Why Has India Moved on To Digitalised Banking With The Use Of Mobile Banking App

Posted by Shashank Bhaskar on January 16th, 2020

Thanks to the upgraded technology in the banking sector, you no longer have to visit your branch for every deposits and fund transfers. India bags the world for using mobile banking apps with Sweden in the second position. Since the internet has taken over the world, there has been a steady rise in consumers using mobile banking. Here are some outstanding reasons why Indians love to use mobile banking apps –

• Easy access to account

Today, you can sit back at home and download the app of your respective bank. You get access to all its services. You need an ID and password to keep it secured. This facility is beneficial for people having more than one account as you can manage all your accounts from a single mobile platform. 

• Balance enquiry

Initially, where you had to visit the branch and ask representatives about balance amount in the account or visit an ATM counter to check balance. These days people barely visit the office for updating the passbook as the transaction history can be seen on online banking apps. 

• E-statement 

Every bank nowadays e-mail you account summary which makes it personalised and secret. You need not carry a passbook throughout to see the deposits and withdrawals. For future reference, these statements can be downloaded in PDF format to save in your phone. 

• Easy transfer

The digitalisation of banking services has made fund transfer easier and quicker with the use of mobile banking application. People can now transfer the funds from their account to another of the same bank or others within a minute. For making transfers from one bank to another bank, a nominal charge should be paid. But there are no charges for intra-bank transfers. 

• Bill payment

One of the mobile banking services which everyone uses frequently is to pay the bills. With the help of internet banking, you can not only make transfers but also pay your household bills, credit card and other payments. Goodbye to long queues. 

• 24*7 customer support

With the emergence of online banking facility, you receive all-time customer support. In case of theft or loss of your debit or credit card, you can ring into their customer service number to ask the bank to block the card. 

• Branch or ATM locator

When you switch to a new place and not aware of the locality and bank, you can find an ATM of your bank in the mobile net banking application. Most banks have a ‘branch locator’ or an ‘ATM locator’ in their app. 

• Safe & secure

Though people question the security of the application, banks come up with new software which is secure and safe. As long as customers do not share their OTP and password to an unauthorised person, you are on the safe side. Also, banks request their customers not to click or open any illegal links which might hack the customer’s mobile phone. 

Inference:

India is the fastest-growing nation when it comes to digitalised banking and technology. If you have a smartphone, m banking is available for every Indian.