6 benefits of using a Mobile Banking App

1. 6 benefits of using a Mobile Banking App The world has moved rapidly towards digitalisation in the last few years. It is almost impossible to live without smartphones in this fast-paced world. From shopping for groceries to booking flight tickets to paying utility bills to searching for new dinner recipes, there’s nothing your smartphone can’t do! When everything else is going digital, why should the banking industry be left behind? The advent of mobile banking apps has changed the entire banking ecosystem and how banking functionalities are carried out across the globe. Today, digital banking is no more a trend but a necessity. Features and benefits of Mobile Banking Apps Get access to your bank 24×7 The usual banking hours in India are from 9 am to 4 pm. Some banks may even work up to 6 pm. But what if you need to access your bank at midnight for an urgent requirement? What if you face an emergency and require money immediately, or if you need to transfer funds to a friend urgently? You will either have to wait for the bank to open in the morning or knock on a neighbour’s door for help. However, with a digital banking app on your smartphone, such situations will never trouble you. Unlike a bank branch, internet banking or a mobile banking app provides access to your bank at all times. You can transfer money anytime and from anywhere without any hassles. This saves you a lot of time and effort. Review your account history Often, you may spend on something and forget about it. And when you eventually check your bank account balance, you get startled and wonder where your money

2. went. In such a scenario, you may need to check your bank statements to know your previous transactions. You may also require bank statements as proof of income or address while opening a Demat account or applying for a new loan/credit card. With a mobile banking app, you can not only conduct your financial transactions but also review your bank account history. You can access your bank account statements, credit card transactions, fixed deposit details, and more with a few taps on your smartphone. You can even download these statements to your smartphone for future reference. Track your spending You can track all your expenses using your digital banking app. For example, with SBM Bank’s mobile banking , you can see all your past spends and also view and manage your upcoming spends. You can even set reminders to ensure that you never miss an EMI or bill payment(s). Some mobile banking apps also provide automatic payment services wherein you can sign up for auto-payment of your utility bills, loans EMIs, and other monthly obligations. You will get a notification when a payment is made from your savings bank account. This way, you can not only control your spending and stay within your budget but also build a good credit score. Invest your money If you have surplus money in your bank account, why not invest it in different instruments to get better returns? After all, there’s no point in letting your hard-earned money idle in your savings bank account, which offers a very low-interest rate. Still, many of us hesitate to invest our money because we think the process is too complicated. Locate the nearest ATM

3. Many people are unaware of this facility, but it does exist. You can use your mobile banking app to locate the nearest ATM as well as the nearest branch of your bank. This feature can be of great use if you need to withdraw cash urgently, especially if you happen to be in an unfamiliar neighbourhood or a different city. Conclusion A mobile banking app can be handy since it offers a host of benefits and features. You can avail of banking services anytime and from anywhere and have complete control of your finances. At the same time, it is important to take certain precautions like keeping your ID and password safe in order to safeguard and protect the mobile banking app from any unauthorized access or usage.