Mobile Banking and How it Took Over the World by Storm

January 26, 2022

A mobile banking app allows users to create accounts, carry out transactions, seek help, and access financial advice without visiting a bank. Because it is easy to use and provides comfort to users, mobile banking apps have become common and can be found on virtually every smartphone. Currently, there are thousands of mobile banking apps available across the world. Interestingly, most traditional banks now have mobile banking apps.

Overview of the Best Mobile Banking Apps in the U.S and Europe

Below are some of the best mobile banking apps in the United States of America and Europe, including the kind of services they offer.

1. Simple

Country: USA

This mobile banking app was owned by Spanish BBVA and was worth over $100m in 2014. It made use of leading technologies to give customers an excellent banking experience. In May 2011, the IOS version of the mobile bank was launched, and in January 2013, the Android version came out. It had no physical location as a bank, but users were allowed a visa debit card for making transactions at ATMs. It was a smaller version of the everyday bank, allowing easier and quicker transactions for users. They offered;

  • Account creation

  • Debit card

  • Zero transaction fee.

  • Saving feature

  • Freezing and unfreezing of debit cards

  • Automatic bill payment

2. Monobank

Country: Ukraine

Monobank is the primary mobile bank in Ukraine and is inarguably one of the best in the world. It was established in 2017 and presently has over 3 million customers. Its creation was to give more financial stability to users in the country. And this extended not just to adults but those over 14 who now had the chance to have a Neobank account. As long as their parents had an account with the Neobank, any six-year-old could be issued a card. Although a Neobank also functions as a bank under user by the Universal bank. Below is the wide range of services offered by Monobank.

  • Fast account creation.

  • Debit card.

  • Expense tracker.

  • Easy to use and navigate.

  • Shake and send feature.

  • Online bill payment.

  • Android use.

3. Monzo Bank

Country: United Kingdom

Launched in 2015, this mobile banking app has over 4 million customers. The Android and iOS bank app was formed to create an easier way for people in the U.K. to manage their funds and cards on the go. The idea was among the initial Neobank ideas in the U.K. and was quickly welcomed by users. This was seen by how quickly the initiative received 1 million Pounds in 96 sections of crowdfunding. Below is a collection of the services and features available on the mobile banking app.

  • Freeze and unfreeze debit cards.

  • Easy transaction at zero charge

  • Debit card

  • Easy transaction through debit cards, mobile banking platforms, or traditional banks.

  • -£1 stock investment and savings feature.

  • Bill splitting.

  • Accumulated total monthly expenses.

What Makes a Great Mobile Banking App?

Below are the features we think a mobile banking app must possess for it to be great.

A mobile banking app has to be fast to appeal to the public. In addition, customers should be able to find the information they need quickly.

The primary purpose of a mobile banking app is to be able to make and receive payments. Interestingly, some mobile banking apps allow users to send money to people on their contact lists.

Even though security is a leading priority for every financial app, users don’t have to go through many worries while proving they are the owners of their accounts. A great mobile banking app will have simple security.

Mobile banking apps should send notifications to users when money is entering or exiting their accounts. In addition, users should also notify the mobile banking app if there is a problem such as debit card loss or theft.


Much of the world is evolving into an online presence. These banks quickly understood this and were even quicker to create mobile apps that did much more than anyone could have ever imagined. And there are many more existing and springing up with features and operating speeds that are excellent for users of all work of life. And with so many options available today, users can easily explore as many as they choose and reap the benefit from all of them.

P.S. We all know that Mono is the best mobile banking app out there, aren’t we =))


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