Friday, 25 March 2016

10 Convincing Reasons To Have Mobile Banking Application In A Smartphone


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Digital baking has been advancing by leaps and bounds. Banks as well as their customers are adopting modern banking solutions delightfully. Banks are moving from traditional banking to digital banking; which is far better than traditional banking. Banks have dramatically improved their banking facilities to provide high-quality and reliable services to their clients. Digital banking brings your bank accounts at your finger tips; you can carry out almost all of your banking right from your home or office. Online banking service, helping banks to eliminate queuing system at banks braches.

Benefits of mobile banking

Mobile banking is a convenient way to conduct a range of banking transactions remotely. It allows you to carry out your banking anywhere, anytime. It is indeed a time saving, safe, and secure service; secure because you need to enter an MPIN every time to complete the transactions. Almost, everyone has a bank account; but it is remarkable that only small percentage of people use online banking facilities offered by their banks. Majority of people, don’t aware of online banking solutions; and rest of all reluctant to use these services because of security reasons. Indeed, we’ve to be careful while using online banking solutions; but we can use these facilities safely by following the instructions given by our banks to use a particular service.

In this post, we will be discussing the benefits of having a mobile banking application in a smartphone (android/ ios/windows/blackberry etc). Mobile banking app can be very beneficial in urgencies like; to send money to loved ones when they need money in an emergency, when you’re away from your home and want to know your bank account information, to block a credit card or debit card (if lost),  to find nearest ATM or bank branch etc. Scroll down to know more about the benefits of having a mobile banking app in a smartphone.

Advantages of Mobile Banking Application:


1. Immediate Payment Service (IMPS)


Mobile banking apps allow users to send or receive money electronically. Users can transfer funds from their bank accounts to other banks accounts. User can transfer funds to anyone, anywhere, and anytime with mobile banking app; funds can also be transfer to mobile numbers.

2. Enquiry Services


Mobile banking apps also allow users to perform non-transactional banking. Users can check their account balance, mini-statement, status of issued cheque, and fund transfer limit etc. All these services are available without any extra cost. Moreover, you can also find nearest ATMs and bank branches by using the mobile banking app.

3. Time Saving


Banks are promoting online banking services to eliminate queuing systems at branches. Therefore, they have introduced many time saving services for their customers. Usually, it seems totally worthless to visit nearest ATM or bank branch just to know account balance details. These less important tasks consume our precious time; therefore, using such service (mobile banking) would be a wise decision.   

4. M-Commerce


Mobile banking app allows you perform mobile commerce. You can use this facility to pay credit card bills, utility bills, postpaid mobile bills etc. You can also pay your insurance premiums with the help of mobile banking app. This facility also allows you book railways tickets, air tickets, and bus tickets. Mobile commerce allows you to pay for the following services;

  • To pay credit card bills, utility bills, postpaid mobile bills
  • To pay insurance premiums
  • To book railways tickets, air tickets, cinema tickets, and bus tickets
  • To recharge DTH
  • To do online recharge for mobile numbers
  • TO pay for online shopping

5. Safe and Secure


Different banks use different mechanisms to protect their mobile banking apps from cyber attacks. In this era of mobile banking, almost all banks cover all kind of mobile fraud losses; so enjoy a worry-free banking experience. It is remarkable that your bank may not take action until you inform about any fraudulent activity; and also you may not entitled for indemnity if you report fraudulent activity after expiration of report time period. (Read terms and conditions of your bank’s mobile banking app)

6. Link Other Accounts (Investment and Insurance Accounts)


Some banks allow users to link their investment accounts and insurance policies with their mobile banking apps. Users can track their all accounts with one mobile banking app. Furthermore, you can also view your credit cards and loan accounts in your mobile banking app.

7. Apply Credit Card, Debit Card, and Cheque Book


Modern banks provide many advanced features in their mobile banking apps. Users can apply for new credit cards and debit cards with their mobile banking apps. Users can also request new cheque books without visiting their respective banks branches. If your credit card or debit card gets lost then you can block your credit card or debit card with your mobile banking app.

8. Open or Close Fixed and Recurring Deposits


Some mobile banking apps provide facility to open and close fixed/recurring deposits. Generally, in fixed deposit account, account holder deposits a fixed amount for a fixed period; and in recurring deposit account, account holder (usually people with regular incomes) deposits fixed amount every month to earn interest. If your mobile banking app allows you to do so then you can take advantage of that; because nowadays, banks offer fixed deposits for 7days, 30days, 60days, 90days, 6months, 1year and so on.

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9. Loyalty Points and Offers


Many banks give loyalty points (when you pay for a service through your mobile banking app, you get reward points; that can be used for online purchases etc) and lucrative offers (Like; cash back) to encourage customers to use mobile banking app. Banks also offer huge discounts if you make a purchase through their e-commerce facility.  

10. Miscellaneous Services


Mobile banking apps come with bunch of other features like; stop a cheque, change nominees, link other accounts, view and change account details etc. At the top, all these facilities are available without any extra cost.

Conclusion:  Almost all banks indemnify all losses, charges, damages, costs, and expenses incurred without your due permission (read terms and conditions of using mobile banking app). So, enjoy a worry-free banking experience. Don’t share your bank details and MPIN with anyone in terms to protect your account against any fraudulent activity. It is advisable to follow all instructions given by your bank to safely use mobile banking app.   

Disclaimer: Benefits listed here are for indicative purpose only. Your bank may or may not provide some facilities listed herein.  
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