Banking operations have seen a drastic change since 2000. First came the web service, also known as internet banking, where customers could login to the bank’s website and easily connect with their account. After demonetization and widespread digitization of the Indian financial landscape in 2016, phone based applications circulated by banks became a popular mode of banking. They are convenient, ever present and loaded with features we need for our daily finances.
What is a banking app?
It is an application designed for mobile platforms. Basically, it is a bank on your phone, and to complete a transaction you just need a couple of taps. These apps are available for major mobile operating systems like iOS and Android. Banking Apps are free; you just need to download your bank’s app from the Play Store or App Store, login using your credentials and start transacting from your phone.
Once you download the application on your phone, you will be asked to register (in case of new users) or login using your login details. After login you will see the App’s dashboard or home page depicting all the basic information related to your account.
The features you should look for in a banking app:
- Simple interface - The mobile banking app should have an effortless interface or dashboard. So, you don’t have to search for things like money transfers, check account details, last transactions, scheduled transactions, debit/credit card details.
- Basic Features - The app must have all the basic services like:
- Account related updates.
- Debit card updates, these days some banks are offering virtual debit card which is a good option. Check with your bank to see if they have any such feature.
- Ability to apply for different products like FD, RD, credit card online and manage them through the app.
- Easy and fast money transfer functionalities such as UPI payment, NEFT, IMPS, RTGS.
- Auto Pay and Bill Pay options so you can preschedule your bills and never miss a due date.
- Cheque deposit, block card and ability to contact customer service.
- Security - Usually most banking apps are safe. Still, make sure that all information is encrypted and passes through layers of security, so that it becomes extremely difficult for fraudsters to mutilate your data.
How to pick a banking app?
Usually, your primary banking partner will have a banking app; you can download that as per your mobile device. Check customer reviews and consider App Store and Play Store ratings. This will help you to understand the app’s general performance.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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