Mobile banking is the usage of mobile devices like tablets or smartphones to access as well as manage your banking accounts and conduct distinct financial transactions. Mobile banking applications provide a secure and convenient means to manage your finances in a single go without the requirement for visiting ATMs or bank branches.
With mobile banking applications, you can easily check out your account balances, transfer funds, view transactions, pay bills and do way more, all from the convenience and comfort of your home. Explored in this article are the benefits linked with mobile banking and how can you get started with the same.
What’s mobile banking?
Mobile banking refers to the service that permits you to simply access your bank account and conduct distinct banking activities like checking your account balances, transferring funds, and paying bills, through your mobile phone. To use mobile banking, you just need to download the mobile banking application from the authorised application store and form your user profile. Once you have installed the banking application and have set up your user profile, you can get the benefit of a wide range of banking services as well as features using your mobile device without the requirement for visiting the bank branch. For instance, suppose you hold a bank account with the Bank of Baroda, now you can access your account either by opening your Bank of Baroda net banking or by downloading the BOB World App. Doing so would allow you to access your Bank of Baroda account and through this, you can make all your banking transactions with ease without the need for approaching the bank branch. The crucial features offered by mobile banking applications are as follows. Read on to understand –
A mobile banking app permits you to conduct a wide range of banking transactions with ease.
A stable internet network and smartphone are all you require to get access to your mobile banking app.
It endows you the potential to carry out your banking transactions from any location and at any time.
If you use the mobile banking service, then you tend to receive push notifications through the mobile banking app for new deals, timely updates as well as discounts.
Mobile banking – overview
Below listed is a brief overview of the mobile banking app, which permits you as a user to conduct a wide range of banking activities through the online platform. These include –
| Parameters | Mobile banking application |
| Device utilised | Tablets, smartphones |
| Services provided | Limited |
| Ease | Simple to use and is user friendly in nature |
| How to access | You can easily access it by inputting your banking credentials i.e., user ID and passcode to log in to your online banking |
| Push notifications | You are notified regarding banking promotions, events, and exciting deals |
| Other services | SMS may be used for accessing your mobile banking service |
What are the important advantages of using mobile banking services?
There are various advantages of using mobile banking services, a few of them are as follows –
· Mobile banking applications permit you to get hold of your banking account as well as conduct financial transactions through a mobile device from anywhere at any time.
· With the mobile banking application, you can simply keep close track of your banking transaction activities like checking out your bank passbooks as well as everyday transactions, etc.
· You can make use of the mobile application to make payments, transfer funds, add beneficiaries, and track transaction history.
· Mobile banking applications offer a wide range of services, which include the potential to make phone recharges, book flight or train tickets and make payment of your utility bills.
· Mobile banking applications are user-friendly and may be personalised to meet your requirements.
· You can simply set up alerts to make sure that the payment is performed on time and receive push notifications regarding crucial deals as well as discounts.
How to make use of the mobile banking application?
Ensure to follow the below instructions well to make proper use of your mobile banking apps. It must be noted that the banking mobile app structure differs from one bank to another.
· Visit the app store i.e., the Apple app store or Google Play store and search well for the mobile banking application for your bank. Once you find it download the application from the authorised app store.
· After you have downloaded the app, install it, open it and sign into it using your registration number or account details.
· Create a passcode and reenter the same to confirm it.
· Your mobile banking application is ready now for usage. Through it, you can make your online banking transactions with ease.
So, if you hold a Bank of Baroda net banking or net banking account of any other bank account, then ensure to follow the above steps to log in to your bank account’s mobile banking service.
What are the important things you must ensure to note?
· To use the mobile banking application, it is important for you to have a mobile device along with a reliable internet network.
· It is crucial for you to form a strong passcode for your banking account to safeguard all your personal details present in the account against fraud, scam, or digital theft.
· The process of activating and accessing a mobile banking application might differ based on the app as well as the financial institution.
What are the limitations of using a mobile banking app?
Listed here are some of the important limitations linked with the mobile banking app. Read on to know –
· For making use of a mobile banking application, you must ensure to download the app from an authorised application store and then install it on your mobile phone.
· Mobile banking needs both a mobile device and a strong internet network for proper functioning.
· It is crucial for you to keep your mobile app updated to make ensures its functionality and security.
· Signing into a mobile banking application from a 3rd party application or a website may attract a high risk of hacking or fraud.
· Low net connectivity or app crashes might result in bank transaction failures.
· It is necessary to keep all your banking linked credentials secure and safe to prevent any misuse of your banking app by unauthorised individuals.