Mobile banking is slowly becoming
one of the most user friendly ways of conducting monetary transactions.
According to a KPMG report, published in 2015, the adoption rate of mobile
banking, for transactions, in developing countries like India, is as high as
70%! Let’s take a look at the benefits that have led to the popularity of mobile
banking in India.
Mobile Banking and Its Various Benefits
·
Cost Effective: Since cellular banking
operates with the help of an application, most of the services are available
free of cost to the user. This not only saves the customer's money but also
saves the bank expenditure on personal services that would’ve have then cost
more.
·
Security: Contrary to popular belief, this
is a very secure mode. You get alerts from your bank for every important detail,
including transactions, withdrawals as well as transfer of funds. At the very
moment a deposit or withdrawal is made in your account, you instantly receive a
notification via SMS. The account is further made secure with an MPIN provided
at the start of the service and a CRN number. Moreover, various financial
institutions ensure that not all parts and types of accounts are available on
the cell phone platform, along with setting transaction caps, so as to avoid damage
when the device is stolen or lost.
·
Time Benefit: Making use of the
connectivity advantage, this mode also offers great convenience, allowing
customers to transact at any time and from anywhere. Smartphones have become an
extension of ourselves, so you have access to major services provided by your
bank right in your pocket. You can make use of mobile
banking in India every day in public transport, airports, restaurants, etc.
Unlike net banking, you will not have to open your laptop or desktop to take care
of your banking needs.
·
Convenience: Mobile applications are made
with the objective of providing customers the most
user-friendly interface, so that the user experience is seamless. Mobile
banking also uses the app route, so that users can easily sign in and make use
of the easy steps to access important information, such as balance inquiry,
account statements, credit card statement, cheque book requests, fund transfers,
etc.
·
Money Transfer: This mode of banking is
especially useful when it comes to making payments which are available right at
your fingertips. With the help of NEFT and IMPS services on your app, you can
transfer money to any account within a couple of minutes, no matter where you
are. You can also use the service to make bill payments and recharges.
Cell phone banking is intended to make banking more accessible and
convenient for customers. Many of the apps allow services like
planning a trip via train, flights or hotels bookings too. Have you started
using mobile banking yet?
