app

Bank of America: best phone banking software for security

App Store Rating: 4.8

Google Play Rating: 4.7

Bank of America is an institution with a long history and proven reputation. It operates in 35 countries of the world and provides a full range of banking services. Their app is developed with high standards of the world-known company. It is fast, intuitive, and responsive.

The developers have paid a lot of attention to security. It starts with biometric authorization, which allows you to log in to the app by fingerprint. Also, when you are going abroad, you can adjust the travel notices and easily access your money anywhere in the world. If you need to activate or order the card, you can do it right from the app.

To protect your funds, the bank managers are monitoring card transactions 24.7. If they notice a suspicious operation, they immediately contact the client and lock the card if it was not the cardholder who made it.

Pros

  • all-inclusive banking experience
  • the vast network of branch offices
  • quick account opening
  • highly secure app

Cons

  • the monthly fee for the majority of accounts
  • low APYs for savings and checking accounts
  • high withdrawal rates in non-native ATMs

 

Bank of America mobile banking solutions

Bank of America mobile app

Wells Fargo: best online banking app for investment

App Store Rating: 4.8

Google Play Rating: 4.8

Wells Fargo appeared in the mid-1800s. Until now, it is one of the most reliable and honored banks in the USA. It has an extensive network of offices and ATMs. So, if you need to withdraw money, you can do it in a matter of minutes. Moreover, the bank allows you to cash out even without a card. For that, you need to scan the QR code through the mobile app.

The Wells Fargo app is known for its security and user-friendly interface. A distinctive feature is the availability of non-banking services, in particular, investment tools. With their help, you can build your investment plan, make trades, and distribute investments. The in-app financial advisor will help you manage money wisely.

Pros

  • easy access to bank branches and ATMs
  • extra financial tools
  • secure authorization thought Touch ID or Face ID

Cons

  • low rates on savings accounts
  • large deposit (up to $100,000) for investment accounts
  • paid broker account transactions

 

Wells Fargo best online banking app

Wells Fargo mobile app

Chase: best mobile bank app with nice extras

App Store Rating: 4.8

Google Play Rating: 4.4

Chase is another big bank with a fair name. It has proved its stability and reliability over the years. Like most best banking apps, Chase offers all kinds of banking products, including savings and checking accounts, deposits, loans, P2P transfers, utility bills, and many more.

You can send money to your friends via Zelle, schedule payments, and track personal credit scores. If you own a reward credit card, you can spend the reward via the app. With the reward points, you can book trips and make purchases. Also, you can convert the points into cash and deposit it into the checking or savings account.

Pros

  • easy to use mobile app and website
  • bonuses for new customers
  • different reward programs

Cons

  • small interest on savings
  • minimum requirements for deposit account
  • no chatbot support

 

Chase best banking app

Chase mobile banking app

Simple: best banking software for money management

App Store Rating: 3.4.

Google Play Rating: 4.1

Simple is an online-only bank with all possible tools for personal budgeting. Its name is pretty self-explanatory. The bank aims to provide the clients with a smooth user experience during money management. Unlike the big-name banks, Simple does not offer a wide variety of accounts. Yet, it surprises with other perks.

Within the app, you can draw up a budget and see how much money is left after mandatory payments. Thus, you know the exact available sum in the defined period.

If you want to save for a particular purchase, the app will suggest how much and when you need to put away. You can also enable “autosaving,” and the app will automatically save some money regularly.

Pros

  • smart budgeting
  • no or minor fees
  • simple interface

Cons

  • poor customer support
  • no way to order card via the app
  • a limited number of banking accounts

 

Simple best mobile banking app

Simple banking app

HSBC: best mobile banking app for travelers

App Store Rating: 4.8

Google Play Rating: 2.7

HSBC is a global bank working in 67 countries of the world. The geographic reach covers North America, Europe, Asia, and Egypt. In this regard, the bank will be especially interesting to people who often travel. Due to the developed infrastructure, customers can contact the bank agent or find an ATM almost worldwide.

As for the distinctive features of mobile banking, the HSBC app offers bill splitting, investment options, insurance purchasing. The funds’ transfer goes through HSBC Easy Pay. If you face any issues during app usage, Amy chatbot is at your service around the clock.

Pros

  • worldwide access
  • big savings rates
  • overdraft protection

Cons

  • no card-free withdrawals
  • no ATM locator
  • huge fees for checking accounts

 

HSBC best mobile banking app

HSBC banking app

Discover: best mobile banking app for daily purchases

App Store Rating: 4.8

Google Play Rating: 4.6

Discover has been on the market since 1911. It is a stable and reliable company which moves with the times. Their application is positioned as free of gimmicks and gotchas. Yet, it covers all the needs of experienced bankers. 

Except for standard banking options, Discover offers cashback and promotions for various payments. You can get up to 5% when shopping on Amazon, in grocery stores, gas stations, etc. There are four ways to use the cashback:

  1. deposit into your bank account
  2. pay directly with bonuses on Amazon
  3. move to gift cards
  4. donate

Pros

  • no-fee accounts
  • competitive interest rates
  • extensive rewards program

Cons

  • one physical branch
  • insufficient number of ATMs
  • phone support only

 

Discover best mobile banking app

Discover banking app

Best mobile banking apps comparison

We have reviewed eight banking apps with a high rating and extensive user base. Now, let’s sum up the above information and compare certain app options.

Features

Mobile banking apps that offer the feature

Mobile banking apps that do not offer the feature

Biometric authentication All apps None
Interbank transfers and bill payments All apps None
Warnings and notifications All apps None
Recurring and scheduled payments Ally, Capital One, BoA, Wells Fargo, Chase, HSBC, Discover Simple
ATM locator Ally, BoA, Wells Fargo, Chase, Simple, Discover Capital One, HSBC
Locking the stolen card Ally, Capital One, BoA, Wells Fargo, Simple, HSBC, Discover Chase
Wire transfers Ally, Capital One, BoA, Wells Fargo, Chase, Discover Simple, HSBC
Personalized offers Ally, HSBC, Discover Capital One, BoA, Wells Fargo, Chase, Simple 
Cashback Ally, Capital One, BoA, Wells Fargo, Chase, HSBC, Discover Simple
Bill splitting BoA, HSBC Ally, Capital One, Wells Fargo, Chase, Simple, Discover
Cardless ATM withdrawals Capital One, BoA, Wells Fargo, Chase Ally, Simple, HSBC, Discover
Stock exchange and investments Ally, Wells Fargo, HSBC Capital One, BoA, Chase, Simple, Discover
Chatbot support Ally, Capital One, BoA, Wells Fargo, HSBC Chase, Simple, Discover
Non banking services HSBC (insurance) Ally, Capital One, BoA, Wells Fargo, Chase, Simple, Discover

Final thoughts

The banking sector is becoming more and more technological and advanced. On the shelves of app stores, you can find various banking apps crammed with a variety of options. All of them offer essential functionality – account management, money transfer, bill payment. The majority of apps provide extra options, such as bill splitting, stock exchange, investing.

When choosing an application, consider your preferences. What is your priority? Low rates? Increased security? Fast access to ATMs? Whatever function you find most attractive, there is an app for you.

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