Mobile Banking Apps: The Best Advantages You Need To Know

The banking industry is the spinal cord of the Indian financial system. Banking has gone online thanks to technological advancements and innovation.

Today, nearly 60% of people in India use mobile banking. Almost all banking services are available in the palm of your hand which helps you in sorting your banking needs with a couple of clicks on your mobile device. We couldn’t go outside during the pandemic, so online banking came in handy. The UPI bank apps are simple, efficient and convenient for anyone to use.

What are the best advantages of using mobile banking?

Easily accessible

Mobile banking apps give you quick access to what is going on in your accounts, such as your current account balance, recent transaction history, all transactions and muc more. You can also send money to any valid phone number and quickly transfer money from one account to another.

Security

These apps usually include multiple layers of encryption. In addition, you can beef up security by utilizing a PIN, facial recognition, fingerprint scanning, and two-factor authentication.

Saves time

You can bank online at any time and from any location and get the minor tasks done on your phone within minutes as per your convenience. Furthermore, in an emergency, such as when an unexpected amount has been deducted from your bank account that you are unaware of, you can consult your mobile banking application to determine why the amount was deducted. You can even apply for a credit card online and have it delivered to your door.

Alerts and Notifications

When funds are credited or debited from your account, you will be notified immediately. While paying your mobile recharge bill online, you can use the alerts feature to keep a tab on all your expenses and pay your bills on time.

Low-cost and energy-saving

With mobile banking, you can now get your banking activities completed without leaving your house; saving both your energy and time.

Furthermore, you can instantly deposit funds into an account using the mobile banking app.

Fraud detection and prevention

Customers who use mobile banking are well aware of their financial transactions, so if we observe any fraudulent activity, we will be able to detect it and notify the bank promptly. We also avoid fraud by using multiple layers of security.

Bill-paying convenience

Mobile banking apps are a one-stop shop for paying bills like broadband, DTH, credit card applications, electricity, gas, insurance, mobile, mutual funds, subscriptions, tax, telecom, etc. You can also use the auto-debit feature to ensure you never miss any bills and all your bills get paid on time.

Investments

Fixed and recurring deposits are simple to open, track, and manage. You can also invest in mutual funds through online banking applications.

Customer service

When you use a mobile banking application, you have access to customer service 24/7. In addition, many apps include an instant chatbot that can answer your questions and take call-back requests.