What Are The Features And Benefits Of Net Banking Apps?

Posted by Arjit Chalmela on March 27th, 2020

Ever since the internet has taken over the world, the banking sector has seen a tremendous change in its operations. Gone are those days where people had to stand in a long waiting queue to get their financial requirements done.  

Features and benefits of mobile banking apps?

In India, the use of mobile banking apps is increasing day by day. Here are some of the benefits of net banking app –

• Accessibility – whether you are at your office at a meeting or your friend’s wedding, you can access your bank account from anywhere at any time. This 24/7 service helps customers perform banking functions without waiting for banking hours to activate. 
  
  
• Convenience – timesaving is another crucial benefit of using a m banking app. No more, you need to go to your branch and fill in the deposit slip to transfer funds. You can do it at your fingertips by just using your mobile phone. Also, bill payment is another convenient feature of why people love to use online banking services.
  
  
• Security – today, banks put in so much effort and time in creating high-end security to protect the privacy of their customer’s data. Even if you need a username and password to log in to your mobile banking app, the bank provides multi-factor authentication where you need two or more verification process to prove that it’s you. Some banks even let you log in by scanning your face or fingerprint, which is yet another hard-breaking task for fraudsters. 
  
  
• Free service – and the best thing about the mobile banking app is that you get all these services free of cost. You do not need to pay any registration charges or extra money as a service charge. You can use the net banking app for n number of times and make payments to as many people you want. Only a nominal fee has to be paid to transfer the funds or pay the bills, which came after the implementation of GST. 

What are mobile banking services?

• Account access – you can download your account summary information to check out your monthly transactions. 
  
  
• Balance inquiry – you will get the updated balance summary within seconds after conducting a financial transaction.
  
  
• E-Passbook – some banks offer a digital passbook mobile app where customers can download to check their previous transactions, including both debit and credit balance. No more bank visits to update your passbook.
  
  
• Fund transfer – you can transfer funds from one bank account to another account of the same bank or different bank. Transfer of funds to the same bank account doesn’t cost anything, but inter-bank transfer charges a nominal amount. 
• Bill payment – you can pay your mobile bills, utility bills, and credit/debit card bills using an m banking app. 
  
  
• ATM locator
• Branch locator
• Requests for cards and chequebook

Today, mobile banking allows the user to sit back at their home or office and pay the funds and bills at their ease. Be it at the late midnight or early morning at 4 am; you can make the payments round the clock.