Mobile Banking – Advantages & Safety Tips | AU Small Finance Bank
Gateway to Digital Life. Download AU 0101.
Search for a product
Home  > Blogs  > Digital Banking  > Advantages of Mobile Banking
ApplyNow_Products

Advantages of Mobile Banking

    With the growing internet and smartphone penetration, Mobile Banking Applications have gained vast prominence. According to a report, 8 out of 10 urban Indians with a bank account started using Mobile Banking Apps during the pandemic. Mobile Banking Apps have made our lives easier. On this note, let’s get to know about Mobile Banking & advantages you can get from it.

     

    What is Mobile Banking?

    So, what is Mobile Banking?
    It is the process of using a smart device like a mobile phone or tablet to carry out financial transactions or avail other banking services.

    Read More: What is Mobile Banking?

    If you’re yet to use Mobile Banking, you’re missing out on these valuable benefits -

     

    Advantages of Mobile Banking

    1. 24x7 Banking

    With a Mobile Banking App, you get 24x7 access to banking solutions via your smartphone/tablet. So, whether you’re at home, office, or travelling, the banking App is accessible all 365 days.

     

    2. Access a Wide Range of Banking Services

    A banking application allows customers to access a wide array of banking services without the need to visit the bank. You can use the Mobile Banking App to open a new Savings Account, transfer funds, check account balance, request a new cheque book, pay utility bills, and do much more.

     

    3. Instantly Review Account History

    Visiting the bank to update the passbook was a regular affair for most of us. But not anymore. One of the advantages of Mobile Banking is that it allows you to instantly check all the transactions of your account within seconds.

     

    4. Track Your Spends

    Expense tracking is critical to ensure you don’t go overboard with your monthly budget. A Mobile Banking App also helps  track your past spending & plan your finances accordingly. You can also switch on the automatic payment feature for bills to stay within the budget.  

     

    5. Invest Your Money On-the-go

    Investing surplus funds is a smart way to generate additional returns. Customers can use their Mobile Banking App to invest in various instruments, like Fixed Deposits, Recurring Deposits, and Mutual Funds, directly through their bank accounts.

     

    6. Providing Added Controls

    A Mobile Banking App also offers improved control over your bank account. You can receive push notifications, send gift cards, activate/deactivate Debit and Credit Cards, and do much more to experience seamless banking on-the-go. 

     

    7. Giving You Tailored Options

    Banks also offer tailor-made and personalised banking solutions based on how you use the Mobile Banking App. Digital technologies enable banks to understand customer needs better and refine their product offerings to fulfil their requirements effectively.

     

    8. Transfer Funds to Family and Friends

    Sending money to family and friends is a breeze with a Mobile Banking App. You can transfer funds via NEFT, IMPS or RTGS. Some applications are also integrated with UPI (Unified Payments Interface) for faster digital payments.

     

    9. Account Security

    Security is also one of the leading benefits of a Mobile Banking App. From login ID and password to Two-Factor Authentication (2FA) and One-Time Passwords (OTPs) to confirm transactions, users can rest assured that their Mobile Banking experience will always be secure.

     

    10. Securing Your Financial Data

    Banks also take measures to keep confidential data always protected. Therefore, even though the account is remotely operated through a smartphone, you can expect the same level of safety when you avail any service from a bank.

     

    11. Zero Service Charges

    All the customers can use a Mobile Banking App without worrying about service charges.

     

    Safety Tips for Mobile Banking

    Even with the best Mobile Banking App, customers should take adequate measures to enhance the safety of their digital transactions. Here are some tips to make your experience safer-

    • Avoid using a Mobile Banking App on public networks as they’re not secure

    • Keep the smartphone protected with a PIN, fingerprint, or facial recognition

    • Never leave your phone unattended

    • Avoid storing confidential data like Mobile Banking passwords, Debit Card PINs, etc., on your smartphone

     

    About AU 0101 App by AU Small Finance Bank

    AU Small Finance Bank, the Largest Small Finance Bank in India, also offers AU 0101 App that enables existing as well as new customers to experience Mobile Banking benefits.

    Customers can download the app from App Store (iOS) / Play Store (Android) to experience the new world of on-the-go banking.

    Read More: Mobile Banking Trends 2022