5 top reasons why you cannot avoid using a banking app
The use of smartphones has brought about a fundamental shift in people’s attitudes towards handling finances. Mobile banking is gaining a lot of significance as people are no longer interested in being restricted to fixed banking hours. The introduction of a mobile banking app has changed the way people did banking by connecting them with their bank account and money with ease.
You can now do personal banking from any place and at any time using a mobile app like IDFC FIRST Bank mobile banking app. More and more people are still adapting to these banking apps, which have changed from being seen as a perk to an out-and-out necessity.According to a study conducted in 2020, it is revealed that 32% of households have free banking apps on their smartphones, and they made mostly digital payments. Mobile banking is quickly becoming a necessity for some important reasons.
1. Check bank account balances
There are some mobile banking apps that are designed to provide unique features for better customer experience. For instance, the IDFC FIRST Bank mobile banking app is known for its standout features. One of them is to check the account balances of your various bank accounts. The banking app enables you to link your bank accounts and access each of them on a single platform. This helps check the balances instantly through different ways such as the mini statement, account statement and last transaction.
2. Quick money transfer
The smartphone users are increasing every year for the simple reason that they facilitate point-of-sale (POS) transactions. The use of a banking app like the IDFC FIRST Bankmobile app has further eased the process that the user can move funds between accounts within the same bank or different banks. There are options to transfer money by adding or not adding beneficiary details. Using the NEFT, IMPS or RTGS option, you can transfer funds by adding the beneficiary’s name one time.
The other method of an instant money transfer, without entering a beneficiary, is through the BHIM UPI payment app. For instance, through IDFC FIRST Bank mobile bank app, you can enjoy low-risk international financial transactions, online tax payments, using BHARAT QR to pay to merchants, and many more.
3. Pay utility and credit card bills on time
The IDFC FIRST Bank Internet bank service helps you pay utility, as well as credit card bills on time, and thus, helps avoid late payment charges. You have a flexibility in setting up ‘Auto pay’ to pay the entire amount of the bill, or ‘adhoc payment’ by fixing the amount and frequency of the payment. As for paying the credit card bills, you can pay via NEFT or QuickPay option.
4. Apply for a personal loan
One of the prime reasons of a banking app becoming a necessity is the convenience it offers to borrow money without visiting a bank. You can easily apply for an instant personal loan by checking your eligibility and filling an application form online. On becoming eligible, you need to upload digital copies of essential documents for verification. The amount is credited to your bank account after successful verification of your identity, age, credit score, residential address and occupation. Even you can transfer your existing Personal Loans to IDFC FIRST Bank at Flat 1% Lower ROI.
5. Invest in deposit schemes
The advanced features in the IDFC FIRST Bank app helps you track your expenses and suggest investing excess money in your savings account in fixed or recurring deposit schemes, for a higher interest rate. This can help you maximize your returns.
The IDFC FIRST Bank mobile banking app isdesigned to offer investment options in mutual funds, sovereign gold bonds, Zerodha 3-in-1, and so on to give a whole new experience to the users when they use it every time.