Bank Apps: What is the future for 2018?

Mobile banking technology is constantly evolving. In today’s mobile-first world, the rapid pace of technology is changing the retail banking future radically, relying less on physical branches and more on mobile facilities. Forecasting the trends in the retail banking landscape today, here are four things that may unfold in 2018.

1. Gen X joins the Mobile Banking Queue:
While Millennials have always been quick to embrace new technology, the technological gap separating Gen X from Millennials is shrinking. It has been reported that 67% of Gen X use the mobile app of their banking institution. This number will keep increasing, eventually matching the Millennials' on mobile banking usage, change the course of retail banking.

2. Defunct Brick-and-Mortar Banks:
With mobile banking on the rise, the need for physical branches is lessening. Thus, there will be a fewer need for brick-and-mortar retail banks as bank branches shall continue to lose importance. Thanks to mobile banking apps, retail banking has now become easier than ever before. To avoid a mass shutdown of physical branches, banks will rush to stay updated with their mobile banking technologies while continuing to focus on developing customer loyalty. Banks relying heavily on physical retail banking may face trouble in the near future. While physical branches shall not completely disappear next year, most physical branches are destined to become obsolete.

3. Greater Personalization and Mobility:
Consumers will demand easily accessible mobility and personalisation in banking services whenever they want it. Consumers will want to build their suites of mobile banking products so that they can personalise their banking experience.  Banks must have the technology and know-how to deliver personalisation and mobility in a perfect bundle for customers.

4. Digital Currencies:
Along with mobile banking, banks must compete not only with other banks but with non-traditional financial competitors. Digital-only banks by big tech companies have made their presence felt, and will continue to grow. They shall offer a completely digital mobile banking experience to consumers. Apart from these, virtual currencies such as Bitcoin have already established themselves as a possible alternative to real currency. Demand for such currencies and transactions with them will continue to grow, and this has the potential to alter the traditional retail banking techniques drastically.

Financial institutions will adapt to emerging financial technologies and facilitate their own mobile-based digital and virtual innovations to be able to stay in business competing with these new technologies flooding the market, and they will adapt soon.

Why you need to switch to banking apps today

Are you still going to the bank to perform simple activities, such as depositing and withdrawing money? Are you tired of the long queues at banks? If you answered yes to both these questions, you should perhaps download your bank’s mobile app. Almost all major banks today have released their own banking apps and these applications are vital if you want to make the entire process more convenient.

Here is a look at some of the reasons why you should immediately switch to mobile banking apps.
No need to stand in long queues
When you visit a bank, you have to stand in a queue with other customers. This makes even a simple money deposit seem like a hectic task. Moreover, there is no guarantee of the exact time when you would be able to finish your transaction. For instance, the day you go to the bank may be especially busy, which can force you to wait for a very long time.

With mobile banking apps, however, there is no such dilemma. You do not need to wait in a queue either. You can simply log into your account and make the deposit or conduct the transaction whenever you please.

Saves time and money
In case of normal banking, you would have to visit the bank branch to conduct the transaction. However, this can cost you money for the journey and also waste valuable time. However, in case of banking apps, there is no need to travel and thus, you can save the entire money on that front. Moreover, since you can conduct the transaction from anywhere, there is almost no time needed for them.

You no longer have to make time for your busy schedule to visit your bank branch. This greatly increases the convenience of the transactions.

Service available 24x7
Banks open for a specific period of time each day between Monday and Saturday. However, these institutions remain closed on other times and on Sundays. Bank employees are also liable to get holidays on some occasions. On these days, people cannot visit banks to conduct business or transactions.

However, the same problem does not arise in case of mobile banking. In fact, the digital service of all the banks are open 24 hours a day and 365 days a year. This means that no matter the time or the day, you can conduct your bank transactions through these mobile apps in a safe and secure manner. This is very important in case of emergency deposits or withdrawal.

Installing and accessing a mobile banking app is essential for people who conduct regular transactions from their accounts. They can keep an eye on the balance that they have saved and other details from within their smartphones. Therefore, these apps have become an invaluable source for banking.

Getting the best of internet banking through your phone app

Banking is getting easier by the day as you no longer have to visit banks to conduct simple transactions manually. Users can also avoid going to the ATM, withdrawing cash and then paying the concerned person. Instead, internet banking systems can be used to increase the convenience of doing the same.
The introduction of mobile banking has further simplified this process, as now you can conduct any transaction straight from your smartphone. Most recognised banks in India have launched specialised mobile apps, which aid in the banking procedure. Here are some of the important advantages of mobile banking, which you should take advantage of.

1. Visiting banks no longer mandatory
Previously, customers had to go to the bank or the ATM to withdraw the cash. They also had to travel to the bank in case they wanted to deposit money into their account. However, this is no longer required for internet banking through a mobile app. You can just download the app for free and access your bank account from the same. All transactions can be concluded from this particular program, saving your precious time and money in the process.

2. 24x7 availability
Banks are open for a particular period of time each day, between Monday and Saturday. However, these institutions remain closed on Sundays and some public holidays. The mobile banking apps though can be used at any time from anywhere. The services are available 24-hours a day, 365 days a year. So, you no longer have to worry about banks remaining open or closed for conducting these transactions.

