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5 Services Every Mobile Banking App Offers

By Author: Neha Sharma
Total Articles: 243

"Mobile banking is one of the best ways to conduct banking transactions. It is secure and allows the user to be completely mobile and still conduct a range of different banking transactions. Most major banks offer comprehensive mobile banking applications which have brought banking to a customer’s fingertips.

Using bank to bank money transfer apps is much more simpler and convenient for the customer. All the required transactions can be done within a matter of minutes after logging in to the mobile banking application. But what are the different services

Here is a list of 5 services that every mobile banking app offers:

1. Fund transfer:
Mobile banking apps mainly function as money transfer apps. It is possible to transfer funds easily using any of these different options:

• National Electronic Fund Transfer (NEFT)
• Real Time Gross Settlement (RTGS)
• Unified Payments Interface (UPI)
• Immediate Payment System (IMPS)

Each of these options will transfer funds, however, they all come with terms and conditions. IMPS, RTGS and UPI immediately transfer funds whereas NEFT is transferred in batches taken for settlement at a half an hour period.

2. Balance checks:
It is possible to use your mobile banking application to check the balance in your bank account. Accessing and downloading a historical statement is also possible through the app. The bank may put a restriction on the number of months for which the statement is allowed to be downloaded. However, the details provided as a part of mobile banking for balance check and statement are equivalent to internet banking.

3. New deposits:
Deposits means fixed deposits and recurring deposits. It is possible to open these two types of deposits through the mobile banking application. The amount and tenure of the deposit can be decided and entered in the bank to bank money transfer apps and the deposit will be opened up.

4. Bill payments:
Most mobile banking apps allow for bill payments. This includes utility bill payments such as gas, telecom bills, electric bills, DTH or cable bills, mobile recharges etc. Some banks also allow credit and debit card payments through the app.

5. Investments:
Most mobile banking apps allow people to invest in mutual funds, buy shares, and also invest in insurance through their mobile banking application. However, it is important to check if the investment you want to make is available through the app or not. Banks may sell products such as insurance only for the companies they have a tie up with as compared to offering all alternatives. However, having this option makes investments much simpler.

Author Bio:- Neha Sharma is an aspiring student in the field of finance. She spends her free time reviewing the latest apps introduced into the market. Check out her work as she lists down 5 services of money transfer apps

Total Views: 22Word Count: 456See All articles From Author

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