Mobile Banking refers to the banking and finance functions on a smartphone or a tablet. The benefits are:
Empowers the customers: The users will be able to transfer the funds or check the activities of their account without any interruptions.
Go Green, go paperless:Mobile Banking helps the banks to deliver paperless statements to its customer’s email address while providing speedy delivery and saving the cost of printing and courier.
Round the clock service: With the help of mobile banking, the customers can avail most of the services of the bank 24*7. It is also available in rural areas.
Free of cost: Many people have a perception that mobile banking comes at a cost, but it is free of cost, the customer need not pay any extra charges to avail any of the services.
Convenience: The customer can avail all the services of the bank at their fingertips. There is no requirement of going to the bank or an ATM to check account balance or transfer money.
More security: Be assured on the reliability of the financial transactions you do after logging in to your Mobile Banking app by using the multi-level authentication system. This system requires the user to go through a two (or more) pronged security set-up before it can access and manage its account. These include a primary password, progressing to a code which only the user possesses or other biometric identification patterns which are unique to everybody, hence this reduces the risks of forgery. The bank will integrate your account with your device so if anyone tries logging in to your account you and the bank will get notified.
Helps you track your finances: Moblie banking apps puts you in charge of managing your accounts and funds efficiently as it enables you to gauge your financial standing. Anytime, anywhere, you can monitor the account balance, transfer funds from a different account if required, and view the balance and statement.
Minimizes errors: Humans can err at times but not a good Mobile Banking app. A comprehensive mobile banking application will considerably minimize the errors which users could make.