6 MinsSep 05, 2022
Events like demonetization and the COVID-19 pandemic have changed how the banking industry functions. There used to be a time when people had to visit the bank branches even for minute banking tasks, wasting their time and energy.
However, with the advent of mobile banking apps, banks now allow their customers to perform various banking activities from their smartphones. Most banks in India offer mobile banking services, enabling customers to view their account
balances, make instant fund transfers, and much more. For instance, Axis Bank’s mobile app offers more than 250 services. These range from services such as checking your account balance to fund transfers and from investments to applying
for a new loan or credit card.
Let’s look at some of the services in detail:
1. Access your account information
With mobile banking apps, you can access all information related to your bank accounts, including savings accounts, current accounts,
and fixed deposits. This will help you manage your funds in a better fashion.
Below is the information you can get on your mobile banking app:
- Account balance
- Transaction history
- Account statements
- Lien amount (if any)
- Debit and credit card details
- Investment details
2. Transfer funds anywhere
Mobile apps for banking also allow you to transfer funds from your bank account to anyone and from anywhere. You are no longer required to pay a visit to your bank branch for this primary banking
activity. You can simply log into your mobile banking app, enter the payee's bank account details, and validate funds transfer through a One Time Password (OTP).
You can initiate the following types of funds transfers with mobile banking
- Same bank transfer
- Other bank transfer
- Bill payments, rent transfers, etc.
- Standing instructions for periodic payments
- Third-party transfer via NEFT/RTGS/IMPS
3. Make investments and open new accounts
Several banks facilitate investment services through their mobile banking apps. They allow their customers to invest in various instruments through their mobile apps and grow their
money. Below are some common avenues in which you can invest through mobile banking:
- Mutual funds
- Stocks and derivatives
- Fixed deposits
Apart from this, you can also open new bank accounts using your mobile banking app. It can be a savings account, FD account, or recurring deposit account.
[Also Read: Control the data you share when applying for loans online]
4. Apply for loans and credit cards
You may need financing from time to time to meet your various financial requirements. With mobile banking apps, you can easily apply for various types of loans and credit cards with your bank and meet all your requirements. Applying for a loan via a mobile app reduces the hassles of visiting a bank branch and minimizes the lengthy paperwork
and documentation procedure.
Some banks even allow you to manage your loans and credit cards through their mobile apps. You can view your outstanding loan balance, and credit card bills,
pay EMIs, and foreclose your loan account.
5. Other services
Apart from the services mentioned above, mobile banking apps offer several other services to ensure a smooth banking journey for their customers. These include complaining or reporting an issue
with the bank, applying for a new chequebook or debit card, updating your contact details and address in your bank account, updating your Aadhaar/PAN card, etc.
Importance of Mobile Banking
As per a report, mobile banking apps are the most popular banking channel in Asian countries, with more than 83% of Indians using them to perform their daily banking activities.
This has not only reduced the footfall at bank branches but also made banking convenient for consumers.
Let’s discuss the importance of mobile banking in today’s scenario:
- Anytime, anywhere banking services
With mobile banking apps, you can access banking services anytime and anywhere. This is a considerable advantage because bank branches function only for limited hours. Mobile apps allow
you to transfer funds even at midnight.
- Save time and energy
When you can access all banking services from your smartphone, you are no longer required to visit bank branches and wait in long queues. This saves both time and energy.
- Social distancing
Social distancing has become a buzzword after the COVID-19 pandemic. It’s the best way to control the spread of the virus. By allowing you to perform a range of banking activities from your home, mobile banking helps
you to maintain social distance from others.
- Better control of your finances
Through mobile banking, you can take charge of your finances in a better way. You can keep a track of your income and spending, and ensure that everything stays within your budget planning. You can
also save and invest your money through mobile banking apps.
- Better support
Banks offer centralized support to their customers through their mobile apps. You can chat or directly talk with their representatives to get instant grievance redressal. You can also report fraudulent transactions
and block your debit/credit cards using your mobile banking apps.
With mobile banking, you can get complete banking services at your fingertips. You can simply
download your bank's mobile app on your smartphone and access a range of banking activities. However, while using these mobile apps, make sure that you take enough
protection to prevent the theft of your confidential data or hard-earned money.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision