Exploring The Benefits Of Mobile Banking

[Shashank Bhaskar]

In recent years, Online Banking has emerged as the most popular way to the bank. Thanks to this facility, you can now operate some tasks remotely without physically visiting the bank.

From the online mode, Mobile Banking has emerged as a surprise package. If you are new to Mobile Banking or an old hand, here are the benefits that help you understand what makes this a famous facility. Read to know more about it:

Convenience

Check your account balances, find ATM locations and transfer funds from the comfort of your home.

Less time-consuming

You need not run to a physical bank branch for every little task. Claim the services and reach the customer care team within a few clicks.

Bank 24*7

Carry out your activities anytime, anywhere, thanks to the banking app. You only need a stable data connection and a smartphone. There is even the concept of SMS Banking under smartphone banking.

Maintain records

Along with monitoring, also track all your financial transactions and monthly spending. This allows you to meet budgeting goals efficiently.

Apply for banking facilities 

When applying for banking facilities such as Credit Cards or Loans, M Banking enables you to do so in a few clicks.

Are they secure?

Most banks that offer such services ensure a proper security setting. However, consider the following precautions to protect your account:

Always lock phone

Adding a passcode or a pattern is advisable. This way, even if you misplace your phone, no one can access it without the authentication you have locked in.

Beware of phishing texts 

Sign up for text banking and alerts. However, if asked for your account number or other sensitive information, know that it isn’t an authentic message from your bank.

Avoid using public Wi-Fi

Linking your mobile phone to open networks makes it susceptible for hackers to access your personal information. Therefore, avoid public internet connections or access your Saving Account when connected to such a network.

With rapid digitalisation, apps are now a standard service most banks offer. So, you do not have to specifically look for large nationalised or leading private sector banks to open your accounts with. You can opt for local banks too and avail of this facility. Many banks may require you to apply separately for such facilities with the bank and count charge for it as well