How can a bank app help you safely execute your financial transactions?

The availability of banking facilities and services are no longer available from the traditional mortar and bricks institutions. You can now avail all these services through financial apps provided by the several banks.

The financial industry and consumers are slowly adjusting to the concept and execution of banking apps, but it still has brought up various queries, especially when concerned with the safety of these bank apps. Does it really fare better than the security services offered through the traditional financial institutions? What are the different features that are different from the traditional institution that make banking apps a safer option?

Given below are some of the factors that highlight this concern:

Regular updates in security features: An efficient bank will always address any security concerns, while ensuring their features are up to date against any evolving risks. When dealing and resolving a security risk, traditional banks will have a long turnover period, owning to the fact there are several layers of functioning and hierarchy to be considered and evaluated. However, banks apps are designed in such a manner, it stays well protected against any risks, on the digital platform. Furthermore, its quick and constant updates ensure optimum protection against any evolving security risks, offering the ideal protection 24*7, all year long.

Monitor accounts: One of the biggest risks to banking transactions and service is the lack of monitoring from the consumers end. Traditional banking services do not have the means to offer consumers the opportunity to access their account, especially a short notice. This means, when it comes to monitoring bank accounts, it would take considerable time and effort. Bank apps on the other hand, are designed in such a manner where applicant can easily log in and access the history of their accounts in mere seconds. This will help then monitor their account, and take quick appropriate action if there are any security concerns.

Layered security features: Bank apps use the strongest layer of security protection that is available. That means they will offer multiple security check - ins and layers. Apps often come with an option of two-factor authentication, where you will need something in addition to your password. This would also include biometric identification, such as your finger imprint or even your facial features. The more layers of security, the more harder it would be for hackers to access your data.

Directs you through a secured channel: Most apps are linked back to their respective bank’s online features and functions. Whether it is making a transfer or receiving funds, the app will direct you through a well-protected channel which ensures a well secured transfer. For example, most banking apps utilise the SSL certification when transferring from one page to another.

Virtual banking: Evolution of traditional banking and how you can benefit from it

Online banking now includes several mobile capabilities. Just as the internet evolved commercially in the 90’s, the traditional brick and mortar banks have simultaneously evolved; delivering accessible yet limited online services. Over time, these efforts led lenders to expand their internet presence with an interactive websites this is inclusive of features that include convenience in opening new account, downloading forms and convenient loan application processing.

Today, the stage of development has led to the arrival of internet only banking services, such as mobile banking apps. These apps offered banking and other financial services, without the requirement of a network of mortar and brick offices. By utilising this service, consumers would be able to save in terms of service charges, high interest rates, and enjoy lower loan costs.

So what are the other benefits that the virtual banking facility, such as the mobile banking apps can offers? Here are some of the other features:

Convenience: You can easily access any banking facility or function through banking apps; so long you have a secured and steady internet connection. This means, you can access any banking functions or facilities through any part of the day or night. With a single click of a button, you can get updated with your real time account balance or maintain a direct access to your account. You can even change your mailing address, order for additional checks or get a glimpse of the current interest rates. 

Services: Banking apps offer a more comprehensive set of features and services, as compared to the traditional mortar and brick bank services. Through the app, you can not only get the traditional services, but additional functional features such as budgeting and forecasting tools, financial planning capabilities, and even investment analysis tools. You can even get loan calculators or eligibility calculators to help you make calculated investment decisions. Through this, you can easily make online bill payments, fill up tax forms, but also apply and opt for loan rates that will suit your financial requirements.

Mobility: As the name suggests, mobile banking apps offers mobility when it comes to executing any financial transactions or accessing any services. Through the comfort of your smartphone, you can easily access your account, whether you are at home, or waiting in the grocery line, or even waiting for your travel transport to arrive. This mobility helps saves your time and effort, especially when you have limited time and resources to access your finances.  

Virtual banking may have come a long way from traditional banking to online banking. You as a consumer can take advantage of these benefits and enjoy a stress free and convenient banking today. All you need to do is log online and set up your online account today.

Why do you need internet banking today?

To some degree, online banking has now become the norm for several bank transactions. It has made it easier for the consumer to do various simple tasks, such as check accounts, pay bills and transfer from one account to another. All these activities will help an applicant to do and maintain a more organised financial life.

So how can you benefit from utilising mobile banking? Here are some of the factors you can consider:

Banking at your convenience: Online banking eliminates the factor of banking within fixed hours. You can now manage your account on your own schedule, 24/7. All you need it a digital platform such as a computer, tablet, or even your smartphone with an internet access to execute any banking transaction you want.

Banking on the go: Day to day banking is now made easy through mobile banking. Whether you have a few minutes to spare while waiting at the grocery line, or waiting for your transportation, you can easily make a transaction or check your banking account details in mere seconds.

