Today, you can use your mobile phone for many things, such as shopping, buying groceries, booking movie tickets, and much more. A banking app on your mobile can help you with all these transactions in a few clicks. Mobile banking apps offer unparalleled convenience and accessibility to managing your finances.
What is mobile banking?
Mobile banking is when you use a smartphone or tablet to perform banking tasks and manage your finances through a dedicated banking app. Most banks and financial institutions provide personalised solutions through an app to help you securely manage your accounts, pay bills, transfer funds, and keep a check of your transactions 24/7.
Benefits of mobile banking
1. Convenience and accessibility: You can access banking services 24/7, eliminating the need to visit physical branches, which is possible only during the usual banking hours. It doesn't matter if you are at home or travelling, the services are available 365 days on your mobile device. Additionally, you can access other services including statement downloads, bill payments, requesting cheque books, finding the nearest ATM, blocking stolen Credit Cards, and so on.
2. Enhanced security: Mobile banking apps use advanced encryption technologies, and biometric or multi-factor authentication to protect your financial information and ensure safe transactions. You have to set mPINs and provide OTPs to authenticate your transactions to prevent unauthorised access.
For instance, open by Axis Bank requires two steps for secured registration — setting up an mPIN and providing authentication with Debit Card details, internet banking details, and an OTP. You can get access to multiple features including opening RD, FD, investing in stocks and transferring of funds.
3. Real-time notifications: You always stay informed with instant alerts about account activities, payment reminders, and suspicious transactions that help you manage your finances proactively.
4. Invest on the go: One of the reasons why you must switch to mobile banking apps is that you can invest in Fixed Deposits, Recurring Deposits, or even stocks and Mutual Funds through the app anytime. Some apps also help you categorise your expenditure and savings goal trackers. This means you have a cohesive financial management ecosystem with varied investment platforms and payment systems in one.
5. Environmental impact: You can contribute to reducing paper waste and carbon footprint by opting for digital statements and minimising the need for using paper request slips for every activity. This impacts your transactions because you need to pay lower fees for online transactions with fewer service charges.
6. Auto-debits and easy payments: You can transfer funds via options like NEFT, IMPS, or RTGS. Most apps are also integrated with UPI, which enables you faster digital payments.
Also Read: e-Banking: The key to digital finance
Conclusion
The benefits of mobile banking apps extend well beyond convenience. Whether it's for managing personal finances or conducting business banking, adopting this technology could be a strategic move. Always remember to be cautious by never sharing your passwords, OTPs, or credentials with anyone and staying safe from any phishing activity.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
