Mobile Banking Application – Everything about Internet Banking in 2021

Why do you need Mobile Banking Apps?

Nowadays phones have become a constant companion so it’s easier to do banking on a mobile phone. Every Bank has its individual & unique Mobile Banking Application for users. These applications save our precious time as we don’t need to go physically bank for every query. We can solve many queries like generating statements, balance availability, paying bills, and so on.  

Functions & Uses of Mobile Banking Apps

Banks have customized applications as user-friendly. They have programmed apps in a way that every user can handle them simply. With the help of the Banking App, a user can check balance, transfer money, and receive money. Banks have created apps that can access from different platforms like android & ios.  

Service provided by Mobile Banking Applications

  1. Showing account information.
  2. View of the completed transaction history.
  3. Paying bills & rents.
  4. Providing online shopping.
  5. Transfer money between banking accounts (same or different bank).
  6. Safe UPI(Unified Payments Interface) transfer.
  7. Online trading & investments.
  8. Getting technical support directly from the bank.

How to use safe Mobile Banking Applications? 

Let’s see how to secure banking transactions & defend malware. As per some survey reports India stood 3rd in the world for fraudulent online banking. Let’s take some initiatives towards safe banking. Have a good look below!

  • Always use Official Mobile Banking Application-

    Unofficial apps might contain data-stealing features. One should be aware & careful while downloading third-party banking apps. Your information might have been shared across these apps. Although they promise encryption, your data is at risk. Always use a first-party official app for safe results. 

  • Awareness of an Unauthorised Call –

    Be very careful while getting a call from an unknown number who claims himself as a banker. These may have included spam or scam schemes. Self-claimed bankers may ask for your Debit/Credit Card details or any other personal details. An aware person cannot share his/her personal details over a voice call. The biggest threat is your Mobile Data might be accessed during the call.

  • Malware Applications & Malicious Links –

    Do not click on any malicious links, it may contain viruses or stealing features. It could include a whole fake webpage or pretend to be an official webpage. Always use an official website for banking & transactions. You shouldn’t follow a link via text or email. An idle example of a secured website URL should start with “HTTPS” not ‘HTTP, here “s” stands for a secured website.

  • Social Media Scam –

    In this era of the internet, social media sites have become a major hunting ground for fraud organizations. Do not click on a post link, if you are not about where it can redirect you. These scam links can make mobile data transfer or partially gain access on your device. 

  • Safe Mobile Banking Habits-

    Let’s make a habit of safe banking. No need to be scared by mobile banking applications. Precaution is better than cure, do not save any of your banking information on your mobile phone. It could be your account number, debit or credit card number, pin, or CVV number. When you use a banking app do not store your login id or password. So, if your phone got lost or stolen, no one can access your Bank Account or place any fraudulent transaction.

Advantages of Mobile Banking

  • 24*7 Availability – 

Mobile Banking Application provides you a 24hours 7days facility, unlike a bank branch. In the era of “lockdown”, the availability of banking is a blessing. It’s extremely time-saving in terms of traveling to a branch, taking assistance from an employee. It not only saves time but lives by holding unnecessary outings to the Bank & saves money as traveling expenses.

  • Convenience –

    Banks are mostly located on the streets of the city so most of the users find it difficult to present in these branches to manage their accounts. Internet Banking helps those users to manage their accounts without stepping into the bank. A user can simply log in from mobile or computer to account wherever, whenever they want. 

  • Highly Secured –

    These days developers have made some innovative ways to secure Mobile Banking applications. One of the securities is MFA (Multi-factor Authentication), which allows you to log in to your account in some secured ways like Biometric Verification, Face Scanning, Screen lock, or pin. Security questions like school, favorite color. Banks also send codes (OTP) for verified & secured transactions.

Here is a list of Top Leading Banks of India

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