Top 6 benefits of Mobile Banking you need to know!

Today, you can use your mobile phone to book movie tickets, shop, buy groceries, and much more. A Banking app helps you with all these transactions with a few taps. They offer unparalleled convenience and accessibility to managing your finances. Mobile Banking means you use a smartphone or tablet to perform banking tasks and manage finances through a dedicated app.

Most banks provide personalised services to online Bank Account holders to help them securely manage their accounts, transfer funds, pay bills, and keep a check on transactions 24x7. Its benefits include:

1. Convenience and accessibility

You can access banking services 24x7, eliminating the need to visit physical branches during the usual banking hours. It does not matter if you are at home or travelling. The services are available 365 days a year on your mobile device. Additionally, you can access statement downloads, bill payments, and chequebook requests, find the nearest ATM, block stolen Credit Cards, and access other services.

2. Enhanced security

Mobile Banking apps rely on advanced encryption technologies and biometric or multi-factor authentication to protect users' financial information and make transactions safe. You must set MPINs and provide OTPs to authenticate your transactions to prevent unauthorised access. You can also open an online account with Zero-Balance.

3. Real-time notifications

You always stay informed about account activities, payment reminders, and suspicious transactions with instant alerts that help you manage your finances proactively. With the help of real-time notifications, you can monitor your finances and ensure there are no unauthorised transactions made from your account.

4. Investment on the go

You can switch to mobile banking apps because of the ease of investing in Term Deposits, stocks, and Mutual Funds. Some apps help you categorise your expenditure, savings, and goal trackers. You get a cohesive financial management ecosystem with varied investment platforms and payment systems under one roof.

5. Environmental impact

You can protect the environment by reducing paper waste and carbon footprint. You save money on your transactions by opting for digital statements and reducing the need to use paper request slips for every activity. You also pay lower fees for online transactions with fewer service charges.

6. Auto-debits and easy payments

You can use options like NEFT, IMPS, or RTGS to transfer money from your account. Most apps are integrated with UPI, which enables you to make faster digital payments. When you set auto-debits for payments, you can remain carefree about recurring debts, such as Credit Card, Loan, and Insurance premium payments. Ensure you have enough account balance to fulfil them.

Conclusion

Adopting Mobile Banking apps is a strategic move for managing personal finances or conducting business banking. Always remember to be cautious, never share your passwords, OTPs, or credentials with anyone, and stay safe from any phishing activity.