With the constant developments in today's technological environment, it is estimated that approximately 60 per cent of Australia's population will be using smartphones by the end of the year. If you're yet to jump on the iPhone or Android bandwagon, the benefits of the banking apps that are now available may have you convinced. If you're a fan of internet banking, the banking apps take the concept one step further, enabling customers to check their balances, make transfers and pay bills when they don't have access to their computers. The big four banks all have apps on the market, however CBA and ANZ have taken the notion one step further for those who are willing:

ANZ Mobile Payments - need to transfer money but not sure of the recipients bank account details? No worries. So long as they have an Australian bank account, you can simply type in their mobile number and send them through the money. Or, if you're feeling particularly brave.

Commbank Kaching - With CBA's new app, they boast that you can 'leave your wallet at home'; there is no longer a need for cash or cards, only your smartphone. Kaching offers the same mobile payment feature as ANZ, but the real highlight is having the ability to pay for purchases under $100 by simply waving your phone over a PayPass terminal at participating stores. This requires the purchase of an iCarte case to fit to your smartphone, but otherwise it really is as simple as it sounds. CBA ensures that this feature is completely safe, but as to whether it will take over the use of cash and cards, is yet to be seen.

While these features are available to all customers, they do not necessarily have to be utilised; simply having the ability to transfer money from your savings to your cheque account while in line at the supermarket may be benefit enough for most. All of the bank apps are free to download, simple to use, and could be of benefit to your business or personal banking for those prepared to take the next step. If you'd like to find out more about smartphones, apps and all they have to offer, please give us a call.