Top 6 Reasons for Using a Mobile Banking App
The transformation of financial services industry owing to digitization has led to better customer service and experience. The development of a mobile banking app has helped banks and other financial institutions to serve customers better by understanding their needs. Some important reasons to use an online banking application are:
Safe and Secured
When it comes to using an online application, security is the most essential aspect the user looks for. A banking app comes with additional security to make it safer and more secured for customers. Other than the conventional user ID and password and two-factor authentication, the banks also use biometric data such as fingerprint to maximize security. To ensure safe and seamless banking, the app protects your financial information through encryption.
- Easy to Use
Most digital banking apps are designed in a way that they can be used by any user, whether young or old. The mobile format of the app has the icons, elements and information arranged in a simple way. The colour scheme used in the app gives easy visibility of the components, which helps the elderly people navigate the app easily. Moreover, the guidelines on how to use the app provide easy step-by-step instructions from downloading to conducting transactions.
- Make Payments Easily
By using a mobile banking app, you can make payments or transfer money easily. The app integrates with the BHIM UPI app to help you pay your bills such as credit card, medical, groceries, and electricity bills instantly. All you have to do is to select the ‘UPI Payments’ option from the menu, enter the mobile number of the person or entity you want to pay, select the UPI ID, enter the amount, click on the ‘Pay’ tab and enter the 6-digit PIN.
- Monitor Your Account
You can access your bank account anytime using a mobile banking application. If you want, you can check your account balance or transfer money even at midnight. Any fraudulent or suspicious activity is noticed and alerted to help you check and report to the bank immediately. The app thus helps monitor your account 24/7.
- Access Various Accounts
With a reliable banking app, you can link multiple savings accounts on a single platform and manage the transactions. The user-friendly tools allow you to view your savings accounts with other banks, transfer money between bank accounts and make payments from any account.
- Use Your Money Wisely
The multi-purpose banking app offers customized services through unique money-saving tools. You can take care of your financial future by investing in mutual funds or insurance. The investment option allows you to choose from several direct investment options such as mid-cap, large-cap, small-cap, thematic, index and multi-cap equity funds, or buy gold bonds. By opening a 3-in-1 account, which includes trading, Demat and savings account, you can do stock trading using the app. With this account, you can trade in currency, commodities and equity effectively. You also have options to create a fixed or recurring deposit account to save money.
The reasons given above helps you use a mobile banking app for a better user experience.