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7 Benefits Of A Banking App

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People’s adoption of online services has increased since the pandemic. Mobile banking segment in India growing with more and more people using smartphones. Most millennials and the Generation Z, aged between 21 and 40 years are performing their regular banking activities on mobile devices. They look for a one-click solution for making payments, checking balances, transferring funds, and other netbanking services.

Mobile banking apps are built to have innovative features to offer the users a personalized customer experience. Unlike traditional banking, you can do online banking anytime and anywhere. Most net banking apps like IDFC FIRST Bank mobile app offer innovative tools to help the users manage their finances, track expenses, schedule payments, make investments, budget, and set alerts.

With this personal net banking app, banks or financial institutions offer several benefits to their customers. Here are some prime ones:

1. Check account balances

With the IDFC FIRST Bank mobile banking app, you can link all your bank accounts with the same bank or different banks and check the balances from a single platform easily. The multi-factor authentication on the net banking app facilitates safe and secure login anytime. You can also access your bank online statement by clicking the ‘Account details’ option and viewing the recent transaction history. Apart from checking balances, you can update your profile and manage account preferences.

2. Open a digital bank account

One of the distinguishable features of a netbanking app is it helps you open a digital bank account. All you have to do is fill in your details, such as your full name, PAN Card and Aadhaar Card numbers, residential address, date of birth, mobile number, and email address, and submit them with supporting documents. After the eKYC verification process, your online bank account is activated.

The IDFC FIRST Bank’s digital savings account helps you do secure Internet banking. You can transfer funds, avail yourself of credit card management services, get pre-approved loan offers, and have a consolidated investment dashboard.

3. Make payments instantly

A banking app is known to help manage your bill payments through various solutions. You can schedule your utility or credit card bill payments to pay them on time. Moreover, you can also receive reminders for the bills that are due and notifications for the bills presented or bills that get paid or unpaid.

You can pay your bills via NEFT, IMPS, RTGS, and UPI payment methods. The other option for paying your utility bills is through QuickPay by verifying the OTP received on your mobile number.

4. Quick and easy fund transfers 

You can make a quick online money transfer on the IDFC FIRST Bank mobile app safely and securely. Linking your bank accounts, you can move funds to another account in IDFC FIRST Bank or other banks from a single platform. All you need to do is register for any of the payment methods like NEFT, RTGS, and IMPS by adding a beneficiary. You can also choose ‘One-time beneficiary’ if you so desire.

5. Customisation

You may have a few banking tasks to perform every day or once in two or three days. The latest version of the IDFC FIRST Bank mobile app permits you to customize it so that you can access the most frequently used tools easily and instantly. Hence, you don’t have to shift between pages to check balances, transfer funds, make investments, and set up payments. You need to just create your own menu and access each function from one place.

6. Categorization of transactions

Viewing your bank statement and categorizing transactions using smart filters is important. Some banking apps like the IDFC FIRST Bank app help you categorise expenses based on the date, description, and mode of payment.

7. Budgeting

The integrated apps on a netbanking app offer innovative tools to budget and manage your money. They provide insights into your spending habits and give suggestions to regulate them. By using the Income & Expenses Analyser, you can track your expenses, categorize them, and compare cash flows.

The latest net banking app from IDFC FIRST Bank can take the stress out of managing your money and give a personalized banking experience.

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