10 Key Services Offered by a Mobile Banking App

10 Key Services Offered by a Mobile Banking App

June 24, 2021 Off By David Dom

Mobile banking apps are emerging as an easy-to-use tool for one to conduct daily banking activities. According to a survey conducted in 2020, about 68 percent of people in India use mobile banking and over 50 percent will continue using it in future. What makes an online banking app popular? It is the features, and here are the 10 principal ones that make a bank mobile app unique.

  • Simple yet secure log-in process

A mobile banking app is designed to have an easy but safe and secure log-in process. The first-time user, after downloading the app, can log in using the Internet banking user ID and password provided in the Welcome Kit. The app will ask you to set a 4-digit PIN number to help you log in every time. However, if you are worried about the security precautions, and want to step up the online banking security, you can enrol for multi-factor authentication, which requires you to provide two types of verification, which is a one-time password (OTP), other than your log-in ID.

  • Linking all bank accounts to one app

A user-friendly online banking app allows you to link all your other bank accounts to it and check the balance, without having to leave the app. You can also do easy mobile banking transfer using any of the payment tools to other saving accounts. The app thus creates a more desirable platform for you to conduct banking transactions.

  • Facilitates instant payments through UPI-based apps

What enhances the reliability of a mobile banking app is its integration with other UPI-based payment apps, offering effective interoperability. BHIM UPI, as well as QR code is the cheapest and quickest method of money transfer, which you can do it anytime via single-click authentication involving two factors.

  • Real-time alerts

Customers do not want to visit the bank, but they want every detail of their account by being anywhere. A banking app offers real-time alerts for withdrawal of funds, deposits, low balance, purchase, password change, transaction-failed, and so on.

  • Make payments easily

With an online banking app, you can make payments to your purchases and credit card bills easily and quickly. You can scan a QR code or use a UPI ID of any payment app or use the Internet banking to make payments or transfer fundsto any bank account and digital wallet.

  • Get pre-approved loans

Where you are an eligible customer for a pre-approved loan, the app helps you avail it with minimum documentation, no collateral, flexible repayment option and least processing time.

  • Make investments

You can manage your money by making investments in mutual funds, equity and gold. With the user-friendly tools, you can open 3-in-1 account and trade in shares and commodities and make direct mutual fund investments.

  • Track income and expenses

To enhance the user-experience, an online banking app should help you track your spending through categorization like utilities, school fees, shopping, household expenses, and travel and vacation.

  • Open a digital account instantly

With a 3-step process, the banking app helps you open a savings bank account easily.

  • Special offers

Online banking apps are not different when it comes to giving special offers such cashback on debit cards, discounts on purchases, etc., to customers.