Personal Finance

6 Awesome Features of Mobile Banking That You Should Know

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Fun fact — Before COVID-19, only 33% of Americans used a mobile banking app to manage their bank accounts. During the pandemic, those numbers grew to around 44% according to a survey conducted in 2021 by Morning Consult on behalf of the American Bankers Association.

There may be many reasons why people choose not to use mobile banking. But we have three main reasons why you should:

  1. Convenience. Why make a trip to the bank when you can manage your finances at home? Simply put, mobile banking saves you time, energy, and gas.
  2. Simplicity. Mobile banking is easy. However, if you ever do need help, many banks have how-to guides and customer support that you can access from the comfort of your home.
  3. Peace of mind. Never again worry about if a deposit was received or if your bill payment was processed. With mobile banking, you can have real-time access to your finances wherever you are.

In this post, we'll review six time-saving features that will help you take full advantage of mobile banking. Once equipped, you can spend less time managing your finances and more time living the life you love.

1. Finance Management

With most digital banks, your bank account information and features can be accessed through your mobile device. This means you can manage your finances wherever you are.

Bank apps allow you to access account balances, recent transactions, bill due dates, and payments from anywhere. Plus, you can transfer money to and from accounts. Some apps also offer the ability to link your accounts so that you can see all your funds in one place. This can be especially useful if you want an overview of your spending habits. Keep an eye out for apps that may be selling your financial data to other companies. Axos Bank’s Personal Finance Manager, unlike many account aggregators, protects your data so that you can be free of annoying ads and prioritize your finances.

Whether you need to move money around or make sure a bill is paid on time, mobile banking allows you to stay on top of all of your finances at all times. You can even view a snapshot of your activity trends so you can adjust your spending habits as needed.

Account Trends Chart

2. Mobile Check Deposits

No more driving across town to deposit a check at your bank — mobile deposits allow you to complete check deposits using your mobile device. Rather than spending precious resources running errands, you can now save your time, energy, and gas for activities you actually care about.

Mobile deposits are also incredibly easy. For example, when using the Axos Bank mobile app, you can deposit a check in a few simple steps. Select Mobile Deposit within the Axos Bank app and then:

  1. Scan the front of your check.
  2. Scan the back of your check.
  3. Submit the deposit.

And, voila! In less than five minutes, your check will be ready to get deposited to your account. Plus, you can even keep the physical copy for safekeeping.

3. Bill Payments

Healthcare and childcare, rent and mortgages, car payments and car insurance, streaming subscriptions — the average American has many bills to pay. Organizing these bills can be a hassle, which means it is not uncommon for individual bills to slip through the cracks.

Instead of trying to remember all of these bills on your own, you can automate the entire process using your mobile banking app.

For example, rather than remembering when rent is due every month, you can use the Axos Bank mobile app to schedule monthly payments directly to your landlord. Axos then mails physical checks ahead of time to ensure your payment is received on or before the deadline.

Or, if you have an online account with a vendor — a utilities provider, for example — you can also schedule electronic payments through the app as well.

Whether sending physical checks or electronic payments, be sure to include a Scheduled Bill Payments tile on your mobile banking dashboard, so you can ensure you have the necessary funds to pay each bill.

4. Peer-to-Peer (P2P) Payment

Instead of storing your financial information within third-party apps and websites, you can send payments to peers directly using your mobile banking app. Doing so is simple, fast, and secure.

With Axos Bank's mobile app, for example, you can send direct payments regardless of whether the recipient is an Axos customer.

From within the app, simply:

  1. Navigate to Move Money.
  2. Select Pay It Now.
  3. Enter your recipient's information and a unique security question.
  4. Submit the payment.

And there you have it! In four simple steps, your recipient has received their payment. You can also access your payment status updates directly from your mobile banking dashboard.

5. Customer Support Chat

There’s always a learning curve when it comes to new software. Choosing a bank with built-in mobile support can simplify the adjustment to new technology.

Customer support chats are very responsive. With almost immediate responses to questions and comments, users can expect a fast answer to anything they might ask. Around the clock, 24/7 support is also seemingly underappreciated but can make all the difference when something doesn’t go as planned during a busy time of the day. With chat support, you don’t need to rely on traditional banking hours to have your financial concerns addressed.

Support chats can offer you services you may not have appreciated beforehand. Try out the service and you’ll see for yourself the quick impact it can have on your mobile banking experience.

6. Account Security

In this ever-changing digital world, it’s important to have a secure hold over your accounts and logins. Nothing is more haunting than someone taking a hold of your login information and tampering with your finances. The Axos Bank mobile app has many features to ensure that users always have the proper security measures.

Multifactor authentication is one feature that requires you to verify yourself when logging in. Requiring a one-time code sent to your phone, or asking specific questions that only you would know, multifactor authentication ensures that the only person able to access your accounts is you.

Making sure your settings are adjusted to you is just as important for your account security and money management. Taking the time to set up face, fingerprint, or voice Identification on any app you use for your finances is key. Having mobile alerts for your different checking and savings accounts can notify you when a transfer has gone through, further keeping you in the loop.

Savvy Banking = Smarter Banking

Managing finances is likely not your favorite pastime. So, instead of spending valuable time at the bank, why not save time by taking full advantage of mobile banking? It's fast and convenient, plus you can rest easy knowing you can manage your money wherever you are.

For more information on how to bank smarter with mobile banking, simply sign in to your Axos Bank mobile app, play with the features, and get acquainted. If you ever get stuck, ask Evo or access our library of how-to guides from the Support menu to get the extra support you need.

Six Awesome Features of Mobile Banking That You Should Know

This blog post was published by Axos Bank on December 3, 2018 and last updated on July 20, 2022.

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