Customers have shifted from traditional banking to mobile banking apps because they are easier to use for basic banking transactions. According to a report, there are more than 5 billion unique mobile users. This means that the mobile phone is the primary tool for 67% of the global population to access various types of digital services. As a result, it’s no surprise that even industries like banking, which have traditionally lazed behind in terms of innovation, are investing more and more in mobile apps and mobile banking. You can check your current account balance or transaction history from anywhere, at any time using a mobile banking app. You can easily control your expenses and learn how much you spend on various items and services thanks to the analytical features included in many apps.
Why is mobile banking important in today’s day and age?
Mobile banking allows you to bank whenever and wherever you want. It is dependent on your schedule and when you require it the most. Both online banking and mobile banking are feature-rich and provide benefits that are not available through traditional banking methods. You also have more financial control and instant access to essential financial tools while on the go with a UPI app. Furthermore, if you’re wondering if mobile banking is free, mobile banking is a valuable free tool that you can use as often as you want.
As banks and fintech companies compete to provide you with the best mobile banking experience, they try to provide you with access to very appealing deals that are only available through the mobile app. Whether it’s a higher interest rate on your savings account or a special discount to your favorite store, using a mobile banking app can help you save a significant amount of money.
Following are some of the benefits of using mobile banking in our day-to-day lives:
Portable bank – Customers no longer require a desktop computer; they can now use all banking services on their mobile devices while traveling to work or staying at home with their families.
Utility – Customers don’t need to visit banks in person in order to check their bank account balances, conduct financial transactions, deposit checks, and much more
Speed – Mobile Banking app users can complete any finance-related tasks instantly by logging in at breakneck speed. Offline banking’s laborious and draining process is long gone.
Improved operational control – Due to household chores and office work that keep us busy, not paying bills on time has been a long-standing issue. Banking apps allow you to track the history of your transactions, check your balance quickly, and set-up notifications, such as when your payment is due or when a money transfer is completed successfully. Furthermore, these apps can pay your bills on your behalf using the auto-debit feature. You simply need to keep the bill amount in your account until the due date.
Free of Cost – Most banking apps are totally free of cost which is why people love to use apps instead of using offline banking services.
Therefore, as demonstrated by the reasons given above, mobile banking has changed our lives for the better and will continue to do so in the future as well.