A recent U.S. News & World Report article asked several financial experts, including Reseda Group’s Ben Maxim, for insights into choosing the right banking app.
We decided to sit down with Ben to digger deeper on what makes a banking app great – and how to choose one that fits your financial lifestyle.
Q: Should you choose a bank primarily based on its banking app?
Maxim: No, but it’s a huge factor. Much of the convenience consumers expect from modern banking depends on the ability to self-serve through digital channels. A financial institution may have a beautifully designed app, but if it lacks the products or services you need, its value is limited.
On the other hand, a financial institution might offer a full suite of relevant products, but if the app doesn’t provide seamless, intuitive access to those offerings – allowing you to manage your finances on your own schedule – it can create unnecessary friction. Ideally, both product depth and digital usability should align to inform your choice.
Q: What are some must-have features of a banking app?
Maxim: 24/7 access to view transactions and move money to whomever you need to move funds to. Top level security and encryption is a must as well.
Q: What are some nice-to-have features of a banking app?
Maxim: A highly personalized digital experience is essential. Financial institutions aren’t just competing with one another – they’re competing with the seamless, intuitive experiences offered by companies like Netflix, Amazon and Uber. Consumers now expect the same level of ease and personalization across all digital platforms, including banking.
A strong banking app should offer clear insights into cash flow and spending patterns, along with tools that help users build their financial literacy and make more informed decisions.
Q: How do you go about choosing the best banking app for your needs?
Maxim: Begin by evaluating the apps offered by your current financial institutions. Consider which features you find valuable and identify any gaps. From there, you can explore apps from other providers that offer the capabilities you’re looking for.
A practical starting point may be to use a trusted AI tool to help generate a list of banking apps that align with your needs. It’s worth noting that most people choose their financial institution first and then adopt its app – rarely the other way around.
Banking apps and technology are evolving fast, and consumers are adapting in real time. Reseda Group is committed to supporting financial institutions through our ecosystem of breakthrough products and high-tech financial services platforms designed to meet the needs of today’s digital savvy consumers. Contact us today to learn how we can help.
