Mobile banking is carrying out financial transactions using our mobile devices. We mainly use a mobile banking app to access and manage our funds efficiently. It is one of the most popular modern banking methods, providing many facilities, including opening a bank account, transferring money, making utility bill payments, and more. Most importantly, we do not need to visit any branch physically every time to avail of any banking services. Instead, we can carry out these activities anywhere according to our convenience; we only need an internet connection and a smartphone.
It takes minimal time for online bill payments, fund transfers, investments, setting up requests for cheque books, applying for loans, and several other essential services with the help of a UPI payment app. Firstly, we need to download the application and complete the online registration using our phone number or email id to enjoy all the banking facilities. Additionally, it offers other services such as ATM or branch locators, tracking debit or credit card applications, contacting customer care, etc.
Best-In-Class Features Of A Mobile Banking App:
- An UPI app download and logging in to it using our customer ID and password have now become very easy. There is no separate activation process; if we forget our customer ID, we may retrieve it via net banking. We can also recover our forgotten password by selecting the ‘forgot password’ option available on the bank UPI app.
- The online banking app has a simple and user-friendly interface. Therefore, we can quickly log into our account with our touch id. We do not need to remember our passwords or PINs to access our accounts safely.
- A mobile banking app lets us open a zero-balance savings account online and view real-time total account balance, fixed & recurring deposits, credit card bills, utility bills, and more in one consolidated dashboard. So now, we can enjoy a simplified banking experience with the app.
- Nowadays, we can quickly transfer money to our family or friends with the help of the UPI pay app by selecting payment methods such as NEFT, RTGS, IMPS, BHIM UPI, net banking, etc.
- The app helps us apply for a credit card online with minimal documentation. We can also pay credit card bills and even block lost or stolen credit cards with the help of the virtual mobile banking platform.
- Users can easily open and manage fixed deposit and recurring deposit accounts and also track their previous investments by using the investment tracker available on the app. At present, most online banking apps have their own securities platform. These apps allow users to open a Demat account and start their stock trading journey instantly.
Today, a virtual mobile banking platform gives specific tips to enhance a customer’s online banking experience. For example, we should update our transferable banking password at regular intervals and set a mobile alert that sends out notifications each time we make any transactions. Moreover, we can set up anti-virus software on our mobile devices to protect any stored information and avoid clicking any banking-related links from unofficial sources.