6 benefits of using a Mobile Banking App

The world has moved rapidly towards digitalisation in the last few years. It is almost impossible to live without smartphones in this fast-paced world. From shopping for groceries to booking flight tickets to paying utility bills to searching for new dinner recipes, there’s nothing your smartphone can’t do!

When everything else is going digital, why should the banking industry be left behind?

The advent of mobile banking apps has changed the entire banking ecosystem and how banking functionalities are carried out across the globe. Today, digital banking is no more a trend but a necessity.

As per a study by the global market research firm Forrester, digital banking apps are the most popular banking channels in Asian countries. Around 83% of urban Indians and 78% of urban Chinese with a bank account to their name use mobile banking apps to conduct their routine banking activities.

These banking applications were already gaining popularity in India soon after demonetisation. However, their popularity zoomed when the pandemic struck, and the lockdowns happened. Of those living in metro cities, as many as 8 out of 10 Indians started using banking apps after the COVID-19 pandemic.

Features and benefits of Mobile Banking Apps
 

You can download the mobile banking app of your banking partner – such as IDFC FIRST Bank’s mobile app – and conduct a range of banking activities from the convenience of your home or office. You can even download third-party digital banking apps that allow you to link your bank account(s) with your smartphone and have everything at your fingertips.

Let’s look at some key benefits and features of mobile banking apps:

Get access to your bank 24×7
 

The usual banking hours in India are from 9 am to 4 pm. Some banks may even work up to 6 pm. But what if you need to access your bank at midnight for an urgent requirement? What if you face an emergency and require money immediately, or if you need to transfer funds to a friend urgently? You will either have to wait for the bank to open in the morning or knock on a neighbour’s door for help. 

However, with a digital banking app on your smartphone, such situations will never trouble you. Unlike a bank branch, internet banking or a mobile banking app provides access to your bank at all times. You can transfer money anytime and from anywhere without any hassles. This saves you a lot of time and effort. 

Avail of a host of banking functions
 

With a mobile banking app, you have ready access to a host of banking functions. For example, you can check your savings bank account balance, transfer funds to another user, request a new cheque book, set up standard instructions, initiate money transfers open a Fixed Deposit account, and pay utility bills. 

Mobile apps for banking provide a single interface to get in touch with your bank for an array of banking queries and requests. They enable banking from anywhere and at any time. This does away with the hassle of visiting a bank branch and waiting in line for every banking need. All you need to do is log in to your mobile banking app with your ID and password, M-PIN or fingerprint. Then select the required service and enter the One Time Password (OTP) received on your smartphone to complete your transaction or simply complete certain transactions for which the OTP is not required

Review your account history
 

Often, you may spend on something and forget about it. And when you eventually check your bank account balance, you get startled and wonder where your money went. In such a scenario, you may need to check your bank statements to know your previous transactions. You may also require bank statements as proof of income or address while opening a Demat account or applying for a new loan/credit card.

With a mobile banking app, you can not only conduct your financial transactions but also review your bank account history. You can access your bank account statements, credit card transactions, fixed deposit details, and more with a few taps on your smartphone. You can even download these statements to your smartphone for future reference.

Track your spending
 

You can track all your expenses using your digital banking app. For example, with IDFC FIRST Bank’s mobile app, you can see all your past spends and also view and manage your upcoming spends. You can even set reminders to ensure that you never miss an EMI or bill payment(s).

Some mobile banking apps also provide automatic payment services wherein you can sign up for auto-payment of your utility bills, loans EMIs, and other monthly obligations. You will get a notification when a payment is made from your savings bank account. This way, you can not only control your spending and stay within your budget but also build a good credit score.

Invest your money
 

If you have surplus money in your bank account, why not invest it in different instruments to get better returns? After all, there’s no point in letting your hard-earned money idle in your savings bank account, which offers a very low-interest rate. Still, many of us hesitate to invest our money because we think the process is too complicated.

With internet banking or a digital banking app on your smartphone, you can invest in various instruments with just a few taps. For example, you can open a fixed deposit account, or invest in mutual funds, stocks, bonds, and several other instruments. You can also track your investments and returns, and make changes to your portfolio if required.

Locate the nearest ATM
 

Many people are unaware of this facility, but it does exist. You can use your mobile banking app to locate the nearest ATM as well as the nearest branch of your bank. This feature can be of great use if you need to withdraw cash urgently, especially if you happen to be in an unfamiliar neighbourhood or a different city. 

Conclusion
 

A mobile banking app can be handy since it offers a host of benefits and features. You can avail of banking services anytime and from anywhere and have complete control of your finances. At the same time, it is important to take certain precautions like keeping your ID and password safe in order to safeguard and protect the mobile banking app from any unauthorized access or usage.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.