What Are The Benefits Of Mobile Banking?

By Author: Neha Sharma
Total Articles: 170
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"Mobile banking means using your smartphone to conduct banking transactions. With a digital revolution in banking, banking has moved out of the bank branch to internet banking and to mobile banking. Indian mobile banking is offered by most of the banks. Each bank has its own mobile banking application for smartphones which offer a variety of services. It is possible to conduct banking transactions in a matter of a few clicks.

With easy to use interfaces, Indian mobile banking is seeing a rise in transactions as compared to branch banking and internet banking. Customers use mobile banking services for their basic banking requirements.

Here are the benefits of mobile banking:

1. Easy to use:
Mobile banking is extremely convenient and easy to use. Banks provide a lot of instruction and there are videos and blogs online to help beginners transition into using mobile banking. The interface is friendly with a lot of prompts from the application when a particular service is selected. This helps people who are first time users as well.

2. Convenient:
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... customer’s convenience. It is possible to transfer funds, receive payments, check balances, open fixed deposits, open recurring deposits, pay utility bills, make investments etc from a mobile banking application. This provides a wide range of services to the customer.

3. Secure:
Indian mobile banking applications come with a login based on the customer Id and a PIN. Most banking apps require the password or PIN to be changed at regular intervals. These apps automatically log out a customer if the app has remained idle for a long period of time. This makes it secure to use mobile banking. These apps also prompt the user before confirming any transaction. Sometimes, if a particular transaction is not similar to the user’s past use of the application, the mobile banking app confirms the transaction through an OTP. These additional measures of security make mobile banking secure.

4. Increased mobility:
Mobile banking provides true mobility to the customer since transactions can be done on a smartphone. It isn’t necessary to sit on a desktop or a laptop or even have high speed internet. Fund transfers can be done using IMPS at any point of time even with low internet connectivity. These facilities have made Indian mobile banking very useful.

5. Instant services:
Mobile banking and internet banking have the advantage of providing instant services. Balances can be checked immediately. Fixed deposits can be opened or liquidated instantly. Funds can be transferred immediately using IMPS or UPI.

Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about mobile banking. Through her work, she lists its benefits