5 Tips To Smart Mobile Banking

by Giselle Lobo Writer & Blogger

With every passing day, digital banking is getting simpler and convenient. Banking has come a long way – from breaking the norm of standing in long queues to mobile applications, every transaction requires only one action, a click of the button. Thanks to the rapid usage of the clever device called a smartphone; everyone can buy anything and everything through various apps right from groceries to shopping online to paying bills to making payment at the Kirana store and much more.

With the help of a banking app, you can track your account, receive the bank statement, open an account, send/receive money and lots more. However, banking with your mobile phone requires some amount of common sense. Following are 5 tips to smart mobile banking:

1) Download bank applications: You no more have to rely on the mobile browsers to keep a check on your bank account. Almost every bank today has their apps that you can download through Apple and Google Play Store. Also, some banks solely function through smartphone like DBS DigiBank. It is the one stop solution for all your banking needs. No paperwork, signatures or bank visits need to be made from your end. Your Aadhaar and PAN card would suffice.

2) Mobile wallet: Whenever you make any purchase, you have to use your credit/debit card. Some are not comfortable with providing their card details on the portals. To do away with card usage, humankind is blessed with mobile wallets. They allow you to make payment through them at any place and for anything. All you have to do is transfer some funds to the wallet from your account through net banking and start your shopping. Some of these wallets have their pre-paid card as well.

3) Call-to-Pay/IVR services: There will be times where your data connection will be weak. In such cases, you can use the Call-to-Pay or IVR option. These services are meant for checking account balance, and providing other financial solutions. To ensure you enjoy a safe and secure digital banking, banks are offering these facilities with voice recognition software for account holders.

4) Social media: Considering many people are connected with their family and close friends through social media apps, there are means by which you can conduct digital banking through them. It is the latest buzz word in India. Facebook, WhatsApp are some of the front runners in making this possible. You can also send funds through Twitter. Third-party wallet companies are also assisting users to manage their finance using social media.

5) Payment Bank Concept: The Indian Government is ensuring everyone has access to basic banking experience through the Payment Bank concept. This concept also covers mobile phones. They urge the mobile wallet firms, telecom providers, retailers, and others to especially help those who are unaware of how a banking app works.

Apart from the activities mentioned above, you can also locate the closest ATMs in your area through a banking app. Do you require more reasons as to why you should opt for mobile banking?