You would have laughed if someone had told you a few years ago that you could handle all of your bank services at your home at your convenience. However, today smartphones – a pocket-sized piece of technology – allows you to perform all those tasks. We can now do almost everything thanks to smartphones without leaving our homes. This is the easiest it can get for banking.
When the coronavirus pandemic hit, mobile banking was already on the rise, but the disruptions and limitations brought on by COVID-19 have turned it into a necessity.
A survey on mobile banking in India in 2020 concluded that almost 31 percent of households used mobile bank apps on their smartphones, and 32 percent used online payments in their daily lives. Just scan the code and pay; that’s it. People have access to almost all banking services at their fingertips through mobile banking apps.
Because of its accessibility, in contrast to a bank branch, mobile banking helps you to access your account whenever you want — with a few exceptions, such as planned maintenance updates and unexpected outages. In addition, its round-the-clock service will enable you to check your account balance, instant bank account open, deposit a cheque, check the last transactions, open a recurring account, etc., all with a few clicks on the phone.
With mobile banking apps, you can track your transaction to know where you are spending your money. It even helps you restrict yourself from overspending your money. In addition, you can send money to your loved ones in an instant. All your bills can be paid in one place using these mobile banking apps, and they even serve as a reminder for your upcoming bill due dates. Isn’t that wonderful?
Are you worried about the security of these apps? When discussing the apps’ safety and security, there is no cause for concern or suspicion. Even though nothing is infallible, you can take steps to boost security measures if you’re worried about the security of mobile banking. Mobile banking apps are safe and secure, with multiple layers of security to protect your personal information. Two-factor authentication is used before each transaction. Regular mobile banking users closely monitor their accounts and immediately notify the bank of any suspicious activity. Should your smartphone go missing, the security features also let you lock or disable it to prevent fraudulent activity.
Going to the bank, which is time-consuming and exhausting, is generally not preferred over mobile banking apps. Thanks to mobile banking apps, this procedure is now more effective. Your online bank account will be ready once you enter the necessary information into the app. Suppose you don’t even have an account. In that case, you can create one easily in the bank of your choice by just downloading the respective bank’s app, filling out the application form, uploading the documents, and getting your account kit delivered to you at your home.
So, if you are someone who wants to skip going to the bank, then get a mobile banking app today.