Why is Mobile Banking Becoming Popular?

by Anujit Bhattachaarya Finance

With the start of Digital Banking, one trend that has caught up is using mobile phones for banking. Each bank now has its Banking app that offers all facilities available on Net Banking. This has enabled people to access the bank via smartphones anytime without using Internet Banking or visiting a bank branch.

Mobile Banking includes a range of services:

· Checking account balance

· Paying utility and other bills

· Transferring funds using NEFT, UPI, IMPS, RTGS systems

· Opening a Term Deposit

· Checking Fixed Deposit or account balance

· Reviewing and downloading historical statements

This Personal Banking app online services form the bulk of the facilities people usually want to get done with. The other reasons while Banking apps are popular are:

Convenience

Firstly, using smartphone banking services is super convenient. There is no need to visit the branch to update your passbook when you can access your account statement within a few clicks. With such banking, there is no need to even log in to your banking portal. Most of the services available here are also accessible on Mobile Banking. This makes it highly convenient.

One-click payments

Whether you wish to pay utility bills, make Credit Card payments, or make third-party transfers, the whole process is done instantly. This has highly simplified banking. There is no need to depend on banking hours since these transfers can be done in real-time using IMPS or the bank's UPI app.

Secure banking

Most banks have security procedures in place for Mobile Banking. This ensures using the app is safe. To use the app, you need to log in using the ID provided through the welcome kit and set up the password. Each transaction gets verified. These built-in safeguards improve the security of Banking apps. Some also have two-factor authentication that notifies when someone else accesses your app. You could even set up an app PIN.

Discounts and cashback

Banks roll out various offers and discounts to make smartphone banking more attractive to customers. Using these can help you take advantage of these different offers.

A range of services

Personal Banking app online is super-efficient owing to its customers' wide range of services. Now, it is even possible to open an FD using these services. With user-friendly interfaces, Banking apps are fast replacing the need for human interaction in a bank branch. This ensures the customer experience ultimate convenience and banking at their fingertips.