Eliminate the waiting: Are you tired of waiting in long bank lines especially when you need to rush to work, or spend your weekend relaxing? Through internet banking, you can easily make the transactions you want at any given time. For example, if you need to make a money transfer or pay a bill before the deadline, you can easily log online and make the necessary transfer. In fact, if you have any query regarding any transaction or doubt, you can always activate the callback feature, and get a bank representative to address your concern.

Save on your fees: By opting for online banking, you automatically eliminate the requirement for stamp costing, ordering cheques or even deposit slips. In fact, you save a lot more on the service charges, and resources required to make trips to the bank. In the long run, this saves you a lot of your funds.

Stay updated on your account activity: You can stay updated on all of your account activities in a single click of a button. You can easily check to see if your transactions have been made; your checks cleared or even your balance in real time. By doing so, you can take the appropriate and quick measures in the event your transaction or deposits are not done within the given time.

Get instant bill payments done: Bill payments have always been a messy job, especially when you need to keep track of all the different deadlines. Paying your bills online will be not only convenient, but also quick and free. In fact, you can easily set up an automatic recurring payment for you monthly bills to avoid any delay charges.

Get instant notifications about account transactions: With internet banking, you can easily sight up for online alerts through texts or emails. Any transaction you make will help you get notified, especially about your balance or transactions. Through these alerts, you can avoid overdraft fees or late charges. You can even keep track of your payment deadlines.

By opting for online banking you get to enjoy these benefits amongst many others. By opting for this option in the long run, you not only save a lot on your time, but also on your resources, ensuring your financially stable and secure.

How banking apps can help you improve your financial habits

There’s little to almost no argument that smartphones have been one of the most influential inventions in human history. Their presence can be felt in every facet of daily life, especially in terms of communication, accessing the internet, shopping, access entertainment, and now how we bank.

In fact, their purchase and usage exceeds desktops and laptops, while continuing to accelerate, as they offer the perfect convenient and flexible platform, to access a variety of apps, which includes several financial apps. Banking apps have now made it easy to access your financial details from virtually anywhere. In fact, in the long run, they will help build up your financial habits.

Here is how the mobile banking apps can help improve and formulate your financial habits:

• Help organise your financial information and records: Banking apps are designed to access your financial information and records from a secured server through a secured channel. By knowing and accessing your financial information, and having a system that is easily accessible will save time and aggravation on your part.

• Direct deposit for your monthly payments: Do you have monthly payments to keep track of? Do you have debts that need to be paid on a fixed date? The app for banking services will help you make a direct deposit, thus saving time while making your funds work faster for you.

• Create automated saving plans: Saving plans are a great objective for both short term or long term financial goals. Through the app, you can easily make transfers to other financial products, such as another bank account or investment product. Once your monthly income has been deposited in your salary account, you can easily use the mobile banking apps to make the required transfer on the given date and get it deposited within a few minutes or dates. 

• Track your expenditures: Every transaction made through the app will be recorded in the app’s history. Through this process, it will help you be aware and prepare your expenditures. It will also help you identify potential areas which will help you reduce expenses. Over time, you can monitor your spending and slowly eliminate unnecessary expenditures.

• Help you save for loans: At some point in your time, you will need to apply for a loan. Developing a saving habit and a small source of the fund will be handy when applying for a loan. Over time, you can manage to save sufficient funds for a down payment or even emergency EMI repayments.

• Set up account alerts through the app: With the continuous in and out transactions, there is a high possibility that your account will have low or insufficient funds. This can lead to checking bouncing or low balance charges. However, through the app, you can set up notifications to a certain value which, when crossed, will instantly alert you. This way you know you would need to take alternate measures to prevent over-expenditures.

Busting Myths about internet banking: All you need to know

The financial market and industry has taken a step to transform them from a cash-dependent economy to a cashless economy. In fact, several individuals have been pushed to utilise the digital means of transactions, one of which includes internet banking. As the name suggests, all banking or financial transactions are made through the internet platform.

There are plenty of advantages to this service, namely, avoid looking around for the closest branch, no queues to wait in line for, and no delays in turnaround periods due to human involvement.

However, there are several individuals, who do not take advantage of the mobile net banking services owing to the fact there have either been unaware or have misconceptions about the service.

Here are some of the popular myths about online banking and how they have been debunked:

Myth #1 - Internet banking is unsafe: Banks strive to provide the idealistic, if not the best service. This also includes optimum security. The usernames and passwords will be used for security purposes only. In fact, after a certain period of inactivity, banks will either change your password or delete your account out of their website. In addition to this, they also utilise securing technology such as data encryption and firewalls. In fact, banks go an extra mile and seek the service of ethical hackers to find loopholes or vulnerabilities and rectify them. In this way, banks ensure that their system can face any challenge that arises unexpectedly.

Myth #2 – You will be charged for using mobile net banking: Another popular myth surrounding mobile internet banking is the fact that it is expensive. On the contrary, it offers lower if not almost no charge. Online banking services save a lot of funds on employee backed services which include document verification, paper checks and postage work. All these services are eliminated, through the use of internet banking. In fact, you would also save your own time and funds, as there is no requirement for you to travel to a branch or even get on lengthy calls with bank representatives to get a product or service done.

