​An overview of mobile banking applications

Mobile banking is an important facility that allows you to initiate and perform banking activities using your smartphone. You can use mobile banking apps to view your account balance, make digital payments, perform bank money transfers from your account, pay bills, etc. A few banks, including IDFC FIRST Bank, have also incorporated various unique services into their online app, like providing loans, insurance policies, and mini stores to provide goods.

What are the essential kinds of mobile banking services?

Mobile banking is just a step closer to forming a thoroughly digitalised surrounding. It lowers documentation work and waiting time, which otherwise may have been wasted in long hectic queues. Banks may offer mobile banking services in distinct forms, like:

  • Mobile banking through mobile apps
  • Mobile banking through SMS
  • Mobile banking through USSD (Unstructured Supplementary Service Data)

Mobile banking application – What are the benefits provided?

Mobile banking apps are convenient and user-friendly mode. This mode allows you to perform specific banking services using your phone without visiting the bank. Different banking services that you can access using your mobile banking app are:

  1. Access to account details

With mobile banking, you can access your account information and funds in your savings bank account from anywhere at any time. This assists in better fund management. You can check the following using your mobile banking app:

  • E-passbooks
  • Card statements
  • Loan statement
  • Account’s e-statement
  • Transaction history
  • View account balance or balance enquiry
  1. Financial transactions

Making bank money transfers and payments is one of the fundamental activities you can perform using mobile apps. Using the app, you can transfer money to anyone by adding beneficiaries or through UPI (unified payments interface) route. You can perform the listed services through mobile banking:

  • Fund transfer to self
  • Bank to bank transfers
  • Payment through IMPS/NEFT/UPI/RTGS
  • Payments to third parties (bill payments, rent payments, etc.)
  • Give standing instructions for periodic deductions
  1. Investments

The following investment-related services are available on IDFC FIRST Bank’s mobile banking application:

  • Portfolio management services
  • Mutual fund investments
  • Opening recurring/fixed deposit
  1. Other services

Besides account summary, fund transfers, bill payments and investments, you need other crucial services for a smooth banking experience. Also, there may be times when you have specific grievances and, owing to inadequate time, may find them difficult to address.

To resolve such issues, ensure to resort to the bank’s mobile banking app to raise queries or complaints. You may use your mobile banking app to avail the listed non-financial services:

  • Order a new chequebook
  • ATM locators
  • Branch locators
  • Lodge complaints or track loan applications
  • Stop or cancel an issued cheque

Mobile banking is a convenient and crucial service for you as a banking customer. Mobile banking today is one of the best byproducts of green banking owing to its paperless transaction feature. Mobile banking services are available round the clock, i.e., 24 x 7 using which you can perform most banking transactions easily and instantly with a click.