The traditional banking method has evolved from SMS to online access to almost all banking services in the last two decades. The only requirement for online banking services is a smartphone with an internet connection, a sim card, and a phone number registered with the bank account. The era of long queues is on the verge of extinction. Like SBI bank has created its mobile banking app, many other banks have also done so.
Customers can use mobile banking to perform banking tasks online remotely using electronic devices such as smartphones and tablets. You can find it all here, from checking your bank balance to sending money abroad. You’ve almost got a bank in your pocket in just a few taps on the screen.
What all one can do using mobile banking apps
Payment of bills
With mobile banking, you can pay all your bills online, including electricity, gas, water, loan repayments, subscriptions, DTH, fastag, cylinder, credit card payment, and mobile recharge.
With the UPI payment app, you can send money to anyone globally. In addition, you can deposit funds directly into a bank account or transfer funds to anyone on your contact list.
If you want to stop a cheque but are unable to visit the bank at this time, you can use the “stop cheque” service to prevent the cheque from being cashed.
Other services similar to this include:
- Request for a chequebook
- Check Status Inquiry
- Confirmation of positive pay
- Account statement Certificate of Interest
- TDS certificate
- Internet banking password reset
- Nominee registration
- Savings account transfer
- Subscribe/Unsubscribe SMS alerts
You can start saving money immediately by opening a recurring account or a fixed deposit.
Begin investing in any Public Provident Fund with attractive rates and returns, or any IPO on an Indian exchange, in small increments.
Services for lending
On the app, you can apply for any loan. Generally, you can apply for a car loan, a personal loan, an agricultural loan, a home loan, etc. If you are eligible and have all of the required documents, you can get loan approval within a few minutes.
These apps have partnerships with numerous e-commerce platforms, allowing users to book buses, flights, and trains directly from the app. Earn exciting cashback and offers when shopping at Amazon, Myntra, Croma, etc.
Mobile banking is a blessing that has made our lives easier and better by providing services instantly and anywhere, especially for people who live in remote areas where there are no banks. Companies created these apps with the customer’s convenience in mind. They are user-friendly and have a simple user interface to ensure that everyone can use them.
Millennials and the younger generation are to mobile banking, but the older generation is not, and they are concerned about the app’s safety and security. These apps consider protecting their customers’ information as to their top priority. Every time you open the app, there is two-factor authentication, and all information is end-to-end encrypted. One can even improve security by setting a face lock or fingerprint lock.