Now a day’s money transfer has become so cool. Most of the banks have provided their own banking apps to make their customers feel comfortable. With the help of these banking apps we can manage our bank accounts on-the-move. Even we can ensure hassle-free online transactions for shopping and transfer amount to different accounts and view transaction history, etc. People trust these apps as they believe they are developed by the best mobile application development companies India or the in-house teams of the banks.
With the productive growth of mobile banking and on-the-go payments, individuals no longer need to stand in endless queues to perform crucial financial operations. Whether it’s a monetary transaction or checking account balance, you can always refer to the instinctive, interactive, and advanced banking apps out there. Mobile banking applications have made things easier for countless people across the globe. Regardless of your location, you can execute the most important financial operations on the go. Mobile banking lets customers to handle banking transactions more rapidly and conveniently, which also has value.
An Outline of Mobile Banking
Do you know what the history of mobile banking is? In the beginning mobile banking existed in crude forms like SMS alerts automated call centre etc. Later, in the year 2002 Mobile Banking was initiated in India by way of SMS banking.
A full-fledged system as a unique mobile banking platform on mobile phones was launched by ICICI in 2008 called iMobile platform which integrated all the core functionality that we see in today’s mobile banking applications. iMobile is a breakthrough innovation in banking where practically all internet banking transactions can be simply done on mobiles phones.
Benefits of Mobile App in Banking System in India
The Reserve Bank of India recently informed banks to encourage mobile banking. In upcoming days we will see more number of people getting hooked to the ease of mobile banking.
In the internet age, mobile banking can be considered as boon.
Users can transfer funds from your bank account to another bank account with a smartphone just with the help of the internet, from anywhere to everywhere using mobile banking. It is obtainable for 24 hours and easy and convenient mode for many mobile users in the rustic areas. Mobile Banking is said to be more secure and risk-free than online Internet Banking. With the help of Mobile, Banking user can transfer funds, and pay bills, checking account balance, study your recent transaction, block your ATM card, etc. Mobile Banking is lucrative, and Banks offer this service at less rate to the customers.
Mobile banking can be used for most of the same tasks that you would execute at a bank branch or on your home desktop computer. In addition, many banks provide customers with the ability to deposit checks. All of this is done through an app that is downloaded to your smartphone or tablet from your provider’s app store. The app makes navigation much stress-free than if you were trying to use online banking through the browser on your phone.
Smart phones have been one of the most impactful inventions in human history. The impact of smart phones, as well as tablets, can be felt in just about every facet of daily life in terms of how we communicate, gather information, shop, access entertainment, and of course, how we bank. For people who are planning to go with mobile banking, here are few advantages to keep in mind.
1.Availability at Any Time and Any Where
Mobile Banking is available 24*7 and also easy and convenient mode for many Mobile users even in the rural areas.
2.Mobile Banking Is Time Saving
This is one of the biggest benefits of mobile banking. No matter where you are, you can “take care of business” without interrupting the rest of your life. Mobile banking is being able to handle your financial life without having to run into a branch during open hours can be a real time- and schedule-saver.
3.Decreased infrastructure costs
Mobile Banking is cost effective and Banks offer this service at very low cost to the customers. Banks do not have to build or maintain as many physical branches if more customers carry out banking via their mobile phone.
4.Enhanced security over Mobile Banking
Mobile banking is as secure. All reliable financial institution use encryption that defends and protects your privacy, identity and your financial information. Some institutions even provide a security guarantee to make your use of mobile banking truly stress-free. Mobile Banking is said to be more secured and risk free than online/internet Banking.
Mobile phones now often contain face-recognition technology, fingerprint scanners, and even iris scanners. This biometric data aids the bank confirm the “customer” is really who they claim to be, and this biometric data offers more security and protection for customers than simple telephone banking passwords or requests for birth-date confirmations can provide. For both the financial institution and customer, this means fewer instances of compromised data and fraud.
5.Mobile Banking allows to Pay Bill
You can get reminders when to pay bills so you never have to pay a late fee. You can even set up recurring bill payments so you don’t even have to think about when a bill is due.
6.Mobile Banking Keeps You in Control
Mobile Banking is so easy and so convenient, it helps keep you in control of your finances. You can monitor your balances and always know where you’re at financially. It’s an added advantage for your financial life. With account alerts, you can identify if your account falls below a certain brink and immediately transfer money into that account and avoid overdraft fees. You can credit checks instantly, which is a great help when you need the cash. All these features leave you in control of your money on your time.
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