The COVID-19 pandemic has accelerated the rate at which customers are switching
to mobile devices and apps for their banking and financial needs. Between
quarantines, stay-at-home orders, and the closures (temporary or permanent)
of brick-and-mortar institutions, most people simply didn’t have a choice in
the matter. While many places are now regaining some measure of normalcy,
customers have realized that mobile apps offer the greatest level of convenience
when it comes to finance management, and so they’ve made their shifts
permanent.
The sheer volume and diversity of apps ensures that users can engage in a variety
of financial activities via their mobile devices. Banking apps — both those from
traditional bank chains and those from online-only banks — allow users to make
deposits, check balances, and pay bills remotely. Mobile payment apps let users
send and request money. Trading apps offer users a convenient way to invest in
stocks and other financial products. Finally, educational and budgeting apps help
money-minded users plan for the future and learn more about their financial needs.
