Our banks fit in our pockets today, thanks to mobile banking and the disruption that it has created across India. UPI (Unified Payments Interface) transfers have only amplified this popularity over the past few years. This article elaborates on the benefits of mobile net banking and enlists six points illustrating how this technology has completely altered our banking habits.
- You can build wealth better using a mobile app
Let us take IDFC FIRST Bank’s example to understand how mobile banking helps customers save more. IDFC FIRST Bank’s Zero Fee Banking feature combined with monthly interest credits and a competitive interest rate help customers steadily grow their savings. Zero Fee Banking waives the charges of 28 banking services like cheque book issuance charges and SMS alert charges, helping customers build their wealth over time.
- Mobile banking apps help you budget better
Imagine having access to your monthly budget at every hour of the day. The Track My Expense feature on IDFC FIRST Bank’s mobile banking app helps customers budget efficiently online. Customers can categorize their online payments and infer learnings from these expenses to save more in the future.
- You can instantly invest your savings through a mobile banking service
New-age digital banking apps focus on an array of banking services instead of facilitating only a few. You can directly invest your savings in a mutual fund scheme of your choice, for example, through the IDFC FIRST Bank mobile banking app. IDFC FIRST Bank also sends personalized investment recommendations to customers through the app, helping them make better investment decisions.
- Your bank can grant you instant personal loans through a mobile app
Today, every customer with an online account has access to a significant loan amount at all times; in case of a financial emergency. IDFC FIRST Bank offers an instant personal loan of up to ₹ 1 crore directly through its mobile banking app.
- You can make faster and safer online transfers
Auto Pay and One-Swipe Pay are IDFC FIRST Bank’s efficient online fund transfer modes that help customers seamlessly transact online. From credit card repayments to paying utility bills, mobile banking apps can facilitate all money transfers today.
- Banking services are more accessible through a mobile banking app
The primary reason behind people preferring mobile finance over Net Banking or visiting the bank in person is improved accessibility. From bank statements that you can download directly from apps to checking one’s bank balance, you can access every banking service conveniently through a mobile app. Moreover, mobile banking apps facilitate a direct access to customer support. IDFC FIRST Bank’s customers can address their queries to customer service at any hour through the IDFC FIRST Bank mobile banking app.
We took the example of IDFC FIRST Bank in this article. However, you must understand that not every banking application offers these key features. Be sure to read about your bank’s mobile app online and check its reviews before opening a savings account with the bank.