Best mobile banking apps 2020

Best mobile banking apps 2020

Mobile banking can give you access to financial services at any time. With the banking apps – or a banking website – on your phone or tablet, you can do many common tasks, including checking your account balance, finding nearby ATMs, and depositing a check by taking a photo.

1. MoneyLion

Country: United States
Current value: $ 1 billion

This US-based mobile banking app provides its users with financial advice and access to loans. The six-year-old startup is a personal finance app that functions in part as a loan, savings, and wealth management app. The latest news is that this fintech startup is fast becoming a “unicorn” for the financial sector. He raised $ 100 million in Series C led by Edison Partners & Green Spring Associates. With that, the startup is currently valued at $ 1 billion.

How does MoneyLion make money?

  • The startup makes money from app subscriptions that cost each user $ 19.99 per month.

How is MoneyLion different from other Fintech applications?

  • It provides efficient online banking service at 55,000 toll-free ATMs.
  • The MoneyLion app also offers a 5.99% APR loan to keep savings progress on track. This feature is specifically intended for MoneyLion Plus members.

Image Credit: MoneyLion

Main features of the MoneyLion application

  • Instant transfer and verification at no charge
  • Direct deposit to benefit from APR cash advances
  • 12% cash back
  • Track credit score
  • Real-time notifications for expenses

2. Carillon

Country – United States

The Chime app is growing rapidly in the United States as a mobile-only bank. It allows users to manage their spending and savings account with no hidden transaction fees. The multiple automatic check-in options and the great free networking of ATMs make it the most convenient mobile app for banking.

How is Chime different from other Fintech apps?

  • The money saving app gives priority to saving by automatically deducting 10% of the salary and depositing this amount directly into the savings account.
  • A user can access their paycheck 2 days earlier with direct deposit through Chime.
  • It provides efficient online banking service at over 30,000 free Moneypass ATMs.
  • The mobile app for banking facilitates no minimum balance, no overdraft, real-time transaction notification, sending money to family and friends.

Best mobile banking app - carillon

Image Credit: carillon

Main features of the Chime app

  • Deposit directly to the Chime account and get paid early
  • No hidden fees or monthly fees
  • Send money to family and friends with free mobile payment
  • Instant Check Deposit
  • Support mobile payment applications

3. Nubank

Country- Brazil
Present value – over $ 10 million

The online banking app, Nubank, is a Brazil-based fintech app. It becomes one of the best fintech apps by providing access to invoices and tracking expenses by category to remove purchases with earned Nubank Reward points. It gives real-time information on credit cards, savings balance and Nubank rewards. According to the latest news, the company has raised $ 400 million in Series F venture capital led by TCV’s Woody Marshall.

  • Nubank is considered the sixth financial institution reaching 12 million users in its home market.
  • The Wall Street Journal reported that the company has earned a valuation of more than $ 10 billion, potentially making it one of the shortlists of startup decacorns.

Best mobile banking app - nubank

Image Credit: Nubank

Main features of the Nubank app

  • Savings available to the user
  • No annuity credit card accepted worldwide
  • Reward Points Program
  • Informative blogs

4. mint – Best mobile banking apps 2020

Country – United States

The Mint app is the top performing fintech app based in the United States when it comes to collecting relevant information about a user’s card, accounts and transactions. Notification alerts remind users of bills to pay, offer tips based on spending habits. It helps an individual to be on top of their finances. All data is encrypted with 256-bit encryption and data exchanged with Mint is encrypted with 128-bit SSL.

Best Mobile Banking App - Mint

Image Credit: Mint

Main features of the Mint app

  • Manage invoices and balances
  • Create a budget and view suggestions based on individual expenses
  • Free credit score analysis with advice
  • Secure registration

5. Revolution – Best mobile banking apps 2020

Country – United Kingdom

The London-based startup offers banking services, including a prepaid debit card, currency exchange, cryptocurrency exchange, and peer-to-peer payments. The app allows a user to spend and send money in an easy way with real exchange rates. The company is expected to grow by $ 10 billion ($ 8 billion) in the coming years, as finance startups hit extraordinary growth trajectories to challenge the US giants. It plans to raise $ 500 million this year from investors and has racked up 6 million users in just four years.

How is Revolut different from other Fintech applications?

  • The budgeting app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app.
  • Customers are allowed to access cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP by exchanging to or from 25 fiat currencies.

Best mobile banking app - revolut

Image Credit: Revolution

Main features of the Revolut app

  • Instant expense notification after each card payment
  • Create a monthly budget for restaurants, groceries, transportation
  • Travel insurance abroad
  • Share the invoice with friends and family, calculations will be supported in the app

6. N26 – Best mobile banking apps 2020

Country – Berlin
Present value – $ 2.7 billion

This Berlin-based financial management app facilitates with fast, flexible and transparent money management tools to control finances. It allows two free ATM withdrawals nationwide per month. Recently, N26 raised $ 300 million in a Series D funding round led by Insight Venture Partners with Singapore sovereign wealth fund GIC and a few existing investors. The company is now valued at $ 2.7 billion, overtaking Revolut as Europe’s most valuable mobile bank.

  • N26 has been featured in TechCrunch, WIRED, and Forbes and has over 65,000 five-star reviews worldwide.

Best Mobile Banking App - n26

Image Credit: N26

Main features of the N26 application

  • Instant Money Transfer with MoenyBeam
  • Automatic generation of expenditure statistics
  • Account security with facial or digital recognition
  • Organize and achieve your financial goals with Spaces

After taking a look at the best fintech apps in the financial app world, let’s take a look at some common financial features you should consider when developing your online banking app.

7. Monzo – Best mobile banking apps 2020

Useful for:

  • tracking your expenses,
  • establish a budget,
  • share bills with friends

You may have seen friends show off the mobile banking startup’s distinctive neon orange card. Formerly a prepaid debit card, the zingy Monzo card is now attached to a real current account because, since April 2017, Monzo has been a fully-fledged, exclusively mobile bank. If you already have a checking account, you might find it hard to see the point of opening another. But trust us: your bank’s mobile app has nothing to do with the Monzo app.

Monzo alerts you to expenses with mobile notifications then records your expenses by organizing them into several categories: from bills to vacations, from cash withdrawals to transport to dining out. It then shows you a graphical breakdown of all your spending so you can see where your money is going. Does transport eat away at your pie chart? It’s time to ditch the Ubers and embrace the bus. Are the races costing more than expected? Better to watch what ends up in your cart.

You can also set budgets for each category and Monzo will alert you when you approach them. On the verge of Deliveroo another takeaway? Here’s Monzo with the warning ping, reminding you that you’ve already gone over your restore budget for the month.

Monzo also makes sending money to friends and contacts as easy as sending a text message, no sort code or account number required. This makes Dutch in restaurants and the distribution of utility bills among roommates straightforward. You can also push friends who owe you money by gently “billing” them through the app.

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