What makes the best net banking app?

Financial transactions are handled at any time and from anywhere today. Thanks to smartphones for helping the users connect with their bank digitally through banking apps. The banking sector is tremendously transformed with the integration of mobile bank apps, making transactions digital and ultrafast. 

The mobile banking app users make up only 31 percent according to a survey conducted in 2020. However, the increase in the number of smartphone users to 68 percent reveals that the chances of more people moving to the Internet bank services in the near future are high. This shows that a banking app like the latest IDFC FIRST Bank mobile banking app is slowly becoming a necessity. Financial institutions therefore vie to offer the best mobile banking app 2021 with innovative features to help the customers employ banking services more.

Here are some distinguishing features of IDFC FIRST Bank banking app, which help customer retention and acquisition.

Cashless money transfer

Non-cash transactions across India are growing recording over 30 percent in early 2021. In these cashless payment methods, the UPI payments through a mobile app have overtaken the debit card payments. With net banking registration on the app, you can transfer funds through NEFT, IMPS, RTGS and UPI BHIM app. The first three means of payment require you to add the beneficiary’s name, while the UPI app requires you to pay by creating a unique UPI address. Furthermore, you can also use IDFC FIRST Bank FIRST Forward FASTag to pay toll, fuel, and parking.    

Secured log in

For a mobile banking app like the IDFC FIRST Bank mobile banking app, security is the most important aspect to gain customer trust. Most banking apps offer multi-factor authentication, wherein you are required to give two or more verification factors to log into your account. They are your mobile number, net-banking login credentials that you receive when you open an account with a bank, and the OTP number you will receive on your registered mobile.

If you are looking for a quick log in, then you have an option to set a 4-digit MPIN. The other options are setting up biometrics like face recognition or fingerprint.

Better money management

When it comes to financial planning, one of the biggest problems is money management. Using a mobile bank app, you can categorize your expenses and analyse them to budget effectively. With a smart analysing tool on the IDFC FIRST Bank mobile app, you can invest your excess money in the savings accounts in mutual funds, gold bonds and equity. Furthermore, you can also open a fixed or recurring deposit account or buy unit-linked insurance plans.

Notifications

You have access to banking services anytime and anywhere through an Internet banking app. For instance, the IDFC FIRST Bank app is connected with the customer 24/7, so it could send notifications of payments received and made. It also warns you about unauthorized access to your accounts by anyone. You also get reminders on any bills due and notifications of bills paid if you have set up a recurring bill payment. 

Excellent customer support

The success of a banking app depends on the personalized service it offers to the customers. When there are issues, they should be solved immediately through any communication means such as a phone, email or chat. Today there are AI Chatbots, which are always available online to answer customers’ queries instantly.