Mobile Banking: Benefits of downloading a bank account app

Mobile Banking: Benefits of downloading a bank account app

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Unmissable advantages of mobile banking apps to know

TLDR Points

  • Mobile apps make your life easier.
  • They are secure and help you transact quickly.
  • You can open a bank account, fixed deposit, start investing, all in one place.
  • You can even choose favourite transactions to save time.

Introduction

In today's fast-paced lives, the day-to-day is unimaginable without a mobile phone. From co-ordinating your work to shopping online, mobile phones have transformed and simplified the way we do things. And banking is no exception.

A mobile banking app is a simple, convenient way to take charge of your bank account(s) and transact on your mobile phone anytime, anywhere. Regardless of your hectic schedules, with a mobile app, you can stay on top of your finances by placing requests 24*7 on the go and executing transactions in real-time.

Benefits of mobile banking apps

You can download your bank's app quickly from the app store across any smartphone. Let us look at a few essential benefits of mobile banking:

  1. A host of functionalities:You will have access to a host of functionalities with a mobile banking app. You can transfer funds, set up standard instructions, open fixed deposits, pay utility bills, even invest in mutual funds! Mobile banking also provides a singular interface to get in touch with your bank's customer service for any queries or requests. There are also hyper-intuitive banking apps which offer a comprehensive overview of your financial holdings, expense cycles and financial planning charts at the click of a button.

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  2. Convenience and accessibility: Mobile banking apps are incredibly high on comfort. They enable banking from anywhere, at any time. You can save time visiting a bank branch and waiting in queues. The apps are accessible 24*7. This 'instant gratification' makes mobile banking quite attractive. Some mobile banking apps may use real-time notifications and smart geolocations to provide further information and assistance.
  3. Security: Mobiles banking apps assure paramount safety and security for all transactions. Cybersecurity and multi-layer encryption are critical for these apps. People using mobile banking generally have access to different protection levels to login and transact on the app—for example, use of a PIN, two-way authentication, use of biometrics, and so on. Moreover, banks use encryption to safeguard and protect user data.
  4. Monitoring and Alerts: It is easier to monitor the flow of money to and from your account when you have all the information in a single app. You can use features like alerts from the bank for various purposes to keep a tab on your financial transactions. You could use it to set controls on your debit cards, for example, or monitor your expenses.
  5. Add-on benefits: Along with the apparent advantages of mobile banking apps, there may be several mobile-only offers extended to app users, such as personal loans, an extension of credit card limit, and other exclusive schemes. Banks may have informative and educational content, recommendations, and promotions that the user could access via mobile apps. In more advanced features, AI-based advising algorithms could provide information that helps the user make better decisions; for example, those related to investments.
  6. Intuitive banking: Banks today are making investments in financial technology. One of the critical areas where fintech provides enhanced value is improving the user experience. Artificial Intelligence in the banking system is now a reality. New developments make mobile banking interfaces personalised, easier, and more convenient to use, not to mention more secure.
  7. Fraud prevention: Customers who use mobile banking have better access and control of their financial transactions and daily balances. This would make them more likely to catch any suspicious activity. Also, with two-factor authentication, the chances of fraud can be minimised.
  8. Control: Mobile banking offers users a lot of control over their account's financial information and dealings.
  9. Sustainable: Mobile banking apps are sustainable in terms of saving time and energy. They are also environment-friendly and considered a 'greener' option than traditional banking since they save unnecessary paperwork.

Conclusion

With advancements in back-end technology, user-friendly interfaces, and sophisticated data-sharing, mobile banking applications have come a long way. A mobile banking application may have started as a mini-version of net banking. However, going by the evolution of banking apps, it is now an indispensable financial companion!

Are you looking for a smart mobile banking app? Download digibank by DBS and explore a world of banking facilities in a few swipes.

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