Features You’re Probably Overlooking

In 2023, UK Finance reported that 86% of Brits used mobile banking, yet most only scratch the surface of what their apps can do. As fintech expert Anne Boden, founder of Starling Bank, once said: “Your banking app shouldn’t just mimic a branch – it should revolutionise how you interact with money”. Let’s explore underused tools that can save time, boost security, and even grow your savings.

The Quiet Rise of Smart Alerts
Gone are the days of checking balances manually. Modern apps let you set custom alerts for almost anything: low balances, large transactions, or even when a direct debit is due. A 2024 study by Monzo found that users who enabled payment reminders were 40% less likely to incur overdraft fees. For freelancers or gig workers, real-time notifications about incoming payments (via Open Banking APIs) can ease cash flow anxiety. As MoneySavingExpert’s Martin Lewis advises: “Automate your financial awareness – let tech do the heavy lifting”.

Beyond the Basics: Security Features You’ll Wish You Knew Sooner
Fraud costs the UK economy £1.2 billion annually, according to UK Finance. Yet, few use built-in defences like:

• Card freezes: Instantly block a lost card via the app (a feature rolled out by Barclays and NatWest in 2023).
• Biometric logins: Lloyds Bank data shows fingerprint/Face ID users are 67% less likely to fall for phishing scams.
• Virtual cards: Services like Revolut let you generate disposable card numbers for online purchases, shielding your primary details.

Dr. Louise Beaumont, a cybersecurity advisor to the FCA, warns: “Convenience breeds complacency. Use every layer of protection your bank offers”.

The “Set and Forget” Tools for Passive Saving
Apps now automate savings in clever ways. For example:

• Round-ups: Nationwide’s “Impulse Saver” rounds up purchases to the nearest £1, stashing the difference. Users save £240/year on average.
• AI-driven budgeting: HSBC’s “Connected Money” app analyses spending to suggest personalised saving goals.
• Interest boosts: Chase UK offers 4.1% AER on round-up savings – far above traditional easy-access accounts.

As behavioural scientist Dr. Simon Moore notes: “The best financial products align with human inertia. Make saving the default, not the exception”.

Case Study: James, 28, Manchester
James, a teacher, used his Lloyds app to create a “holay pay” pot. Each month, the app automatically transferred £200 and applied a 3% bonus. Combined with round-ups, he saved £2,800 in a year – enough for a Thailand trip. “I didn’t feel like I was sacrificing anything,” he says.

The Future Is Already in Your Pocket
Banks are quietly testing AI-powered features, like predictive overdraft warnings (Triodos Bank) or carbon footprint trackers (Tandem). Open Banking-enabled apps like Snoop even negotiate bills for you.

Final Thoughts
Your banking app isn’t just a digital wallet – it’s a financial co-pilot. As Anne Boden writes in Banking On It: “The power to manage money better isn’t reserved for experts. It’s in your hand, right now”.

References Cited:

1. UK Finance (2023). Digital Banking Adoption Report.

2. Monzo (2024). User Behaviour and Alert Systems Study.

3. Beaumont, L. (2023). FCA Guidance on Consumer Cybersecurity.

4. Nationwide (2023). Impulse Saver Annual Review.

5. Moore, S. (2022). The Psychology of Fintech Adoption. Journal of Behavioral Finance.

6. Boden, A. (2020). Banking On It: How to Disrupt the Banking Industry.