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. One way the financial community has adapted to this demand from consumers is by offering mobile apps. Deidre Davis, Michigan State University Federal Credit Union’s chief marketing officer, answers questions about mobile apps and the features you should look for when considering using one.
Question 1: What are some functions of a mobile app offered by financial institutions?
“Mobile apps offered by financial institutions allow consumers to perform just about all of their financial needs — gone are the days of filling out paper forms and waiting in line,” Davis said, adding that 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 Confirmation
- And more
Question 2: What are the features consumers should look for in a financial institution’s mobile app?
“The best mobile apps are easy to use, secure and can be customized to meet the user’s needs,” Davis said. “Features such as a branch or ATM finder, the ability to enter travel information, and schedule your bill payments make a financial institution app convenient when you are on the go or away from home.”
Security is key; find out if the mobile app offers features to keep your account safe. These may include:
- Mobile Location Confirmation, which compares the location of your phone with where your credit or debit card is being used
- Card Lock, which allows you to lock and unlock your credit or debit card using the app if you’ve misplaced your card and without having to call or visit a branch
- eAlerts, which show daily account balances, transactions, check clearings and more.
Question 3: But how does a mobile app help if you have an actual check to deposit?
“If you’re looking for a fast way to deposit funds, the convenience of eDeposit is an additional feature to look for in a mobile app. eDeposit allows you to take a photo of a check to deposit electronically into your account,” Davis said.
Question 4: What does the future hold for mobile app technology?
“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,” Davis said. “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 key to staying on top of your finances. 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 robust mobile app free to members.”