Mobile banking app

Manage Your Bank Savings Account Easily With the Mobile Banking App!

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The emergence of mobile banking apps has transformed the banking ecosystem. It allows you to conduct financial transactions from the solace of your home. You can easily access and manage your banking accounts through mobile telecommunication devices from anywhere at any time.

The easy accessibility of these apps also curbs customers’ need to go to financial institutions for non-cash withdrawals or deposit transactions. Further, cellular mobile banking applications help users to optimise their money by investing right, carrying out infinite transactions and reducing the expenses that result from handling transactions.

How Do Mobile Banking Apps Help to Manage Bank Saving Accounts?

Today, most banks have their designated mobile applications, which help customers access a wide range of services. Apart from the usual checking the balance and generating e-statements and account summaries, you can also access a host of other services.

However, to start using this app properly, you need to connect your savings account with it. Once you have completed that, you can then use this app for und transfers, making payments, investing in FDs, and a lot more.

You can also use this app to apply for loans and credit cards as well. It is possible to apply online using these mobile applications and upload documents on time to curb any prospective delays in the process.

What else? Well, the notification system of these apps allows you to keep track of every activity. When you make a payment or receive funds, the app will send you notifications. It will also alert you to pay the bills on time to avoid falling behind and accumulating more debt.

Furthermore, with these apps, you don’t need to go to the branch office of the financial institution and stand in line for anything.

The Usefulness of the Mobile Banking Apps

Mobile banking applications bestow users with numerous advantages –

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1. Strengthen the Security

You do not have to be worried about the security aspect of online banking as these mobile banking apps extend robust security precautions; thereby, all transactions and financial particularities are incredibly safe. Safety parameters like multifactor authentication will require a customer to undergo two stages of verification. Further, provisions of some mobile apps need customers to log in using fingerprint and face scan.

2. Automate Savings

Through mobile banking applications, customers can automate their savings and keep aside funds in their savings accounts for any urgent needs. Such provisions will not only help simplify your life but also help you develop a savings habit. All you need to do here is decide how often they want to transfer the extra money to their savings account.

3. Optimise and Invest Money

Online banking apps have been designed to help customers manage their money with minimum time and effort. With Internet banking apps, you can invest your idle saving account money in different instruments like mutual funds, bonds, stocks, etc. The app also allows easy tracking of the investments and respective returns. Even one can open fixed deposit accounts and can make necessary changes to their portfolio.

4. 24X7 Easy Accessibility

Unlike conventional banking hours, digital banking apps allow you to access the bank throughout the day. You can transfer money at any time. The 24X7 accessibility of these apps help customers during monetary emergencies. Except during unexpected outages or planned maintenance updates, these apps can be accessed anytime.

5. Extends Value-Added Services

Everyone gets to utilise value-added services like bill payments; mobile recharges, booking flight or train tickets, etc., from this mobile banking app. Even customers are offered discounts and offers on transactions and purchases.

6. Track Spending

Digital baking applications help customers get an overview of their past transactions, allowing them to locate the areas where they tend to spend more. Some mobile banking applications extend automatic payment services, and you can easily sign-up for auto payments and clear your EMIs, utility bills, etc. Also, you can set notifications to ensure they never default on the bill or EMI payment. This indirectly helps in improving your credit score as well.

7. Review Account History

Mobile banking applications also allow you, the customer, to check your bank account statements for previous transactions. You can even download bank statements on your mobile devices for future usage. This further helps in tracking past spending and lets you manage your upcoming expenses and be within budget. Besides accessing bank account statements, you can also access fixed deposit details, credit card transactions, and more.

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Things to Know Before Using Mobile Banking Apps

Here are the following things that one must be aware of before using mobile banking apps:

  • It is important to keep all the credentials secured. Customers must refrain from sharing those.
  • Set a strong password for accessing the app that contains alphabets, numerals and special characters.
  • Enable two-factor authentication on these apps for further protection.
  • Avoid signing in from any third-party websites and use a secured network connection. So, staying away from the public Wi-Fi is strongly recommended.
  • Refrain from logging into the banking app from someone else’s device.
  • Never share login or KYC credentials on phone calls or via SMS.

To Conclude

The accessibility of mobile banking applications has altered how banking functionalities are carried out worldwide. With mobile banking apps, customers can not only access their saving banking accounts but also use other services, all under one roof. As a result, you can see the popularity of these apps and how financial institutions are encouraging their usage.

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