Five ways in which digital banking improves your banking experience


Mobile baking was already on the rise when the pandemic hit. But the disruptions and limitations brought on by COVID-19 turned it into a need. The emergence of mobile banking apps has altered the global financial environment and how banking functions are performed. Netbanking is becoming a requirement rather than a trend. Read on to learn how digital banking helps improve the banking experience.

  1. Convenience

One of the key advantages of mobile and internet banking solutions is the freedom to conduct banking whenever and however you like. Cheques can be deposited virtually anywhere using mobile banking applications, for example.

Without going to a branch, you may simultaneously check your balance, transfer money, and set up a reminder to notify you if your account goes into overdraft. It saves a lot of  time. Long-term – of digital banking include the option to go cashless. To guarantee that you never forget an EMI or bill payment, you can even create reminders with the help of your retail internet banking app.

  1. 24 x 7 customer service

With some exceptions, such as scheduled maintenance updates and unexpected outages, mobile banking conveniently lets you access your account whenever you choose, unlike a bank branch.

You save time because of this accessibility. For instance, mobile check deposit, a function that most banking apps provide, enables you to deposit a check whether you are on the move or from the convenience of your sofa. Mobile banking can also assist in relieving pandemic-related health fears and other concerns people may have about banking in person.

  1. Security

The job of banks is to protect your assets, including any transactions you make through their mobile apps. Even while nothing is failsafe, there are steps you can take to increase security measures if you are worried about the security of your current banking app.

Another approach to protect your digital bank account while not sacrificing convenience is to log in using a face or fingerprint scanner on various mobile devices and bank apps. If your smartphone disappears, the security features also let you remotely lock or disable it to prevent thieves from using it.

  1. Value Added Services

Mobile banking apps can also make utility bill payments, insurance policy purchases, phone recharges, etc. You can form a pension account, pay taxes, buy FASTags, and open accounts for investment securities, among other things.

  1. Locate nearest ATM

Although many individuals are unaware, you can locate your bank’s ATM and branch that are near you via the mobile banking app. If you have to withdraw money immediately, this option can be helpful, especially if you’re in a strange city or neighbourhood.

For example, IDFC FIRST Bank’s mobile app can help you track down the  ATM nearest to you or in your vicinity . You can, additionally, apply for loans and credit cards, pay your electricity bills, and invest in fixed deposits (FDs).

Since it provides a wide range of advantages and functions, an online bank transfer app might be helpful. You can now have more influence over how they handle their money thanks to 24-hour access to their accounts and the convenience of one-button transactions, reducing the frequency of trips to the bank. You have total control over your finances and can use banking services whenever and wherever you are.

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