Most of us use mobile apps for banking today because of the resounding success of UPI (Unified Payments Interface) transfers. Mobile banking apps from reliable banks also offer a range of financial services in addition to bank accounts. Let us analyze the new-age features of mobile banking apps that have entirely altered our online banking experience. This article enlists six such features.
1. Safe online fund transfer options
The IDFC FIRST Bank, a mobile banking app, offers two efficient modes of online transfer besides UPI – Auto Pay and One-Swipe Pay. Auto Pay helps customers automate regular payments, like rent payments, grocery payments, utility bill payments, etc. IDFC FIRST Bank offers One-Swipe Pay as an alternative to other popular modes of transfer such as NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), and RTGS (Real-Time Gross Settlement). Having more options at their disposal helps customers reduce an over-dependence on one or two modes of online transfer.
2. Access to multiple banking services in one place
Today’s online banking apps offer access to various banking services under the same umbrella. Customers can access services from downloading their bank statements to investing their saved income in a mutual fund on the IDFC FIRST mobile banking app. Very few banking services require the customer to visit a bank branch in person today, thanks to this feature.
3. Key safety measures put in place by banks
Banks have also introduced a range of safety features to improve the overall security of online transactions since the RBI (Reserve Bank of India) issued a directive in this regard. From facial recognition software to biometric login options, customers can choose from various secure login options today.
4. Online account-opening and savings-friendly features
IDFC FIRST Bank facilitates an online account opening for its savings accounts and offers discrete components with this procedure, including zero-fee banking. The Zero Fee Banking feature waives the fees of 28 banking services, including Interest Certificate issuance charges, SMS alert charges, and checkbook issuance charges. IDFC FIRST Bank applies zero-fee banking to both their savings account variants, helping all customers save more in the long run.
5. Instant access to a large corpus of funds
Your online banking app must let you access a large corpus of funds as a personal loan when needed. IDFC FIRST Bank helps customers apply for online instant personal loans worth up to ₹ 1 Crore. Having all-time access to such a significant amount can help you overcome any financial emergency.
6. Efficient query redressal
Lastly, new-age banking apps help customers contact customer support quickly. IDFC FIRST Bank’s mobile banking app facilitates efficient and instant query redressal directly through the IDFC mobile banking app. Customers can also open a free bank account through the app seamlessly.
“Banking” today has become synonymous with “mobile banking,” for good reason. Mobile banking apps have made banking extremely convenient by offering superior access to banking services. You must search for the six features mentioned in this article while researching mobile banking apps online to select an efficient one.