Mobile apps do more
Early on, banks experimented with mobile, website-based banking services. But the trend today is toward mobile banking apps designed to deliver banking services via a smartphone, says Cary Whaley, vice president of payments and technology policy at the Independent Community Bankers of America, a Washington, D.C.-based group that represents local and regional banks.
"The app is the primary mobile delivery system," Whaley says.
Most banking apps allow customers to check account balances, review transactions, transfer funds from one account to another within the bank and pay bills within the bank or externally.
The big unknown is the extent to which mobile banking apps also will allow customers to complete transactions that are harder to authenticate remotely.
"One area where there is cause for debate is check deposit," Whaley says. "There's a certain amount of trust (involved) when someone is depositing (funds) because check fraud and check altering can be a bigger concern. Banks may be more judicious in who they offer that service to."