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Getting the most out of your banking app

24/06/2020

We take a look at how you can use banking apps to help with things like budgeting and managing your money.

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With COVID-19 changing the way we go about our lives and reducing the number of trips people are making to their regular branch, more and more people are realising the convenience of online banking to manage their money from home.

Whether you’re a natural at digital banking or only starting for the first time, you might be surprised that you can use your mobile app for much more than just checking your account balance. While the functionality of apps might vary slightly between financial institutions, banking technology continues to evolve and is becoming more accessible than ever.

Once you’ve registered for internet banking and downloaded the app to your device, follow these simple steps to start unlocking the full potential of your banking app and manage your money on the go.

Digital banking instructional videos

Budgeting buddy

The biggest perk of digital banking is being able to split out your accounts, which can be a real game changer for setting a budget and sticking to it. Use your app to:

  • Open separate accounts according to your spending needs and savings goals
  • Personalise your accounts with a nickname such as ‘Bills’ or ‘Holiday’
  • Set up Quick Balance so you can check your finances at a glance
  • Change your payment limits at any time.

Set and forget

Sick of bills getting lost in your inbox or covered over on the fridge? Find yourself falling short of your savings goals each pay cycle? Setting up direct debits is a handy way to avoid missing payments and keep yourself accountable for your financial goals. Use your app to:

  • Start a bill account and set up for direct debit where possible to avoid accidentally missing a payment
  • Set up automatic transfers so you don’t have to manually transfer money between accounts each pay cycle. You can view and change pending payments at any time.
  • Pay bills via BPAY®. Billers can be easily added to make future transactions even quicker.
  • Use PayID and Osko so you can transfer and receive money faster.

Reduce your paperwork

You only need to look at the ever-growing envelope pile at the end of the table or bulging desk drawer to know that paperwork is time consuming, stressful and wasteful. Keeping track of your files digitally means you can say goodbye to the paper trail and make life admin a bit easier for yourself. Use your app to:

  • View your statements online
  • Check your interest details for savings accounts and loans for tax time
  • See your transactions and keep track of where your money is going
  • Check if you’re ahead on your loan repayments.

Security

Digital banking is supported by extremely secure platforms that keep your personal information safe and make it easier to identify fraudulent or suspicious activity. Use your app to:

  • Activate new or replacement cards
  • Change your card PIN at any time
  • Block a card
  • Set up TouchID, FaceID or Fingerprint to securely access your app depending on your device
  • Safely manage your payment limits
  • Manage your devices and deactivate any that you no longer own.

Keep up to date

It might sound obvious, but your banking app can be used for two-way communication and often has useful information regarding updates or products and offers. Use your app to:

  • Keep across any new updates or features
  • Get in touch with your financial institution
  • Keep your personal details up to date
  • Find out more information about a product.

This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Terms, conditions, fees, and charges apply. Information in this article is current as at the date of publication. ® Registered to BPAY Pty Ltd ABN 69 079 137 518

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