Your mobile banking product of choice can be difficult to find. The features and a comparision of different mobile banking ios apps can be shown here.
Mobile banking products are constantly being upgraded and having new features coming out but they all feel the same. We wanted to use this blog post to compare Outlet to traditional mobile banking apps. Outlet is not a bank, but we are a new unique way to go about saving money. We are a new product within the mobile banking space. The mobile banking app category is a space that has grown very competitive and people commonly want to know what the best app for them is.
Banking applications have similar features. They are meant to be an electric version of a bank. Banks themselves are a familiar product in America. Mobile banking brings that experience to an iOS or Android device. Banking mobile is a powerful concept and is working very well for both traditional banks and fintech startups alike.
This guide is meant to serve as a way for you to understand what mobile banking app is right for you as well as to compare and contrast the advantages and disadvantages between Outlet and the traditional finance world.
The mobile banking apps on the market are all very similar. Each of which have their pros and cons. Picking the right mobile banking solution for you can be as simple as you want it to be, however this guide will go into detail as to how you can find the perfect solution for your unique solution.
Risk Tolerance - How much are you willing to risk? Typically the more risky investment will have a higher yield and allow you to maximize your returns.
User Experience - User experience is a huge factor when it comes to loving an app and actually using it. The majority of financial technology applications user experience makes or breaks the app itself from being useable.
Compatibility - depending on whether or not you can use the app with your existing accounts and personal finance stack will make a product a yes or no for certain users.
Mobile banking applications are increasing their market share over traditional banks. A mobile first bank has several user experience improvements compared to a traditional bank. The growing market share of mobile banking apps is predicting the future of the traditional banking experience. Money needs to be as flexible as possible for users. Traditional fiat paper money is phasing itself out of day to day life. Fintech applications are replacing traditional means of storing value and sending it.
Storing your value is the essence of what a bank does. Mobile banking is no different. Every application will allow you to essentially store value or dollars in some capacity.
sending money is different on every single application. Some mobile banking accounts do not even have sending options. A traditional money market will have you agree to lock your funds for a certain period.
mobile banking applications will most likely have a way for you to earn some type of interest. The interest earned in a mobile banking account vaires by platform. Some of the highest rates on a true mobile bank account will be around 3%. The industry average for traditional bank accounts is around 0.09%
Borrowing is hard to master and do logistically from a banking standpoint. Companies in the borrowing space will often have to be very involved in the underwriting process of loans. Borrowing can be a very good feature within mobile banking applications.
Outlet will have all of these features within our mobile app. Some of these features will not be released until after we launch. We are working day and night to launch a mobile app that will look feel and act like a bank account from the future. With massive advantages in all of the above categories.
We want to make our application have clear benefits in every aspect of storing, sending, earning, and borrowing your money. Outlet is not a bank, however the flexibility of not being a bank and using blockchain technology built on Ethereum will enable us to have different competitive advantages ahead of what feature sets are listed above.
Mobile banking applications come in all shapes. Some would consider different things to be a banking solution than others. Anything that stores value could potentially be considered a banking solution. People save money in alternative ways. Individuals will often say “my stock portfolio is my savings account” these alternative methods are an important mindset to factor in when you think about what mobile banking even means. The most important feature to consider an app a mobile bank would be the store of value.
Bank Accounts - Traditional bank accounts are available in the app store. Bank account applications are backed by real banks. Typical mobile banking applications will be something like the chase mobile app, td mobile app, or citi bank app.
Alternative savings accounts - Alternative methods of savings that will be reviewed in this blog post will be mobile applications that allow you to store some type of value.
Financial planning is a great feature to have for certain mobile banking applications. Financial planning can come in many different forms. Planning out your future and allowing anyone to lay out their financial future is an excellent and needed feature for some users.
There are all kinds of financial planning mobile apps on the market. This genre of apps allows you to visualize your savings.
Mint is a mobile first financial planning application. The majority of people will find Mint to be a leader in the industry. Its beautiful UI provides users with a way to see their finances in a clean and organized way. Mint is most known for its spend tracking features.
Spendee is a new and fun savings app. This mobile first savings account allows you to make a financial schedule and stick to it. The financial planner in this app is of the best on the app store. Spendee allows you to forecast your savings seamlessly within a simple mobile app. If planning your own finances on a calendar interests you then spendee could be the app for you.
Monefy allows you to instantly see your spending in an easy to read chart. The chart that you see reflects how much money is leaving different accounts and for what.
Monefy is a great option for people who are looking for a way to visualize what's going with their personal finances. The app itself has a rich detail view that will highlight anything you might want to see from a spending point of view.
Clarity Money is a new way to manage your paid subscriptions. It allows anyone to foresee their monthly expenses in ways like never before. Easily see what you don't use and spend your money on better things.
Most banking applications will have some type of financial upside to using them. The majority of people want to earn some type of return on their dollars when they are seeking out a mobile banking solution. Banking mobile apps are an interesting space because you can create something that is not technically a bank but feels like a traditional bank account. Some of the highest interest bearing accounts are alternative banking apps. These applications are very different and deserve their own blog post. We made this custom table below to show you how different mobile banking applications compare to one another.
Find Out How Much You Would Earn Using Outlet Compared To Traditional Bank Accounts In The First Year.
|Product||Interest Rate||Earned First Year|
|Industry Average Bank Account||0.09%||$0.900|
|Everyday Savings Account Rate||0.05%||$0.500|
|High-Yield Online Savings Account||2.25%||$22.500|
|Wealthfront Cash Account||2.35%||$23.500|
|United States Treasury Bond||2.49%||$24.900|
|High Dividend Yield ETF||5.16%||$51.600|
People always want to earn a return on their money regardless of where they put it. Mobile apps that pay you interest are no different. There are plenty of way to go about earning interest and living a life of passive income using different mobile applications.
Earning passive income using a mobile app is definitely possible. There are plenty of applications on the market that will yield far beyond what a traditional bank account does. These products tend to be more risky and have much more variable interest rates. There are also very popular mobile finance apps that can be very rewarding but carry a high risk. People lose millions of dollars every year investing in the stock market. With all of the different mobile banking accounts available.
Passive income is something people chase their entire lives for. With mobile banking applications earning passive income on your investments becomes super easy. These are some of the best mobile banking apps that pay passive income.
The Outlet app looks acts and feels like a bank account but it also pays users an insanely high interest rate compared to traditional banks. Outlet is a mobile first product and should be considered as one of the best products to use on this list.
Acorns is a savings application that allows you to save money in a unique way. You can hook up your traditional bank account to your Acorn account and people can easily save their loose change.
For example, when someone goes to make a purchase for $7.90 Acorns will charge your account a total of $8 and save the extra $0.1 for you. Acorns rounds up and saves the amount over the purchase price. There are a few really good mobile applications that do this for you.
Coinbase is some peoples favorite application. Coinbase allows you to purchase cryptocurrency, cryptocurrency can be a very profitable passive investment for people. Cryptocurrency as a whole is a very volatile asset, holding and buying at the right time are the best strategy.
Earning passive income with a mobile banking app is one of the many benefits it has compared to a traditional bank account. The products in this category are strongly suited to be the hub of users financial lives. The majority of people will use some type of mobile banking application in the near future. Hopefully you use one of the suggestions we have listed.