6 Reasons why you should make the most of mobile banking apps

Think back to when you had to visit a bank branch to open a fixed deposit or queue up to pay a bill. Those days are fading fast, as mobile banking apps now offer seamless banking services right from your smartphone.

Your smartphone makes everything easier, from shopping for groceries and booking flights to paying utility bills and finding new dinner recipes. The banking industry has embraced this digital transformation, offering mobile banking apps that simplify financial tasks. But are you taking full advantage of your mobile banking app?

By understanding the benefits of mobile banking, you can unlock the true potential of this service.

The mobile banking revolution
 

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

According to Forrester's Consumer Asia Pacific Survey 2023, 87% of Indian adultsare keen on using mobile banking apps for their banking needs. In India, the digital ecosystem, including mobile banking apps, gained momentum since the demonetisation. However, their usage grew exponentially during and after the COVID-19 lockdown. Not surprisingly, banks have started developing advanced mobile banking apps for their customers.

For instance, the IDFC FIRST Bank App addresses your personal finance needs and offers a wide range of banking services.

Here are some features and benefits that make mobile banking apps indispensable in your everyday life.

Features and benefits of mobile banking apps
 

After downloading your bank's mobile app, you can access a wide range of banking services from the comfort of your home or office.  Here are some key features and advantages of mobile banking –

1. Any time banking

With a mobile banking app, you can access your bank 24×7. The usual banking hours in India are from 9 am to 4 pm, although some banks may even work up to 6 pm. But what if you need to access your bank at midnight for an urgent requirement? Or what 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.

But with online mobile banking services, these situations will never trouble you. You can open your mobile banking app in the middle of the night to transfer funds or make payments. With your login credentials with you, you can log in from any device and any location.

2. Avail of a host of banking functions

With a mobile banking app, you have instant access to a wide range of banking functions like -

• Checking your savings bank account balance
• Transferring funds to another user
• Requesting a new chequebook
• Setting up standard instructions for transactions
• Initiating money transfers
• Opening a fixed deposit account
• Paying utility bills

Mobile banking apps enable banking from anywhere and anytime. They eliminate the effort 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.

3. Review your account history

Bank statements and transaction history will help you in –

• Identifying unnecessary expenses
• Adhering to the monthly budget
• Identify unauthorised transactions
• Finding errors and unnecessary charges

In traditional banking, we had to wait for the bank statement or visit the branch for the same. But with a mobile banking app, you can generate and view transaction history for a customised time frame.

Apart from account history, you can check your credit card transactions, fixed deposit details, investment performance and more with a few taps on your smartphone.

4. Track your spending

Apart from the detailed account history, you can track all your regular expenses using your digital banking app. By choosing the right banking partner –

• See all your past spending and also view and manage your upcoming spending through your mobile banking app
• Set reminders so that you never miss EMIs or bill payments
• Sign up for auto-payment of your utility bills, loan EMIs, and other monthly obligations. You get notified when a payment is made from your savings bank account
  

This way, you can control your spending, stay within your budget, and build a good credit score.

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 all your hard-earned money sit idle in your savings bank account. Investment can be complicated, but not with a mobile banking app.

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.

6. Locate the nearest ATM

Many people are unaware of this facility, but it does exist. Your mobile banking app can locate the nearest ATM and 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. 

The IDFC FIRST Bank App
 

The IDFC FIRST Bank App has revolutionised mobile banking services in India with its standout features and benefits. These features include –

1. Auto-pay feature so that you never miss a bill
2. Instant adding of funds from any account
3. Overview of all bank accounts in the app with UPI, thanks to the account aggregation feature
4. Smart statements for an instant overview of bank transactions
5. View and manage all your upcoming spending through the app
6. Direct link to mutual fund investments
7. Open a fixed deposit in only two clicks
8. Safe mobile banking with two-factor authentication

Going mobile with banking
 

A mobile banking app can be handy since it offers many benefits and features. You can avail of banking services anytime and anywhere and have complete control of your finances.

The IDFC FIRST Bank App handles your banking needs and streamlines your personal finances and investment objectives in one platform. Download the IDFC FIRST Bank app today and take control of your finances with ease.