Gone are the days when banking was a cumbersome job. Mobile and internet banking technologies are no alien term, and it has reached most of the population. People must no longer visit banks to withdraw or send money, even with international money transfers.
Due to the above-said popularity, most users know the standard features of mobile banking apps. But digital banking apps have come a long to integrate advanced features such as artificial intelligence (AI) and machine learning to make banking even more accessible. Therefore, let us discuss some innovative features of differentbanks’ mobile bankingthat every consumer must know.
What is mobile banking?
Mobile banking is a service that lets people use their phones to access their bank accounts and make financial transactions. It can include checking account balances, moving money between accounts, paying bills, and depositing checks. Many banks have apps for mobile banking that can be downloaded from the App Store or Google Play Store.
Users can log in with their username and password to access their accounts. Some banks also have mobile banking services that can be accessed through their website with a mobile browser.
Top new features of mobile banking apps
- Mobile payments
Some digital banking apps let users pay with their phones by entering card information or scanning a QR code. You don’tdon’t need to use any third-party apps, and certain banks like IDFC FIRST Bank even allow transactions of smaller amounts without entering a PIN.
Some mobile banking apps include budgeting and financial planning tools to help track your spending and reach your financial goals. Mobile banking apps can also give insights about your spending if you use the same bank for your monthly expenses.
- Personal financial management (PFM)
Some mobile banking apps have PFM tools that allow you to link your financial accounts in one place and see the whole financial picture.
- Investment management
IDFC FIRST Bank’s mobile banking app lets you view and manage your investment portfolio while on the go.
- Help from chatbots
Some mobile banking apps have chatbots that can answer questions and help with managing accounts and other tasks.
- Touch ID or facial recognition
Most mobile banking apps offer biometric authentication options, such as Touch ID or facial recognition, to make it safer to access your account.
- Instant account opening
It is now possible to open an instant bank account online using many mobile banking apps. This process requires you to provide personal and financial information, such as your name, address, and social security number. You may also need documentation such as a valid ID or proof of address. Once you have completed the application process and provided all necessary documentation, you may open a bank account online and access it instantly.
Things to keep in mind while using mobile banking apps
- Use a secure password:Use a unique password for your mobile banking app, and do not share it with anybody.
- Enable two-factor authentication:IDFC FIRST Bank’s mobile application provides two-factor authentication as an additional security measure. In addition to your password, you must input a code provided to your phone or email while checking into the app.
- Avoid public Wi-Fi:Do not access your mobile banking app over public Wi-Fi networks since these networks may be unsafe.
Mobile banking is convenient and lets you manage your finances on the go. However, using secure passwords and being careful when accessing financial information on a mobile device is vital to avoid identity theft and other cybercrimes.