Why is mobile banking in demand?

Posted by Pravansh Mehta on December 22nd, 2020

Mobile banking is the extension of internet banking in the form of a smartphone application. With smartphones becoming popular amongst customers, it was natural to have a money transfer app that provided the same services as internet banking purely for the audience's convenience.

Mobile banking has seen a rise among customers. Every bank has its version of a bank app, which means it does not matter where you have your account. You can use the app to make use of banking services. Let us understand the reasons for the popularity:

1. Convenience:

It offers a lot of conveniences. You need not visit a bank branch or even an ATM because you can use the online banking app to complete your task, such as ordering a passbook, chequebook, transferring funds, etc. Even a balance inquiry gets done using the app.

2. Security:

Using the app for any service is entirely secure. Most of them have a login, which prompts the user to change the login and password at regular intervals. The app logs out the user after a certain period of inactivity. The app also demands an OTP or some other form of authorisation while conducting a fund transfer.

3. Services:

You can also access a wide range of services from the app. It offers facilities that you would have to visit the bank for, such as balance inquiry, statement display, opening a fixed deposit, liquidating a fixed deposit, making a fund transfer, paying off bills, making investments, etc. These get done using either a Wi-Fi or decent data connection, making it affordable to avail them.

4. Mobility:

The only drawback of e-banking is that it presupposes a stable data connection and a personal computer or desktop computer to make the transactions. This is not necessary when it comes to smartphone banking. This bank app can be used anywhere to do nearly the same transactions using net banking. It provides banking at the fingertips of the user.

5. Fund transfers:

One of the biggest advantages of using a mobile banking app is the ability to make fund transfers. This medium enables you to make fund transfers using National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), or Immediate Payment Service (IMPS). You can even link your bank account to the bank's Unified Payments Interface (UPI) app to make UPI transfers.