Net banking services took the next step in the evolution recently especially when UPI banking apps were introduced. You can find these apps for both, Android, and iOS platforms. Non-banking institutions can also develop UPI payment apps in collaboration with banks. In addition to payments, banking apps offer a wide range of services right in your palm and save much of your time and effort. The article below mentions various reasons why you should start using a banking application.
Issues with conventional banking
Offline banking requires you to physically visit the bank physically and wait in a queue, eventually consuming time. Net banking on the other hand is faster. A net banking app is considered a simple way to manage your bank account and make payments anytime, anywhere. Irrespective of your hectic schedules, online banking apps help you stay on top of your finances. You can enjoy services 24×7 and execute your transactions in real-time.
To use a banking app, you first need to have a net banking account. You can register for a net banking account with the help of the app itself. All that you need is to fill out an online application form available in the mobile app. Opening an account online comes with a lot of benefits. They are:
- You could enjoy a wide range of banking services:
By using a net banking app, you can easily access a wide range of banking functions. Moreover, these functions can be completed in no time. For instance, it is possible for you to check your account balance, request a new chequebook, transfer funds to another user, leave standard instructions, and pay utility bills in a matter of minutes.
These apps come with a user-friendly interface and can help you to get in touch with your bank for quick query redressal.
- You can easily track your expenditures:
One of the notable features of internet banking is that the mobile banking app can help you to keep track of expenditures. You can download and subscribe for an account statement or e-statement and receive it directly in your mail. While tracking your expenses with an account statement, you can even modify the period for which you want the account statement.
- They can help you with investments:
While bank accounts can serve as a safe deposit for your monthly income, mutual funds can help you in meeting long-term financial goals. For a banking app to help you with mutual fund investments, you need to activate a trading account. After opening it, a portion of your money can be used for mutual fund investments.
For instance, IDFC FIRST Bank’s banking app helps you open a mutual fund account through the mobile app and ensure timely payment of SIPs through standing instruction. Hence making your investment experience hassle-free.
- Banking apps come with the feature of autopay:
Another salient feature of a banking app is the facility of autopay. This facility helps you set up an auto payment instruction and the amount gets paid to the beneficiary automatically from your bank account at the set date. This feature is very helpful in paying utility and credit card bills and rent.
A mobile banking application can help you in several ways to avail of banking services conveniently and transfer funds anytime and from anywhere.