Mobile banking apps for Android have grown due to financial institutions embracing technology. Along with the fundamental features like balance checks, digital payments, monthly balance statement fetches, etc., many banks also offer a comprehensive array of features and benefits to make your banking experience convenient. Read on to know some of the features of top mobile banking apps.
Important features of mobile banking apps for Android
Mobile banking apps like IDFC FIRST Bank’s digital banking app have a user-friendly interface and come with almost all banking services. Some essential features of mobile banking apps are mentioned below.
- Customization: You do not have to look through different pages to search for what you want. Modern mobile bank online account permits customization of the menu, so you can access your customarily used services on the first page of the app by using the search button or filters.
- Investments: Mobile banking apps allow you to invest in fixed and recurring deposits, IPOs (initial public offerings), stocks, and mutual funds. You can also manage your Demat account holdings in a single place.
- Bill payment: There is no need to visit any outlet physically or download various apps to avail of distinct services. Through IDFC FIRST Bank mobile banking app, you can pay your DTH connections and mobile bills, utility bills, credit card bills, loan EMIs, insurance premiums etc. You may earn reward points and cash back upon paying such bills.
- Effective budgeting: With mobile banking apps, you can easily track all your expenses in a single place. All your expenses, incomes, and savings are mentioned in a single place in mobile banking apps for easy budgeting.
- Alerts: Using mobile banking apps for Android, you can also register for instant alerts, a feature available in most apps to remain on top of your financial activities. Apart from daily transaction banking, you may set alerts for your bill payments and track expenses through the app.
- Account history: You don’t need to get your passbook updated physically by visiting the branch. You can access your savings account history simply through your mobile banking apps with a click. Using the app, you can easily access your account details and history from anywhere and at any time. Few apps even allow you to fetch such results without data connectivity. These mobile banking apps also contain personalised features for transaction search and important filters to categorise your transactions.
- Online shopping: Mobile banking apps assist in comparing costs across various service providers and enables you to get cashback and discounts on specific purchases. Also, you may redeem your loyalty points using the mobile banking app.
- Convenient payment: You can link your credit card or debit card with the mobile banking app and make payments for your mobile bills, utility bills, DTH recharge, movie tickets, groceries, shopping, and others. Besides this, you can pay using your UPI-linked with your savings bank account.
Benefits of mobile banking apps for Android
Mobile banking applications have various functionalities and facilities to aid your daily financial transactions and monetary management. Some significant benefits of mobile banking apps are mentioned below.
- Accessibility and convenience: Mobile banking applications are extremely high on comfort. They allow banking anytime, anywhere. With such apps, you can save adequate time as it eliminates the need to visit a bank and wait in queues. Such applications are accessible 24×7. Few mobile banking apps might use smart geolocations and real-time notifications to provide information and updates.
- Security: Mobile banking applications assure predominant security and safety for all transactions. Multi-layer encryption and cybersecurity are offered in such apps. These protection levels are available when you log in and conduct any transaction through the application. These protection levels may be in the form of the PIN, biometrics, and two-way authentication. Note that financial institutions use encryptions to protect your user data.
- Alerts: It is simpler to monitor your cash inflow and outflow through the mobile banking application. The app also offers features such as alerts from banks for different purposes to keep a continuous tab on your finances. You can even use it to manage your expenses through debit and credit cards by setting a limit on such cards.
- Add-on advantages: Along with the convenience of conducting digital payments, the app also extends benefits in the form of personal loan offers, credit card limit enhancement and other attractive schemes.
Mobile banking is a standard service today that almost all financial institutions offer. Luckily, you do not require a bank account to avail of mobile banking facilities. You can select any bank and account – whether regular or premium – to make the most of the Android mobile banking features.