Mobile banking is the process of carrying out financial transactions using our mobile devices. We mainly use a mobile banking app to access and manage our funds efficiently. It is one of the most popular modern banking methods, providing many facilities, including opening a bank account, transferring money, utilities bill payment, and more. Most importantly, we do not need to visit any branch physically every time to avail of any banking services. Instead, we can carry out these activities from anywhere according to our convenience; we only need an internet connection and a smartphone.
It takes minimal time for online bill payments, fund transfers, investments, setting up requests for cheque books, applying for loans, and several other essential services with the help of a UPI payment app. Firstly, we need to download the application and complete the online registration using our phone number or email id to enjoy all the banking facilities. Additionally, it offers other services such as ATM or branch locators, tracking debit or credit card applications, contacting customer care, etc.
Best-In-Class Features Of A Mobile Banking App:
- Easy Set-Up Process:
We can download and log in to the app using our customer ID and password. There is no separate activation process; if we forget our customer ID, we may retrieve it via net banking. We can also recover our forgotten password by selecting the ‘forgot password’ option available on the bank UPI app.
- Safe & Secure Access:
The online banking app has a simple and user-friendly interface. Therefore, we can quickly log into our account with just our touch id. We do not need to remember our passwords or PINs to access our accounts safely.
- Simplified Banking:
A mobile banking app lets us open a zero balance savings account online and view real-time total account balance, fixed & recurring deposits, credit card bills, utility bills, and more in one consolidated dashboard. So now we can enjoy a simplified banking experience with the app.
- Easy Money Transfers:
Nowadays, we can quickly transfer funds from one bank account to another with the app by selecting payment methods such as NEFT, RTGS, IMPS, BHIM UPI, net banking, etc.
- Managing Credit Cards:
The app helps us apply for a credit card online with minimal documentation. We can also pay credit card bills and even block lost or stolen credit cards with the help of the virtual mobile banking platform.
- Availability of Investment Tracker:
Users can easily open and manage fixed deposit and recurring deposit accounts and also track their previous investments by using the investment tracker available on the app. At present, most online banking apps have their own securities platform. These apps allow users to open a Demat account and instantly start their stock trading journey.
Today, a virtual mobile banking platform gives specific tips to enhance a customer’s online banking experience. For example, we should update our transferable banking password at regular intervals and set a mobile alert that sends out notifications each time we make any transactions. Moreover, we can set up anti-virus software on our mobile devices to protect any stored information and avoid clicking any banking-related links from unofficial sources.
No matter what you are investing for, make sure you are taking the necessary steps to protect your money. The infographic below has some tips for the best cybersecurity practices to protect your money for your future.
Provided by Chicago Partners – providing wealth management for high net worth individuals