Mobile banking applications are becoming a vital component of ordinary banking around the world. While just a few short years ago, banking customers were required to travel to their bank in order to process most of their transactions, today’s customers are becoming ever more tech-savvy and concerned with their online banking security. With this new demand for convenience, security, and ever-faster transactions, these mobile applications are being put to the test.

Some of the world’s largest banks like Chase, Wells Fargo, and Bank of America have all developed mobile banking applications in order to provide their customers with the ability to check their account balances, pay their bills online, and even cash checks by taking pictures of them with their phones – they can essentially make transactions on the go by leveraging their phones to serve as a mobile wallet. But any financial transaction requires tough security measures to protect the details and finances of the customers who choose to use these apps for their banking. These banks are spending big money in order to ensure that their apps are the best, and more importantly, highly secure.

The convenience and security of these various products has become one of the many tools in their arsenal to attract new banking customers and retain existing customers. This of course leads to healthy competition, and to new and interesting advances in what these apps, and the customers who use them, can do. For example, certain mobile banking applications allow their users to pay for products simply by touching their phones to special “readers” at checkout with the aid of “payment stickers” attached to their phone, which allow the phone to serve as a mobile wallet.