7 Unique Features of a Mobile Banking App

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7 Unique Features of a Mobile Banking App

Advances in technology have helped people manage their finance effectively. Moving money around has never been easier than it is now. Thanks to the recent mobile banking app, you can manage finances from home or anywhere over smartphones.With banking apps, most people enjoy personal banking services, without standing in long queues and wasting time. Nevertheless, there are other features they offer. Of these, the seven distinctive ones are:

  1. Secured Sign-in

To access the mobile banking app of your bank, you need to download the relevant app from the App Store or Play Store in your mobile. Banks generally advise you to download the app directly from their registered portal to avoid downloading any malicious software. The multi-factor authentication helps you to sign in safe and secured. It enhances the security by sending an OTP to your mobile number, thus requiring you to identify yourself by more than the login credentials you use every time.

  • Helps Connect and Access Your Bank Accounts

Using an online banking app, you can access any of your bank accounts, conduct transactionsand monitor the payments. The software supports a number of leading banks and financial institutions in India. When you can easily check your account balances at various banks, the app also helps you manage your finance by transferring money between different bank accounts.

  • Open a Digital Bank Account

Most mobile banking apps allow you to directly open a savings account online. The electronic know-your-customer (eKYC) feature makes it easier to upload all the necessary identity documents such as the PAN card, Aadhaar card, and any other document online.  It takes just a few minutes to complete the 3-step process.

  • Make Investments from One Place

If you are looking for some creative funding, then your banking app can help you make smart investments in mutual funds, shares or gold. The platform offers user-friendly tools that give access to various financial services such as commission-free direct and direct mutual fund investments in equity and debt mutual funds. You could choose and invest in any mutual fund, including the systematic investment plans (SIPs) if you wish.

The app also allows you to trade in stocks by having an account, say, you can have a 3-in-1 account, which includes a savings bank account, trading account and Demat account. With this account, you can trade in currency, equity and commodities.

  • Avail Instant Personal Loans

With this app, you can apply for a personal loan at a low interest rate instantly. The paperless application process requires you to give some basic information and necessary documents online.

  • Easy Payment via QR code

Other than payments through net banking, the app also facilitates direct bank payments through the UPI QR code. You can make payments to anyone and at any time in your preferred language.

  • Get Notifications and Alerts

By signing in, the app automatically sets up the alerts to help you have a seamless banking experience. Some mobile banking alerts and notifications you receive are low balance, unusual account activity, debit card, direct deposit and large amount of money withdrawal alerts. The features of a mobile banking app mentioned above offer a competitive edge and enhance customer experience.

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