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Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
More Details
Mobile banking is a banking service that allows customers to access and manage their bank accounts using a mobile device. This is made possible through the use of a mobile banking app that can be downloaded from an app store and installed on the customer's device. The app provides access to a range of banking services including account balance inquiries, account transfers, bill payments, and mobile check deposits.
Example
You're on your way to a restaurant with friends and realize you forgot to pay your credit card bill that's due today. Using mobile banking, you quickly transfer the payment from your checking account to your credit card account, avoiding any late fees. After dinner, you receive a notification that your account balance is low, prompting you to use the mobile banking app to transfer money from your savings account to your checking account to cover your expenses for the rest of the month.
Related Terms
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.
Digital Wallet
A virtual wallet that allows users to store, manage, and use their payment and banking information securely
Joint Account
A financial account that is owned by two or more individuals, who have equal access to and control over the funds in the account.