Do mobile banking apps only offer money transfer services?

Today’s mobile banking apps are very different from the apps that would help us check our account balance a few years ago. New-age mobile apps offer more than simply facilitating online money transfers, they help customers access banking services faster and more securely. This article enlists four services besides online money transfer that banks facilitate today.

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1. Banking apps help customers save more via special features

IDFC FIRST Bank primarily focuses on helping customers to provide a superior, seamless, quick and easy banking services through its mobile banking app and bring in the best of features available in Indian retail banking today It offers the Zero Fee Banking on all its savings account variants This feature waives off the fees for 28 commonly-used savings account services helping customers increase their savings. These services include chequebook re-issuance charges, SMS alert fees, NEFT (National Electronic Funds Transfer) transfer charges, account closure expenses, and RTGS (Real-Time Gross Settlement) charges. Furthermore, the bank offers monthly interest credits and a competitive interest rate through its savings accounts, helping customers increase their overall savings.

2. Customers have access to a large personal loan amount at all times

You can access a loan amount of up to ₹ 1 crore through the IDFC FIRST Bank mobile banking app. You can meet most financial goals with such a large corpus. IDFC FIRST Bank allows customers to access these personal loans online by signing up for them through the app. The eligibility criteria for these loans, too, are pretty straightforward. Customers can also use IDFC FIRST Bank’s personal loan EMI (Equated Monthly Instalment) calculator on the bank’s site before signing up for a loan. This calculator helps customers analyze their loan details including the tenure, amount, and repayment cycle before sending in their applications.

3. Banks help customers budget better through mobile apps

The Track Your Expense feature can help customers save more by budgeting smartly. The IDFC FIRST Bank banking app enables customers to categorize their payments into various categories. Categorizing your payments through the app can help you plan for your upcoming expenses better besides increasing your savings.

4. Banks help customers open new savings accounts through their apps

Banks offer a variety of other services via their mobile banking apps such as access to financial calculators and the facility of opening Fixed Deposit accounts. Banks like IDFC FIRST Bank have developed mobile apps that complement customers’ financial habits. Generally, banks offer special features like the Zero Fee Banking feature on opting for an online account opening.

5. Customers can easily manage their credit card transactions through a mobile banking app

The easiest way to track your credit card transactions today is a mobile banking app. You can also use IDFC FIRST Bank’s credit card EMI calculator to know the details of your credit card repayment cycle in advance. Customers can easily apply for a lifetime-free credit card online through IDFC FIRST Bank’s mobile app.

A new-age mobile banking app offers features that go beyond facilitating mobile transfers. You must opt for a mobile app that offers all the features mentioned in this article.

Amanda R. Dubose

Spent high school summers getting to know dogmas in Minneapolis, MN. Spent several years merchandising walnuts worldwide. My current pet project is researching Slinkies in Jacksonville, FL. Spoke at an international conference about testing the market for action figures in Hanford, CA. Spent the better part of the 90's lecturing about cellos in Orlando, FL. Spent 2001-2007 building sausage in Naples, FL. Tv fanatic. Internetaholic. Travel expert. Incurable zombie nerd. Coffee advocate. Hardcore web trailblazer. Gamer.