Mobile banking is the use of a smartphone or other mobile device to perform online banking tasks such as checking balances, transferring funds, paying bills, and accessing financial services. Mobile banking has become increasingly popular in India, especially after the demonetization of high-value currency notes in 2016, which prompted many people to adopt digital payments and banking solutions. This article explains some of the main benefits of mobile banking.
Top Benefits of Mobile Banking
The following points are the major advantages of mobile banking
Highly convenient
This is one of the major benefits of mobile banking that attracted many customers to use it. Prior to a few years ago, you had to go to your local branch to conduct any financial activities, including deposits, withdrawals, transfers, and more. Some of these services might now be used without interacting with some bank employees thanks to the invention of ATMs. However, you still had to stop at the ATM.
All of your financial transactions can now be completed with a few taps and swipes on your mobile phone from the convenience of your home or place of business thanks to the introduction of mobile banking. It enables users to access their bank accounts at any time and from any location.
Ease of use
Customers of all ages can enjoy a seamless experience using mobile banking apps. These apps must appeal to a wide range of audiences, from older generations to digital natives. As a result, using them is exceedingly easy and natural.
For first-time customers, the majority of banks provide helpful tips on “how to use mobile banking?” These instructions cover every step, from installing the app to configuring your Login ID and Password to carrying out various banking operations.
These apps are really simple to use, whether you’re checking your balance, paying payments, or transferring money.
Enhanced security
Some clients were initially hesitant to move to mobile banking due to concerns about security. Mobile banking applications are, in fact, very secure. Every banking app is password and/or personal identification number (PIN) protected.
One-Time Passwords (OTPs) are an additional degree of protection that Mobile Banking apps provide. For executing advanced transactions, OTPs are sent to your registered mobile number. Your bank will protect your account from hackers and scammers by making sure that only you can access it.
Automate regular payments
You can plan recurring payments using a Mobile Banking app. You must pay utility bills on time to prevent service interruptions, including those for power, cable, water, and other services.
You can program instructions to automatically schedule payments for a specific day each month. By doing this, you can stop worrying about missed payments.
Monitor bank accounts 24×7
You can access your bank account whenever you want using mobile banking. You can conduct transactions on the go, including checking your account balance and paying invoices. You can monitor your account around the clock, so you will receive warnings whenever there is any questionable or fraudulent activity.
This makes it easier for you to notify your bank right away of any issue, increasing the likelihood that your cash will be recovered in the event of a fraudulent incident.
Top Benefits of Mobile Banking for Customers – In a Nutshell
Customers questioned “What is the use of Mobile Banking?” just a few years ago. Today, the situation has entirely turned around, with more people than ever before signing up for mobile banking apps. With mobile banking, you may access your bank accounts instantly, have a hassle-free user experience, and make use of a wide range of banking services and functions.
