The convenience of mobile banking apps over brick-and-mortar banking

Last updated: November 27, 2024

Today, you can do all your banking transactions easily and conveniently from your phone. With a mobile banking app, you can manage your finances anytime and anywhere. These apps are designed to make your life more efficient than traditional banks. We’ll show you why you should give digital finance a try.

The Rise of Mobile Banking

At the start of the COVID-19 pandemic, many of us stayed indoors to practice social distancing. While banks were considered essential, many people wanted to limit the places they went to. As a result, more people took advantage of the financial institution’s apps, which led to the rise of mobile banking in places like the United States. 

It's no surprise that more and more people are realizing the convenience of mobile banking, and this trend is expected to continue. During 2020, the World Bank reported that 40 percent of adults in low and middle-income economies who preferred in-store transactions before the pandemic now use mobile banking. 

Since then, transactions that took the better part of your afternoon at the bank can now take seconds with a few taps on your smartphone. As of 2023,  59% of Americans prefer mobile banking, 22% prefer online transactions, and only 19% still prefer bank visits.

Mobile banking vs online banking: What's the difference?

Have you ever wondered what the difference is between mobile banking and online banking? Even though the two terms are often used interchangeably, there are some variations between both services.

Mobile banking is all about conducting banking transactions through an app on your smartphone or tablet. And online banking can be accessed through any internet-enabled device, including your laptop or desktop computer.

Although both are convenient and accessible, mobile banking has become increasingly popular due to its portability. It offers all the features of online banking, plus an added layer of convenience.

Benefits of mobile banking apps

Mobile banking apps offer plenty of user-friendly  benefits in addition to convenience and easy accessibility

Enhanced user experience

With intuitive design and easy-to-navigate interfaces, bank mobile apps make it easy for users to view their account balance and transaction history, track spending habits, and set up alerts for low account balances or upcoming bill payments.

E-signing transactions

E-signature is a game-changer in the banking industry, and mobile banking apps have embraced it. The use of e-signing transactions means no more waiting for paper checks or forms to be delivered by mail. You can now sign transactions electronically on your device, making the process faster and more efficient.

Deposit checks at your convenience

With mobile banking apps, visiting a bank branch or ATM to deposit checks is a thing of the past. Simply take a photo of the check through your phone's camera and deposit it using the app. This feature is not only convenient but also efficient and reduces the risk of losing or misplacing physical checks.

Strengthened security features

Mobile banking apps have advanced security features such as biometric login, two-factor authentication, and real-time fraud detection. These measures provide an extra layer of protection for your financial transactions and sensitive personal information.

Monitor spending habits efficiently

Check your balance at any time. On top of having quick access to your bank account, many mobile banking apps offer budgeting tools that help users track their expenses and identify areas where they can save money. This feature is especially helpful for those trying to stick to a budget or save for a specific goal.

Easy bills payment

A mobile banking app allows users to pay their bills—including utility, credit card, or mortgage payments—directly from their account without needing physical transactions. Payments can also be automated by setting the payment date and which account to debit.

Fraud protection on the go

In case of any suspicious activity on your account, a mobile banking app provides instant alerts and allows you to freeze or block your card immediately. With traditional banks, you may have to wait for business hours or visit a branch to report fraud.

Around-the-clock customer support

Instead of waiting for the typical weekday business hours, mobile banking platforms typically offer round-the-clock customer service resources. Many apps provide a range of support options, including live chat, email, and phone support. This continuous availability eliminates waiting for "business hours" to manage issues and provides users with peace of mind.

Embrace the future of banking with Dave

The future of banking is here, and it's in the palm of your hands. Dave is a secure and user-friendly platform offering high-yield savings and checking accounts, financial insights, and budgeting tools to help you achieve your financial goals.

Our mobile banking app's intuitive design and advanced security features enable you to manage your money on the go and efficiently. Simply download Dave from the App Store or Google Play and join the millions who have already embraced the future of digital banking.

Register today and discover the incredible convenience of mobile banking.