Mobile banking lets you do a range of banking tasks without visiting a branch or logging onto a computer. Most apps allow you to keep track of your finances on the go with a range of features and services. Common banking app features include finding the closest bank locations or ATMs, paying bills and transferring funds to other accounts, as well as online investing tools and calculators.
It’s a system that lets the customer of a financial institution process transactions through an app on your smartphone or tablet. This is not to be confused with contactless payments, which use Near Field Communications (NFC) technology to allow you to use your phone to pay for things by tapping it near another device.
Mobile banking apps and features
Most major banks have a mobile app that allows their customers to access their accounts on the go. Here are some highlights from what the “Big Five” have to offer:
Mobile banking app
Features
TD Canada Trust
Deposit checks
Pay bills
Send and receive money with Interace-Transfer and Visa Direct
Find nearby TD branches and ATMs
Check your balance and recent transactions
Get information on TD Rewards points
RBC
Deposit checks
Pay bills
Send and receive money with Interace-Transfer
Send money through text and voice command (for iPhone)
Check your balance and recent transactions
Find nearby RBC branches and ATMs
Scotiabank
Deposit checks
Schedule and monitor bill payments
Send and receive money with Interace-Transfer
View your rewards balances
Send a Western Union Money Transfer
Check your balance and recent transactions
Check your TransUnion Credit Score history
BMO
Deposit checks
Schedule and monitor bill payments
Transfer money
Send and receive money with Interace-Transfer
Find nearby BMO branches and ATMs
Check your balance and transaction history
CIBC
Deposit checks
Manage bill payments
Send and receive money with Interace-Transfer
Design and monitor savings goals
Check credit score
Check your balance and recent transactions
All savings account
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What are the advantages of mobile banking?
Save on time. Instead of going to a bank and waiting in line to talk to someone, you can check account balances, schedule and receive payments, transfer money and organize your accounts from anywhere.
Convenient for managing funds on-the-go. Do your banking at a time and place that suits you without having to worry about business hours.
Stay on top of your finances while traveling. Banking apps allow you to get help from anywhere in the world with Wi-Fi, regardless of whether or not there’s a branch nearby.
Security measures are built into the app. Generally, good mobile banking apps have a security guarantee. Still, some banks offer a conditional 100% reimbursement should an unauthorized mobile transaction occur. If you want to learn more about how you can help keep your account safe, check your bank’s website for any helpful tips.
Before you start mobile banking, here’s what you should look out for.
Security of financial transactions are paramount to any mobile banking app. Ensure that all your financial details are kept safe with proper authentication by having a user ID and password. Some banks may also incorporate a PIN number or fingerprint and facial recognition to keep you safe.
Access to customer service. Banks have a lot of customers, so they need to able to produce a mobile banking infrastructure to handle large volumes of transactions at a time. Services should be available 24/7 and all systems should be working within the app.
Is mobile banking available for your bank? It’s possible that some smaller banks don’t have mobile apps available. If you prefer to handle most of your finances from your phone, check to make sure an app is available before signing up for an account with a new bank.
Keep your information secure
Mobile phone apps can only do so much on their own to keep you secure, such as logging you out after a certain amount of inactivity or making you provide a password or biometric access. Banking on a public Wi-Fi connection or leaving your phone unlocked when you’re logged in to a banking app leaves your account at risk. Even if you aren’t logged in, taking screenshots of your balance or keeping your passwords in a note app can let your information leak. To stay safe, keep your phone locked when it’s not in your hand.
Bottom line
Mobile banking is used in many parts of the world and can be a great tool if used properly and securely. You can check your account details from anywhere and get notifications when there’s suspicious activity on your account, helping you get more control of your finances. Before you commit to a new bank account, make sure to compare them to get the best interest rates and features for your needs.
Frequently asked questions
Please contact your bank directly via telephone or by going to a branch. Sometimes the FAQ section on a bank’s website can also be have the information you’re looking for.
Mobile apps are available from the iTunes app store or Google Play. Some mobile banks apps aren’t available through phones that operate on the Windows or Blackberry system, so it’s best to check with your bank.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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