People now use mobile banking apps to check their account balances, download statements, transfer money, or pay bills with just a few taps. And it’s easy to see why: mobile banking apps are convenient, user-friendly, and offer valuable features like insights into spending patterns and the convenience of tracking investments.
But how do mobile apps for banking really help people operate bank accounts better? Let’s find out in detail.
- You can conduct banking transactions 24/7
With a banking app, you are not restricted by time or place and can conduct banking transactions at your own convenience. You can add funds from any account, transfer money, download statements, and even pay bills through your mobile banking app at any given time. Moreover, most mobile apps often offer additional features, such as budgeting tools and spending analysis to make money management easier.
- You can set alerts and track your spending
With most mobile banking apps, you can view your past spending, set reminders for upcoming EMIs, and clear bill payments. You can even sign up for automatic payments for loan EMIs, monthly utility bills, and other payments due so that they are taken care of automatically each month. Not only does this help you to control your spending and stay within your budget, but it can also build your credit score and avoid any late payment charges. Furthermore, many apps also send notifications through SMS and email when a payment is made from your account. This can be helpful in spotting any unauthorised transactions or fraudulent activity.
- You can invest in various financial instruments
A mobile banking app also makes it possible to invest in various financial instruments with just a few taps. For example, with the IDFC FIRST Bank mobile banking app, you can open a fixed deposit in 2 minutes or invest in mutual funds as well as other instruments. Moreover, if you have investments through your bank, you can view them all in one place on your mobile banking app. This makes it easy to monitor your portfolio and make changes accordingly.
- Mobile banking apps help with the linguistic barrier
Most banking apps have multiple language options, making it easy for anyone to use them in their native language. Additionally, some mobile apps often offer features such as translation services, which can be helpful for users who are not familiar with the English language. This can help you get the best online banking experience possible, as you can understand all the features and options.
Mobile banking apps have proven to be a boon for banks as well as customers alike. They save time and give you a sense of control over your finances. With these apps, you can perform almost all tasks related to your bank account from your phone. Meanwhile, as a responsible user, you must take certain precautions, such as password-protecting your phone and enabling biometric login as well as two-factor authentication to ensure the safety of your personal information.