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What do we want Mobile Banking Apps to do for us?

6 July 2011

Mobile banking applications have become more and more popular in the past year, as of now virtually every major Canadian bank has their own mobile banking application. The most recent mobile banking applications include the Bank of Montreal’s (BMO) mobile banking app and the Royal Bank of Canada’s (RBC) mobile banking app.

Toronto Dominion (TD) has updated their mobile banking app, which now includes its updated color scheme, and a few other major updates, such as the ability to view pending email transfers, and cancel if you want. The mobile application itself runs a lot smoother than the previous version as well.

With everything that is out, I started to wonder what else could banks do to their mobile banking applications to make it more versatile.

What could banks improve on?

Rather than go into each mobile banking application out there and say what should be done to improve it, I would rather discuss as a whole what these apps should be offering.

Unique password for mobile banking log in

One feature I am interesting in seeing is a unique password placed on the application as you are logging in. Now it seems fine to have the same password on these mobile banking applications as your online banking application; in reality there is no difference other than you are able to log in through your smartphone. The problem I find is that the moment a criminal sees your password, I doubt it would be hard to actually get your card number.

Either banks allow you to have two sets of online passwords; one for online banking through your computer, and the other through your phone. To take things a step further, it would be great to have a unique password that is only available through s specific phone. For example, Android smartphones use a patter lock code; imagine having that as your password for your mobile banking. It is a quick and easy way to input your password, eliminating anyone from seeing what you are typing.

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Depositing cheques through a photo

Another I would love to see more than anything else is the ability to deposit cheques through their mobile banking apps.

Currently, the only bank I am aware of that allows its clients to deposit their cheques in this method is Chase. I came across an article a while ago on mashable, which revealed that Chase Mobile allows its bankers to deposit their cheques through a photo.

All it takes is for the bankers to select the account, enter the amount of the cheque and then snap a photo of the front and back of the cheque to initiate the deposit.

Screen shot 2011 07 06 at 12.25.41 PM What do we want Mobile Banking Apps to do for us?Screen shot 2011 07 06 at 12.25.50 PM What do we want Mobile Banking Apps to do for us?

This can eliminate those unnecessary long lineups at branches to deposit a cheque. I for one would love to have this feature on mobile banking apps because it not only saves you time, but you can have access to your money almost immediately.

Currently, Chase only allows customers to deposit $1,000 per day and $3,000 per week through this method, but it is still quite a convenient method for quickly depositing personal cheques without having to make trips to the bank.

Taking advantage of NFC payments

Digital wallets in my opinion are the next generation wallets. Mobile phones have become something the majority of people cannot live without. Banks should take advantage of this, and allow users to use their credit cards through their mobile banking apps.

Imagine having to pay for your purchase by simply logging into your mobile banking app, and letting an NFC terminal accept the payment.

It is quick and easy; you spend all but 30 seconds to log into your account and pay for your purchase.

image phone termina What do we want Mobile Banking Apps to do for us?The Google Wallet, which was recently unveiled does all of this, but like I said, many people would be content knowing that their own bank offers the service, making them have peace of mind in concerns with security.

These features allow your to save time, and increase the layers of security on your mobile banking apps. I personally would love to see any of these on mobile banking apps, especially the ability to deposit cheques through a photo.

What features do you want to see mobile banking apps have?

image source: Witer, Mike Dent


About the Author


My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (1 )

ross Wrote:

I think security problems are going to have to be addressed before i would be interested in a digital wallet. I’ve had 4 websites hacked and $15,000 fraudulently charged on my yahoo ad account in the last year and a half.

If a digital wallet becomes heavily adopted, ii think it’s going to be pretty common to have fraudulent transactions.

They would have to come up with something like a fingerprint scanner or facial recognition, before i would trust it. But, maybe other people don’t feel that way.

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