Mobile Banking Features and Benefits

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Decoding the many features and advantages of mobile banking.

Key Takeaways

• Mobile Banking allows you to enjoy banking services through your internet-enabled mobile phone.
• You can check your balance and account statements on the go, 24x7.
• You can also utilise money transfers to make payments through your bank’s mobile app.
• Mobile banking enables you to pay utility bills, loan EMIs, credit card dues, etc.
• You may also invest in mutual funds, open term deposits and more with mobile banking.

With evolving banking technology, you can conduct most transactions without ever stepping foot in your bank. You can send and receive funds, make payments, access your account balances and more from the comfort of your home. Today, you can carry your bank with you wherever you go, in your internet-enabled smartphone, thanks to mobile banking. Here are some mobile banking benefits you can enjoy by downloading your bank’s mobile banking app.

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Mobile Banking – Features and Benefits

Following are the most prominent mobile banking features and benefits that help you enjoy a hassle-free banking experience.

1. 24x7 Access to Your Bank Account

   The most prominent advantage of mobile banking is that it allows you to access your bank account from anywhere, any time. Whether you are at home, in your office, or on vacation in some remote corner of the world, you can keep a tab on your bank account 24x7. All you need is a stable and secure internet connection to view your account balances, check past transactions and download account statements.

2. Instant Money Transfer Facilities

   Transferring funds using your mobile banking app is easier than ever through electronic fund transfer systems like NEFT, RTGS, IMPS and UPI. You can send money between bank accounts in India and overseas at the tap of a few buttons. Banks levy nominal fund transfer fees and even offer waivers on fund transfers.

3. Timely Payments of Bills & Loan EMIs

   A critical mobile banking feature is that you can make all sorts of payments directly through your mobile banking apps. For instance, you can set up billers and pay all types of utility bills. Similarly, you can repay your loan EMIs, recharge your mobile and DTH devices, repay your credit card dues, etc. You can set up standing instructions for recurring payments and auto-enable bill payments before the due date.

4. Make Investments Securely

   Most banks offer facilities to manage your investments through their mobile banking apps. You can invest in mutual funds, create a contingency fund for medical and financial emergencies, and open fixed and recurring term deposit accounts directly through the app.

5. Quick Customer Service

   Time-saving mobile banking benefits include access to customer support. You can launch the app to consult with bank representatives. The customer service department attempts to address your queries or grievances and resolve them quickly.

6. Multi-stage Security Features

   Mobile banking apps are geared to ensure your account details are stored securely. Banks provide multi-stage security features such as login passcodes and biometric facilities to encrypt your app and safeguard your critical banking information. You cannot make fund transfers without OTPs, and you also get SMS alerts on initiating transactions or receiving payments.

Final Note

Mobile Banking has transitioned from an additional service to an essential one. The numerous mobile banking features make your banking experience convenient and time-saving. Apart from your basic banking activities like money transfer and account balance viewing, you can open fixed and recurring deposits and make various investments with maximum security.

Download the digibank by DBS app to get started.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.