Using Banking Apps for Bill Payments and Spending Insights

To pay your bills or check recent transactions through your credit card issuer’s app or website, it’s pretty straightforward. Just a few taps and you’re set.

We’ve had online bill payment options for over 25 years, but it’s become a major focus now. Banks are actively competing to offer tools that allow customers to analyze spending habits, create budgets, manage recurring fees, and enhance account security.

“We’ve started to view online experiences as a key battleground,” explains Adam Winchester, who manages consumer and small business payment experiences at US Bank. “Winning in this space could help us capture more market share.”

Analyze Spending and Discover Savings Tips

Banking applications and websites can turn individual purchases into long-term spending trends. Many of them feature virtual assistants, like Capital One’s ENO and US Bank’s Smart Assistant. It’s a good idea to keep track of any recurring fees to avoid unintended expenses. Visual representations of your spending can help clarify expenses, which allows you to adjust your budget if needed.

This approach works well if all your accounts and credit cards are consolidated under one bank, but that’s not the case for everyone. Winchester points out that some banking apps struggle to connect with accounts from different institutions. If you have additional accounts, what you see when you log in might not give you the whole picture of your finances.

Fortunately, some apps can integrate external accounts. For instance, Chase allows users to view information from other credit cards, banks, and investment accounts within their app.

If you use multiple banking apps that offer this feature, pick one that’s user-friendly and easy to navigate, suggests Beth Robertson, Managing Director at Keynova Group. “Once you set it up, you’ll gain valuable insights from your information.”

Ensure the Safety of Your Cards

It’s wise to regularly check for any suspicious transactions. Setting up alerts for charges over a certain amount can help keep you informed. If you lose your physical card, you can quickly freeze your account to prevent unauthorized use and easily unfreeze it if you find your card later.

However, maintaining account security goes beyond just keeping track of your physical cards. It also involves knowing which merchants have access to your card details for future purchases and understanding any subscriptions you may have, like gym memberships. Many banking apps allow you to view and manage this access directly.

Robertson recently provided access to her data for businesses that were validating mortgage eligibility. Once the approval was complete, she revoked access to her financial information.

Bank of America® even includes security meters for websites and apps, offering insights into your account’s security level and suggesting protective measures, like updating passwords or enabling two-factor authentication.

Stay Updated on Your Credit Score

A lot of banks now let customers check their credit scores and understand how different actions could affect these scores. This information can be crucial, especially for those looking to improve their scores before applying for loans. Some apps can even recommend steps to enhance your credit standing.

Geek Tips: Keep in mind that different banks may display scores from various credit scoring agencies, so the scores shown in your banking app might not match.