Whether it is Bandhan bank mobile banking or mobile banking service from any other financial institution, this service has made personal banking more convenient and accessible. Over the last few years, financial institutions have given a lot of effort into designing a customer-centric app to simplify financial and banking services and mobile banking is one huge success, which has become popular among many and slowly is lowering the dependency on physical transactions. Continue to read to understand all about mobile banking apps and their impact on the financial sector.
What is mobile banking?
Mobile banking refers to the service offered by your financial institution via which you can easily access financial services and products anytime from anywhere using your mobile phone. Also, called mbanking service, using this platform you can even place applications for credit cards, and loans, conduct transactions, open, or close an account, make UPI transactions, etc.
What’s the importance of mobile banking?
Mentioned here are some points delineating the importance and need for mobile banking. Read on to know.
- Via mobile banking apps, you as a customer would easily conduct transactions quickly and safely.
- You can transfer the funds digitally online from anywhere and at any time.
- Fetch bank statements from the mobile banking app. For instance, if you have an account with Union bank and you require the Union Bank of India mini statement, then you will not require visiting the ATM for the same. Instead, you can simply log in to your Union Bank of India mobile app and fetch the mini statements or bank statements required as per your purpose.
- Conduct unlimited transactions 24X7
- You can get a number of distinct banking services via the internet banking platform
- Mobile apps save a lot of time and effort than traditional banking service
- Money transfers are performed in a transparent manner with the source defined clearly via mobile banking
- Mobile banking allows you to get mobile notifications timely linked with the status of your money transfers, account balances, etc.
- Mbanking facilitates bigger transactions, which you can conduct in seconds
Benefits and features of mobile banking facility –
Listed here are the benefits and features of mobile banking. Read on.
- Mobile banking allows you to pay all your bills without the requirement to go out to conduct the payment physically.
- Permits you to see all your bank-linked transactions clearly in a single place so that you can constantly keep thorough track of your finances.
- There’s zero need to get bank statements physically authenticated if you fetch the statements using your internet banking account.
- You can get discounts, and offers, on transactions and purchases.
- Internet banking platforms work instantly, permitting you to conduct the monetary transaction in just seconds.
- With 24X7 availability and thorough security, mobile banking can be conducted anywhere at any time.
- Also, you get various value-added services using the net banking app like bill payments, mobile recharges, etc.
- You can even use your mobile banking app for investment in pension accounts, mutual funds, securities, bonds, IPOs, etc.
What’s the registration procedure for mobile banking?
The registration procedure for mobile banking is very simple and straightforward. Your financial institutions or banks can be reached out to learn about the whole procedure. Let’s read on to know the steps involved in internet banking registration.
- The initial step is to download the net banking app on your mobile phone. Generally, mobile banking applications are available on both Android and iOS devices.
- For registering yourself as a mobile banking user, you must fill out the details as asked by the mobile application. Check out the accuracy of your account and personal details twice before you finally submit the details. Avoid making any mistakes here.
- The mobile application will instantly generate a login credential containing your ID and passcode on your phone number and mail ID.
- Specific financial institutions even employ OTPs for authenticating user details as well as credentials. In such scenarios, you will require inputting the received OTP on your phone number, and mail ID into your app to proceed ahead.
- By using the provided credentials, sign into the application.
- Now, ensure to change your passcode before you finally begin using your mobile banking app.
What are the distinct kinds of mobile banking services?
Mentioned here are the distinct kinds of mobile banking services. Read on to know –
Online transaction
Firstly, internet banking’s major purpose for many individuals is conducting digital transactions. For transferring funds from one bank account to another, there’s no need to physically go to the financial institution. With mobile banking apps, you can conduct transactions with ease. Transactional services that you can conduct online are –
- Transferring funds to others
- Transferring funds from one financial institution to another
- Transferring funds for making online payments to others or to your own savings bank account
- Setting standing instructions for making periodic fund transfers
- Payments or making fund transfers via NEFT, UPI, IMPS, and others.
Investments
Mobile banking services even permit you to make investments in various distinct schemes and programs like recurring deposits, fixed deposits, shares, mutual funds, etc. Also, it can be utilised for availing portfolio management and various other consultancy services.
Account information
You can check out the fund’s status in your bank account with the assistance of a mobile banking service. This assists you in continuously keeping thorough track of your income and expenditures from the convenience and comfort of your home. You can even check out your bank account balance timely using your mobile phone. Other crucial facilities involve
- Checking your transaction history
- Digital passbooks
- Digital account statements
- Viewing as well as downloading loan statements
- Digital card statements
Additional services
There are various other add-on services available coupled with your mobile internet banking facility. They are –
- Applying for a chequebook
- Applying for new passbooks
- Applying for investment accounts like recurring deposits, fixed deposits, etc.
- Lodging complaint linked with banking services
- Locating nearby locations of your bank branches
- Permitted to cancel any cheque you issued by mistake
