In today’s fast-paced world, people look out for convenient options and mediums which provides them quick solutions and when it comes to banking services, mobile banking apps have made life easier and more convenient.
Mobile banking is a digital banking service offered by the banks or financial institutions enabling their customers to conduct financial transactions remotely via digital devices such as smartphones, tablets, or laptops. People used mobile banking constantly because we had to complete all transactions remotely due to the pandemic. The number of mobile banking transactions increased dramatically during the pandemic. It proved to be a boon in times of despair. People could apply credit card online without any issues due to banking apps.
What can mobile banking apps be used for?
Transfer of funds
The UPI money transfer app lets you send money online anywhere in the world.
You can also transfer money to anyone on your contact list or deposit money directly into a bank account.
Bill payments
Your one-stop destination to pay all your bills online with mobile banking, including electricity, gas, water, loan repayments, subscriptions, DTH, Fastag, cylinder, credit card payment, and mobile recharge through bank UPI.
Make a financial savings plan
If you want to begin saving money immediately, consider opening a recurring account or making a fixed deposit. But, again, there are lots of plans and options you can select from.
Invest
Begin investing in small increments in any Public Provident Fund with attractive rates and returns or an IPO on an Indian exchange.
Loan services
You can apply for any loan through the Mobile Banking app. For example, you can apply for a car loan, a personal loan, an agricultural loan, a home loan, etc. You can receive loan approval in minutes if you are eligible and have all the necessary documents.
These apps have associations with various e-commerce platforms, allowing users to book buses, flights, and trains directly from the app. Earn exciting cashback and offers when shopping at Amazon, Myntra, Croma, and other online stores. Pay for anything with mobile banking.
Mobile banking is a great privilege that has made our lives easier and more enjoyable by offering services instantaneously, anywhere, and everywhere. Specifically for people who live in rural and remote areas with no nearby access to banks or financial institutions, mobile banking apps have been a blessing. These apps were designed with the convenience of the customer in mind. They are user-friendly and have a simple user interface, allowing anyone to use them.
Because mobile phones are always with us, people are more likely to use them for online banking rather than go to banks. Mobile banking is more prevalent among young people and the younger generation, but not among the older generation, who are concerned about the app’s safety and security. These apps prioritize the protection of their customers’ information. Two-factor authentication is used every time you open the app, and all data is encrypted end-to-end. You can also use a face lock or fingerprint lock to increase security. Don’t worry; your information is safe with these apps, but you have to ensure that you do not reveal your pin to anyone. In case you lose your phone, block the card first.
Digital banking revolutionizes financial services by offering online platforms for transactions, account management, and financial planning. It enhances convenience, accessibility, and real-time financial interactions for users worldwide.
