Your Bank is Now in Your Pocket

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?