How Has The Growth Of Banking Apps Changed Financial Services?

Banking has been completely revolutionized in a few years. With online banking services, one can quickly opt for mobile banking at their fingertips.

What is mobile banking?

Mobile/Internet banking is when the bank or financial institution services allow customers to conduct financial transactions using digital devices such as smartphones, tablets, or laptop computers while on the go. For example, people used mobile banking widely during the Covid-19 pandemic since we had to perform all transactions remotely. Nowadays, having a smartphone is like carrying a bank in your pocket. Earlier, we used to rush to the bank when anything went wrong with our bank account, but now we can use mobile banking to find out what’s wrong.

What services can one access in mobile banking apps?

Check your account balance (balance inquiry)

E-statement of account

Transactions records

All the loan statements

Debit/Credit statements

Bank transfer from one account to another

Payments to third parties

Creating a fixed or recurring deposit

Investments in mutual funds

Services for portfolio management

Locations of ATMs

Locators for branches

Purchasing a new checkbook

Canceling or halting an already-issued check

Pay all your utility bills online, including mobile phone bills, electricity bills, gas bills, tv bills, water bills, etc.

One can perform all the above services in a few minutes with mobile banking applications.

Why is mobile banking beneficial?

Mobile banking apps give you quick access to what’s going on with your account, including your current account balance and all recent transactions. You can also send money to any legitimate phone number and rapidly move money from one account to another.

An immediate notification will pop up when money is credited or deducted from your account. In addition, you can utilize the notification option while paying your bills online to keep track of your expenses and pay your payments on time.

All the activities that formerly required you to go to the bank and wait in long queues can now be done without leaving your house, saving your time and energy. Furthermore, you can instantly deposit money into an account using the mobile banking app.

You can bank online at any time and from anywhere. You no longer need to be in the queue for hours for small activities when you can complete them in just minutes on your phone. Moreover, an emergency, such as a transaction or deduction that you are unaware of can be tracked and examined on your mobile banking app.

Fixed and recurring deposits are simple to open, track, and manage. We can also use online banking services to invest in mutual funds.

Using a mobile banking app, you get 24-hour customer service. In addition, many bank apps have an immediate chatbot that can answer your questions and record your callback requests.

The UPI payments bank apps are one-stop shops for paying bills, including broadband, DTH, credit cards, energy, gas, insurance, mobile, mutual funds, subscriptions, taxes, and telecom at your convenience.