Myth #3 – Internet banking consumes a lot of time: It may take time to adjust to a new banking service, especially with a new system. However, over time, familiarity and awareness will ensure that you will work your way around a new system. In fact, once you get adjusted to the new system, you can easily take care of simple tasks within a few minutes, as compared to the time taken through the traditional channel and steps.

Myth #4 – Internet banking involves a complicated process: The older generation may not be used to the new methods of financial transactions. This is because the age group between 18 to 35 years comprise of individuals who are familiar with the functionings of smartphones and apps. However, mobile internet banking services have designed their services and interface in such a manner that any age group will be able to access and manage their services. This makes any transaction simpler as ever.

What are the features to consider when evaluating banking apps?

Smartphones have changed the way, that an individual does banking on an everyday basis. Through online banks, you can now get access to services that were only available at a traditional bank branch. Apps like the SBI, Axis, Kotak, ICIC and HDFC mobile banking apps, provides a wide range of amenities that will cater to your banking needs.

However, before opting for these apps, certain features must be evaluated and verified, to ensure that they match your financial needs.

The following are important features you will need to evaluate before you opt for the banking app:
Fees: Most banks offer the mobile banking software free of charge. In other words, the banking institute itself won’t charge you for downloading and using the app. You will need to verify these charges with your bank to ensure that no specific services within the app, provided by the bank, are charged. However, your network carrier may charge you for certain services and functions. For example, you will be charged for the standard internet usage or any messages you will send through the app.

Deposit Limit: Most of the banking apps provide the service which allows mobile check deposits. Some of the popular apps that provide this service include SBI, Axis, Kotak, ICIC and HDFC mobile banking apps. With this, you can easily get checks transferred using only the app on your mobile phone. However, certain banks will have particular limits on their deposit values, depending on certain factors. This would include timeframes, account types and other additional factors. Therefore, ensure you are aware of the deposit limits before you start making plans to use this service for a long term.

Technology Requirements: Like any other apps, the banking apps will also have specific technology requirements. For example, one Android banking app may require one OS version, whereas the other may need a higher version. Similarly the same can be said for the iOS versions. Even more, these apps may also offer certain features for smart watches too. But like the apps, they too would require specific platforms to function.

Easy to Use: Only the best mobile banking apps will be easy to use. These apps should have an interface that is easy to use especially with your fingertips. If simple functions cannot be performed even with simple taps or swipes on your phone, then it would be more appropriate to use the browser, with the purpose of the app being lost. Therefore, it makes more sense to opt for apps that are designed with an easy to use interface. Some of the popular choices include SBI, Axis and HDFC mobile banking apps amongst many others.

Apart from these features, there are plenty others that you can evaluate and consider. However, in the end, you must ensure that all your requirements are met, without any compromise on your finances.

Mobile Bank Apps: How can you take advantage of it

If you’ve considered using your smartphone only for basic functions such as making calls, playing games, or accessing the net, then it is time to catch up. There are plenty of other activities you can undertake, especially banking services.

Right from routine tasks to emergency tasks, there are plenty of activities you can do through the bank app. Here are some of the reasons why opting for a mobile banking app is a smart move:

Saves time and trouble visiting the bank: You can do more than check your balance on your smartphone through the mobile bank app. You can even open a bank account, apply for a loan of your choice and even apply for a banking card. You can even trade securities and even track your investments. All this can be easily done, without having you to leave the comfort of your home or the convenience of your workplace.

Stay on top of your funds: With the mobile bank app, you are no longer tied to any restrictions that come with the traditional forms of banking. You need not log into your account from a laptop or computer or even visit a nearby ATM or local branch for any of your basic banking needs. With this app, you can easily access your accounts in the fast and simple process. You can now stay abreast of your finances, which is as easy as picking up your phone and sending a message.

Enjoy stress-free transactions with a secure channel: You may make an assumption that mobile banking apps are somehow not as much as secure than logging in with a computer, visiting an ATM or even a local branch. However, each of these bank apps comes equipped with a password and security system that is not only tested by proven. However, on your part, you should only download the app from trusted sites and also be aware of imposter apps that can be posed as legitimate apps.

Get instant alerts: Have you ever wondered whether your transaction had been made to the intended source? Or how much funds are left in your account after paying off your bills? You can easily get instant alerts just by opting for this feature in your app. You can even opt for text alerts if you want a more secure alert system. In this way, you can track all your transactions and detect if there are any unauthorised transactions on your account.

Banking fee free service: Through the traditional banking services, the institute would normally charge a certain amount of fees to access your funds in your bank account. However, through the bank app, this service remains free. However, you need to be aware that your network carrier will charge you for data downloading and texts.


While there are plenty of additional transactions, in the end, you should ensure that you get the required banking assistance from the app that will suit your needs.