Everything you have ever wanted to know about a digital banking app

Everything you have ever wanted to know about a digital banking app

Smartphones and mobile apps have revolutionized banking to help handle financial transactions from anywhere, anytime. They connect both the users and their bank without stepping out of their homes. With digital banking apps, you can conduct money transactions online quickly and conveniently.

There are about 1.9 billion online banking users, and it is expected to reach over 2.5 billion by 2024. With more and more people depending online for digital payments, banks vie with each other to offer the best banking app with all the essential features. IDFC FIRST Bank offers one of the most distinctive mobile banking apps with multiple features to help its users conduct banking seamlessly.

Some differentiable features of a banking app that make it popular among people are:

  • Online money transfer

With the IDFC FIRST Bank Mobile App, you can transfer funds between bank accounts in other banks or within the same bank through various transfer methods. The app helps you with an online money transfer immediately or on a set date via NEFT, IMPS, or RTGS. All you need to do is to add a beneficiary and set the start and end date with a monthly or quarterly schedule. You can also transfer funds immediately on the UPI BHIM app by creating a distinctive UPI address.

  • Manage money in a better way

Most people who resort to financial planning want to know where they spend their money. A mobile banking app can help you by creating a budget. The IDFC FIRST Bank mobile app enables you to track your spending habits by categorizing your monthly expenses. Using the Income and Expenses Equalizer, you can easily know where a majority of your money is going and regulate such areas you spend more.

The IDFC FIRST Bank’s mobile app also helps you allocate the expenses judiciously and provide spending advice. The smart analyzing tool helps you invest your excess money in savings accounts in equity, gold bonds, and mutual funds.

  • Open savings account

You can open a digital savings account on a mobile app without visiting the bank. All you need to do is provide your mobile number, email address, and Aadhaar Card or PAN Card number and verify the details receiving an OTP. Next, provide your personal details and deposit money through a debit card or net banking. Finally, undergo a video KYC to complete the process. Starting a digital savings account offers benefits worth Rs. 3000 or Rs. 1500 based on the card you are holding.

  • High security

Security is the most important feature among others for a mobile banking app. Otherwise, it will lose the customer’s trust. Using multi-factor authentication, banks protect your account. When you log on to the app, it will ask you to enter your online login credentials and verify them with an OTP received on your registered mobile number.

With a 4-digit MPIN, you can instantly log on to your bank account. You can also choose to have fingerprint or face recognition as advanced security.

Other than the above features, a banking app offers personalized service to its customers. AI Chatbots are one of the new developments that make online banking different when solving customers’ problems. The online system also helps connect the customers through a phone, email, or chat anytime, anywhere.

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