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Banking Apps: Keeping Your Finances Safe

By Author: Neha Sharma
Total Articles: 1043

Fast, faster and fastest are the three stages that the modern life operates in. Mobile phones are now not just restricted to communication, they double as one’s bank and are fully capable of performing a range of functions that would previously require a visit to the bank. Paying bills, transferring funds, checking the account balance and much more is now possible with mobile banking apps.

Availability of Apps and their Advantages:

These banking apps are usually available in all operating systems. They can be used on smart phones, desktops, laptops and tablets. Previously working and managing finances was a real headache as banking and working hours would clash making it very difficult for a person to visit the bank physically. Now it can be done at your convenience. You can easily plan investments, make transactions, make payments and tend to other needs as per your schedule. Moreover, online transfer has made it more convenient to pay bills and make payments anytime of the day.

Payment Process and why it is Safe:

Mobile banking apps are a secure way to make payments. A number of measures are taken to ensure that no one can tamper with the transactions. Multiple check posts on the transaction process prevent any accidental transfer of money. Your transaction shall not be processed if the inputs given are wrong. It needs various fields to match such as the account number, name and the IFSC code and then only the transfer can take place.

Most importantly developing banking apps and other modes of payment using the internet has made transactions safer. Now you get notifications regarding your account once any transaction takes place or even if your account balance is lower than the required amount.

OTPs (one time passwords) are essential for processing transactions. Even if your debit/credit card is stolen, a person cannot use it unless he has access to OTP.

Elimination of Human Interface:

The elimination of a human interface saves you from the troubles of corruption as people don’t get a scope of demanding bribes and extorting you. Banking apps and online payments increases transparency in transactions. You also get the facility of IMPS (instant fund transfer) that makes your transactions faster and does not require a long time to be processed.

Security Measures in Case of Theft:

Blocking cheques, reporting card theft or communicating with the bank has now becoming easier with mobile banking apps. Internet banking, mobile banking apps and debit cards all have different pin numbers and ids. Hence a customer’s account is quite safe and secure at all times.

Author Bio:- Neha Sharma is an aspiring student in the field of finance. She also spends her free time reviewing the latest apps introduced into the market. Check out her work as he talks about how to keep your finances safe using mobile banking apps.

Total Views: 39Word Count: 466See All articles From Author

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