What is mobile banking?

Mobile banking is a service that financial institutions provide that allows customers to make financial transactions using their mobile device. Put simply, mobile banking is banking on the go.

But if you’ve never used a phone or tablet for banking, you may be wondering how it works and how you can get started. Read on to learn more about mobile banking.

What you’ll learn:

• Mobile banking is banking that’s done online using an app on a mobile device.

• Mobile banking apps allow you to do many of the activities you can typically do in person at a brick-and-mortar bank, such as deposit checks, check your account balances, transfer funds between accounts and make bill payments.

• The Capital One Mobile app provides many advanced features, like card lock, subscription management, credit card rewards redemption, credit score monitoring and more.

• Security features, such as two-factor authentication (2FA) and tokenization, help keep mobile banking safer, and you can further your protection by following best practices.

“Online banking” refers to doing banking transactions via the internet, typically on a computer by visiting a bank or financial institution’s website or on a mobile device using a banking app. When online banking is done on a mobile device, it may be referred to as “mobile banking.”

Most banks have an official app for mobile banking that customers can download to their phones. When you log in to your online bank account through the app, you’ll be able to access and manage your accounts anytime.

Specific mobile banking services may vary by bank, but generally, you can use a mobile banking app to complete everyday tasks you’d normally do at a physical brick-and-mortar bank. 

Some common tasks you can typically do with a mobile banking app include:

• Check account balances

• Transfer money between accounts

• Pay bills

• Locate nearby ATMs

• Deposit checks

• Update personal information

• Order a debit card or checks

• Manage notifications and alerts

Some banks offer even more advanced functions through their apps. Here’s a taste of some other things you can do with the Capital One Mobile app:

• Lock or unlock a card

• Redeem your credit card rewards

• Send money directly to friends and family with Zelle®

• Access your virtual card even when you don’t have your physical credit card on hand 

• View and manage your subscriptions

It only takes a few minutes to get started with mobile banking. Generally speaking, you can follow these steps to set up mobile banking on your phone or tablet:

1. Create an online account if you don’t have one already. You can typically do this on your bank’s website or through their mobile app.

2. Download your bank’s mobile app to your mobile device.

3. Log in to the app using your online account credentials.

For a more comprehensive walkthrough, check out our complete guide for setting up Capital One mobile banking.

Most banks have multiple levels of security built into their mobile apps. For instance, bank apps typically incorporate two-factor authentication (2FA) into the login process—meaning you must verify your identity in more than one way. Banking apps may also use tokenization to protect your account information.

There are also additional measures you can take personally to ensure you’re practicing safe mobile banking. Here are some best practices to keep in mind:

• Regularly monitor your transaction history to check for unrecognized charges.

• Enable account alerts and notifications to keep you informed of unusual activity on your account.

• Keep your mobile banking app updated.

• Set up biometric authentication.

• Be aware and cautious of common scams.

• Don’t use public Wi-Fi for online or mobile banking.

Mobile banking is online banking that’s specifically for use on mobile devices. By downloading your bank’s app to your phone or tablet, you can have control of your bank accounts right at your fingertips. 

With the Capital One Mobile app, you’ll have access to tons of advanced features and digital tools. Download the app to get started today.