Benefits Of Using Mobile Apps For Making Large Transactions

Mobile banking allows customers to access banking services from anywhere according to their convenience. It has become a one-stop solution for business owners and self-employed individuals, saving time using mobile applications to process their payments. They also receive funds from different clients directly to their bank account within a few minutes using a mobile app. These platforms are prevalent among small to medium-sized enterprises.

Most importantly, banks can now reduce operational costs with mobile technology while maintaining customer satisfaction. The best part of mobile banking is that any bank client can use their app to request an online service, such as opening an account, scheduling debit orders or other payments, allowing large transactions instantly, and more.

Why Should We Join A Mobile Banking Platform?

An online savings account comes with unlimited validity and unrestricted deposits. Therefore, we can enjoy multiple benefits with the help of the mobile banking app, and those are:

• In-app virtual debit or credit card.
• Zero balance account with no penalties for not maintaining a minimum balance.
• Get a certain percentage of an interest rate for maintaining a savings account.
• Free online money transfer, including NEFT, RTGS, IMPS, UPI, and more.
• It offers a credit card with no joining and an annual maintenance fee.

Best-In-Class Features Of A Mobile Banking App:

1. A mobile app helps us shop, pay utility bills, manage our credit or debit cards, invest, and do much more.
2. We can check our savings account balance, open a fixed or recurring deposit account, and request a cheque book by using an online banking application.
3. Users can easily apply for a credit card, regenerate PINs, and transfer funds online using multiple modes like mobile wallets, BHIM, or UPI payment.
4. Nowadays, it is very straightforward to recharge mobile, DTH, FASTag, and pay all the utility bills with the help of a virtual payment platform.
5. Moreover, it allows us to book train, flight, or bus tickets, hotel rooms, and cabs with free cancellation options available on their online platform.
6. A mobile banking app collaboration with multiple e-commerce platforms. Therefore, we can easily shop online for grocery, electronics, fashion, or skincare products.
7. Additionally, people can easily avail of an instant personal loan, education loan, or loans for any other emergency purpose, and also purchase or redeem mutual funds.

How To Join A Mobile App?

Currently, completing our sign-up on any mobile banking app is straightforward. But, most importantly, we need a few bank account details such as our credit or debit card PIN and our internet banking password. In addition, we need to go through a one-time activation process as we log in for the first time on the app.

Presently, we do not have to worry about security with any online banking platform as it places utmost importance on their customers’ privacy and safety. These platforms always ensure they will never share personal information with a third party without our permission. Now it is mandatory to take consent from the users to access their mobile number, location, photos, files, SMS, etc.