With the advent of technology, there has been a huge shift in how people bank. You no longer need to visit a bank branch for your banking tasks. Instead, all major banking activities can be carried out from the comfort of your home thanks to mobile banking apps.
A good banking app is much more than just a source of checking your balance or transferring money. It is a tool that helps in managing your finances in an efficient way. The best banking apps are the ones that provide a comprehensive overview of your financial situation and offer features that help you stay in control of your spendsing. On that note, here are 4 features to look for in a banking app to simplify your financial life and make money management easier.
1. Spending/Expense analytics
A good mobile banking app should have a feature that allows you to track your spending, which can be helpful in various situations – whether you are trying to stick to a budget, save for a specific goal, or simply get a better understanding of where your money goes each month.
For example, with IDFC FIRST Bank mobile banking app, you can view all your past expenses and monitor your upcoming spends. The banking app also allows you to set reminders for upcoming payments. Moreover, the autopay feature allows you to set up scheduled payments for bills and other recurring expenses. This can be a valuable tool for avoiding late fees and keeping your finances organised.
2. Advanced security and fraud alerts
A good mobile banking app should have robust safety and security features. Mobile banking apps require users to set up a strong password or passcode and encrypt all data transmitted between the user’s device and the bank’s servers.
Additionally, the app should offer two-factor authentication, which adds an extra layer of security by requiring the user to enter a code received via text or email in order to log in. Furthermore, the app should provide real-time alerts for any suspicious activity such as an unrecognised online transfer or login attempt.
3. Intuitive interface and ease of navigation
A good banking app should be easy to use and navigate. The last thing you want is to waste time trying to figure out how to perform simple tasks like transferring money or paying bills. Today, most mobile banking apps have a a clean and simple interface that is easy to understand. The buttons and icons are clearly labelled, and the menus are easy to navigate with concise instructions on how to use each feature.
4. Value-added services
Most basic banking apps will allow you to check your account balance and transfer money between accounts. However, more advanced apps will also offer QR code payments, mobile check deposits, an ATM locator, investment opportunities, an option to download bank statements, and 24/7 customer support. These value-added services can make a significant difference in your overall experience with mobile banking.
A mobile banking app is one of the most convenient and efficient ways to bank. But at the same time, it should include all the necessary features to help users manage finances on the go. Make sure the digital banking app you are considering has all the features outlined above to ensure a secure, fast, and seamless mobile banking experience.