Mobile banking is using a mobile device to complete financial transactions efficiently. Some financial institutions, including banks and NBFCs, usually provide the services and enable users to carry out transactions, which may vary depending on the institution. It has become very popular with the development of smartphones with iOS or Android operating systems. Therefore, we can now download banking apps onto our phones with more sophisticated interfaces and improved transactional abilities.
Best-In-Class Features Of A MobileBanking App:
- Easy Set-Up Process:
There is no activation process, it is very easy to log in to the app using our customer id and password. If we do not remember our password, we can select the forget password option available on the app, or we may retrieve our customer id through net banking.
- Safe & Secure:
We can quickly log into our account with just our fingerprint or touch ID. There is no requirement for remembering passwords to access our net banking account.
- Quick Online Banking:
An internet banking app lets us view real-time total account balance inquiries, fixed deposits, recurring deposits, utility bills, credit card bills, and more in one consolidated platform.
- Money Transfers:
It helps us transfer funds quickly between two similar bank accounts or other accounts by selecting payment options, including IMPS, UPI, NEFT, RTGS, net banking, etc.
- Manage Cards Easily:
We get a fantastic opportunity to apply for a credit card, pay credit card bills, and even block a lost or stolen credit and debit card by using an online banking platform.
- Use An Investment Tracker:
Users can easily open and manage fixed deposits or other investment accounts with the help of a mobile banking application. Moreover, they can track their Demat account and instantly switch to other apps where they can trade stocks, mutual funds, or gold bonds.
- Instant Bill Payments:
A net banking app allows us to pay electricity, mobile, gas, DTH, and more utility bills within a few minutes. It also helps to set up automated scheduled monthly payments on the app.
- Smart Account Opening:
Customers can now open an instant account through the mobile banking app and use the one-touch share feature to send receipts over any platform after making any payment.
- Cardless Cash & eCMS:
Most online banking apps are coming up with a new cardless cash feature. It enables customers to send cash from one bank account to anyone with a valid mobile number. In addition, they are also offering electronic cash management services, a specialized online payment service mainly provided to large corporates, including dealers, investors, etc.
- Excellent Customer Support:
Now we can chat with a chatbot available on the MobileBanking app. Most importantly, it allows us to talk with EVA anytime for instant query resolution. One of the main features of EVA is that it can accept text input and listens to voice input when we tap on the microphone in multiple languages.
A digital banking platform provides the services mentioned above and also helps customers update their Aadhaar details, apply for loans, and download e-TDS certificates. Furthermore, we can open savings accounts, apply for a credit or debit card, invest in sovereign gold bonds, buy & renew insurance, buy forex cards or E-gift, and do much more with the help of a digital banking platform.