Mobile banking apps provide consumers with remarkable flexibility in conducting financial transactions remotely. Unlike online banking that requires an internet or Wi-Fi connection from a specific location, mobile banking allows a member to access a variety of banking functions from a cellular connected device. As more Credit Unions adopt mobile banking formats that can be accessed through different apps, we are seeing mobile phones, laptop computers and tablet PC’s becoming instant banking centers.

How Mobile Banking Apps Work

Many Credit Unions such as Wayne Westland utilize the Mobile Finance Manager, which is a fully featured banking mobile app. This small program can be downloaded directly to any compatible smart phone, where it provides nearly all of the same features that are available through online banking.

Mobile Finance Manager is currently available for a number of platforms, including Windows Mobile, Blackberry, Palm Treo, and Java. Within the context of each operating system, there are literally hundreds of phones that are compatible with the app.

Popular Features

Popular mobile banking applications offer a number of useful features and functions that are simple to access and navigate. Among these are the following:

• All account balances can be viewed simultaneously.

• Access to all available functions 24/7.

• Graphic Reports enable the account holder to easily track assets.

• Online bill pay with repeat pay options ensures payments are made on time.

• Funds can be seamlessly transferred between accounts in real time.

• Secure encryption of transmitted data prevents unwanted intrusion.

• User ID and password are identical to the online log-in that members use at home.

The Latest in App Development

Advanced apps include a branch and ATM finder that taps into the phone’s GPS capabilities. Users can also access all available branch information including hours of operation, contact details, and available services.

As mobile banking apps continue to develop, expect to see Credit Unions offering applications that provide a fully functional banking environment that can be accessed through any remotely connected device.