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The Ultimate Guide to Mobile Banking Apps: Features and Benefits

Gone are the days when customers had to log into Net banking from their desktops. With mobile banking apps on smartphones, banking tasks can now be handled from anywhere. With a stable internet connection, mobile banking provides the flexibility to monitor balances, pay bills, and accomplish other banking needs 24/7.

Types of Mobile Banking Services

There are three primary ways in which banks offer mobile banking services:

1. Mobile Banking Apps

Dedicated apps like AU 0101 digital banking app provide a personalised banking experience, allowing users to avail of a full range of services, from transactions to investments, on a single platform through a user-friendly interface.

2. SMS Banking

Retrieve basic account information by sending SMS requests from your registered mobile number and receive an instant SMS response from the bank.

3. USSD Banking

Dial the bank’s designated USSD code on mobile to access menu-driven information on balances, mini statements, etc., without the Internet.

Top Features That Make Mobile Banking Apps an Indispensable Tool

  • Money transfers via IMPS, NEFT, RTGS, UPI
  • Instant utility bills, credit card bills and loan EMI payments
  • Mobile & DTH recharges, flight/movie ticket bookings
  • Opening Fixed Deposits and Recurring Deposits
  • Applying for loans, cheque books requests
  • Blocking debit/credit cards instantly in case of loss or theft

Thus, these basic features make the mobile banking application simple and reliable.

Benefits of Mobile Banking Apps

Banking at Fingertips 24×7

Monitor account activities seamlessly by accessing anywhere, eradicating geographical limitations posed by physical bank branches with limited working hours. This offers exceptional flexibility and convenience to manage your finances on the go.

Quick Access to the Bank’s Customer Support

Raise tickets for any account-related issue from within most banking apps and get prompt redressal from the bank’s customer assistance teams.

Here is an expanded version of the safety aspects of using mobile banking:

Is Mobile Banking Safe to Use?

Mobile banking is completely secure, provided users take basic security precautions. Banks deploy robust security layers to facilitate safe financial transactions through mobile apps:

Use Strong Passwords

Creating a strong alphanumeric password with special characters and updating it regularly ensures login credentials are not compromised. Enable device binding for enhanced authentication.

Data Encryption

End-to-end encryption of all transactional data and customer information safeguards privacy and prevents fraud by scrambling data to make it unreadable during transit between the app and banking channels.

Two-Factor Authentication

Verification in two steps for every transaction via OTP sent to a registered mobile or token generated in the app acts as an additional weapon securing your money.

Regulatory Compliance

Banks adhere to strict data security protocols like PCI DSS certification and annual information security audits per RBI regulations to secure mobile apps and protect customer interests fully.

Despite such measures, users should follow basic precautions like avoiding public WiFi for banking activities, not sharing OTP or passwords, and immediately reporting unauthorized transactions to keep their money safe while enjoying the perks of mobile banking.

Is Mobile Banking Free to Use?

One of the biggest advantages is that they offer a host of services completely free once customers download their respective bank’s official app. While internet data charges, as levied by telecom providers, would apply to access mobile banking, the apps do not charge mandatory fees or subscriptions.

Some of the key features offered free of cost to customers are:

  • Check account balances and mini-statements
  • Fund transfers through IMPS, NEFT, RTGS
  • Pay utility bills, mobile/DTH recharge
  • Set up standing instructions for periodic payments
  • Chequebook and account statement requests
  • Ticket raising for any account-related queries
  • Additionally, mobile banking apps facilitate vital functions like:
  • Hot listing lost debit/credit cards
  • Blocking net banking access
  • Reporting unauthorised transactions

Which customers can avail of instantly without any charges

Conclusion

Mobile banking provides customers with more transparency and control over their finances. Account balances, statements, and transaction histories are visible within the mobile banking app. Customers can check in on their money seamlessly and make payments or transfers with just a few clicks. By having their financial data readily accessible, consumers can stay on top of their accounts and gain peace of mind.