Banking apps

Apps have changed the way everyday banking works

Everyday banking used to be about going into the branch, filling in slips, queueing, and handling cash or cheques. This has been mostly replaced by ATMs, but now apps are able to do more.

This activity focuses just on banking apps. If you want to find out about mobile banking in more detail, visit the Introduction to mobile banking topic.

Your bank may offer a banking app

Almost all banks now offer a secure app you can use on your smartphone or tablet that lets you:

• access your account
• see your balances
• make payments
• transfer money to others.

eSafety tip

It's unusual today for a bank not to offer a secure banking app. You can call your bank to see if an app is available. If it is, make sure to only download the bank's authentic app from your device's official app store.

Moving money with a banking app

You can use your banking app to transfer money between your own accounts.

You can also send money to another person using a PayID or their BSB and account number, and you can pay bills via BPAY.

eSafety tip

You can't deposit money using a banking app, so you'll still need to visit an ATM that accepts deposits or your bank's nearest branch to do this.

You may be able to deposit money at an Australia Post office using your bank card, if your bank supports this.

Your banking app helps you contact your bank

Your banking app will include contact details for your bank if you need to call and ask about something.

Some banking apps also let you make the call directly from the app and provide the phone system with your ID credentials. This means you won't need to put in your account number to verify your identity.

Security for banking apps is very important

Because banking apps give you access to your money, they have very tight security. You will need your bank account number and PIN, and you should also let the bank use any extra security features, such as sending a code via text message.

You can also use your phone's biometric (FaceID or fingerprint) security features to make signing in to your banking app faster and more secure.

You can learn more about using biometrics in the Security and privacy courses for iPhone and Android phone.

eSafety tip

When you use your fingerprint or face to access your banking app, this means that even if someone knows your bank PIN, they still can't access the app.

Be aware when you use a banking app

Your banking app is convenient to use when you're out and about. However, it's important to be aware of who is around you when you access the app, as they may see your PIN or some of your financial details.

Don't use your banking app when connected to a public Wi-Fi network because this is not secure. Only use your banking app via mobile data, or at home on your home Wi-Fi.

You can make instant payments to friends

Banks have added the ability to make instant payments to other people via their app. Previously, these payments took three business days to clear.

There are different instant payment systems such as OSKO and PayID, and your bank will have information on how to use them.

Well done!

This is the end of the Banking apps activity. You've learned about your bank's app and how it can help you access your money more conveniently and securely.

Next up is the Payment apps activity, where you'll learn about apps that let you make payments in shops and help you share payments with friends too.