Five Mobile App Features that Show Yes, Banks Can Innovate
August 18, 2014 11:00 AM
Fintech startups claim to out-innovate banks. But financial institutions sometimes break new ground. Here are five examples of banks that are testing and launching mobile app features capable of much more than showing an account balance.
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Today's Forecast: Insufficient Funds
Short-term account balance forecasts are available through a few banks. In February, for example, KeyBank introduced MyControl Banking for checking account customers. It lets users visualize and estimate their bank balances up until the next paycheck. On-the-go consumers could check the app to quickly see if they'd have enough left over to pay the rent after purchasing Beyonce tickets, for example.
Pretty as a Picture
Beautifying banking has come into the mobile app picture. In exchange for sharing location data, Chase customers will see images of cities they are in or near in the background of the mobile app. A New Yorker would see the Brooklyn Bridge while a Los Angeles resident could view the Santa Monica pier. The bank said the upgrade is meant to make the experience emotional in a good way.
Get a Loan in Six Taps
An Olympia, Wash., credit union lets members apply for short-term loans on its mobile app. Six taps can get WSECU members a Q-Cash loan ($50 to $700 with a 60-day term) or a Q-Cash Plus loan ($701 to $4,000 with repayment terms set from nine to 36 months). The funds are deposited into applicants' linked accounts once they are approved.
Hot Wheels
Members of America First Credit Union in Ogden, Utah can search for their next hot rides and apply for auto financing via its mobile banking app.
On-Demand Shopping
U.S. Bank has cooked up an app meant to simplify shopping. Peri, the name of the app, is designed to make traditional advertisements that appear in print clickable so someone can buy the item quicker. The experience would go something like this: A consumer reading a glossy magazine spots an ad for a pin-striped suit, fires up the app, scans the image and buys the garment then and there (no search required).
