Lesson 1: Understanding financial apps
A financial “app” is a software application or program that you download onto your mobile device in order to carry out a specific financial task.
Whether you want to track your monthly expenses, send your child or grandchild money quickly, or just double-check your latest bank account balance, there’s an app for that.
In fact, there are financial apps for virtually every aspect of your personal finances, including apps to help you save more money, budgeting apps, debt-reduction apps, investing apps and more.
No wonder, then, that 63% of smartphone users have at least one financial app, according to a Bankrate survey.
But before you can actually download any financial app, including your bank’s app, you must go online to a virtual “store” and retrieve the app.
For those who use an Apple iPhone or iPad, you’ll go to the App store to get your bank’s app, or any desired app.
If you have an Android smartphone or tablet, go the Google Play store to get your bank’s app.
Read more below for a step-by-step guide to downloading an app.
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Step 1
Find out from your bank the official name of their consumer banking app (Tip: banks often provide a link to the app they want you to use on their website, or you can ask a bank teller). If you want another financial app, get its specific name.
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Step 2
Use your mobile device to go to the App Store (for iPhones or iPads) or the Google Play Store (for Android smartphones or tablets).
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Step 3
Go to “search” (Tip: it has a magnifying glass icon/image).
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Step 4
Search for your bank’s official consumer banking app, or the specific financial app you want.
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Step 5
Click “get,” “install” or “open” to retrieve the app.
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Step 6
The app will begin automatically downloading. Look for it on the home screen of your smartphone or tablet. Once the download is complete, tap the app to begin using it.