3. Reminders for bill payment
The apps are designed to remind you of any utility bill payments that you need to make. This is a helpful feature, as it prevents you from forgetting important dates for bill payment. Mobile alerts are used for reminding customers, and these are issued by the bank itself.

4. Balance inquiry
The balance in your account is something that you need to check constantly if several transactions are conducted throughout each month. Normally, you would have to visit your nearest ATM for this information. However, with these mobile apps, balance inquiry is now available in the tips of your hand. Simply log into the account and select the account information or balance inquiry option, to get a distinct knowledge of your savings.

5. Cheque book request from the app
Each chequebook comes with a limited number of pages, which eventually runs out. Applying for a second chequebook means having to visit the bank. However, with the bank apps, you can apply for a chequebook from the confines of your home.

What are the benefits of Netbanking through your app?

Technology has transformed the way we live and the way we go about performing our daily tasks. A bank is an institution which acts as the jugular vein of the society at large. It safeguards the hard-earned money of thousands of individuals and also provides people with the necessary funds to tide over periods of crises. So, it is only natural that technology will impact the banking sector as well. HDFC Bank is one of the most sought-after institutions in our country, and it allows its customers to download its official banking app to conduct a host of activities. Net banking has become immensely popular over the past few years, and it is not without cause. The benefits of using an app for net banking are:

• It has made life incredibly convenient. In this fast-paced world, it is not possible for a person to visit his/her bank’s branch every time he/she wants to withdraw money or just to check the account balance. Not only working professionals, elderly people, young mothers and sick people find it very difficult to go to the bank and spend the better part of a day trying to get their job done. HDFC Bank net banking has made it possible for these people to conduct their banking activities from the comfort of their homes or from any place that you find convenient.

• HDFC bank has come out with an app that is extremely user-friendly and which can be used by people irrespective of their technical know-how. You can perform your banking activities by following a few simple steps.

• Mobile applications help you to be in control of your finances. There are times when we suddenly receive a rude shock when we check our balances after a long period of time. This is because we have not kept track of our expenses and have not done any financial planning. A banking app lets you check your balance instantly and even allow you to transfer funds from and to the account. It also allows you to set reminders of any payments that you need to make. These features make life hassle-free and easier.

• Do not worry about wrong people gaining access to your account as HDFC bank net banking involves using an app that has a number of security features. All banks and financial institutions use encryption to protect the financial information, identity and other important information. As the app is protected with passwords and other security IDs, do not worry about your finances even if the phone lands up in the hands of a wrong person.

Making the most of a business loan through an app

Operating a business has its fair share of risks. Business owners are always not able to invest in their businesses due to the paucity of funds. This is where business loans come in. Such loans are generally availed to start a new business venture or to expand existing business operations. A business loan may be used to pay the wages and salaries of employees until and unless the business venture becomes successful. It can also be used to purchase things that are used in the office or for some business projects. Banks are allowing people to apply for loans online and this has made it convenient for the borrowers.

Most banks have their mobile apps which can be used by their customers to apply for loans for business. The eligibility factors that determine whether a business will get a loan or not are:

• A person who is applying for the loan should have been successfully operating his/her business for a minimum period of 3 years.

• The amount that a bank or financial institution will disburse depends on the turnover of the business. Normally, businesses with a turnover in the range of INR 30 lakhs to INR 10 crore per year can apply for a business loan.

• Normally, the borrower has to be within 21-65 years of age to avail this loan.

Some of the benefits of a business loan include:
• Business loans are generally unsecured loans which do not require the borrower to mortgage anything. This loan helps a person to meet the immediate requirements of his/her business, and they also allow the borrower to pay back the borrowed sum in easy monthly instalments.

• Another important benefit of a business loan is that banks and financial institutions provide doorstep service.

• You can even check your eligibility to get a business loan within a couple of minutes with the help of online business loan eligibility calculators.

Applying for a loan for business through an app has its own many advantages. You are no longer required to visit a bank and go through the tedious process of getting your documents verified and running from pillar to post in case there is some anomaly. You can check your eligibility criteria online and also find out what other documents you need to furnish. You can simply upload soft copies of these documents from your personal computer and get them verified. The doorstep facility ensures that you do not have to waste any time at the bank. So, make the most of a business loan and take care of your business by applying using an app.

How can you benefit from a two-wheeler loan application through an app?

Two-wheeler loans are quite useful for people looking to purchase a new bike or scooter. However, the conservative method for application of such a loan would be to visit the bank and work out the details there. However, with the evolution of the online mode, loans can be applied to quite easily and more conveniently.

The online loan application is perhaps the biggest and greatest leap that Indian banks have made over the last decade or so. With the emergence of smartphones, banks have also developed their own apps for these devices. Some of the banks allow users to apply for two-wheeler loans through these apps. However, you may be wondering what the actual benefits of such an application are?

Benefits of two-wheeler loan application through an app

Here are some of the important factors through which you benefit when you choose to apply for the bike loan online.

• When you apply for a loan through the app for the said bank, you can check the monthly payments that you should make. This helps you to understand the interest rate and the total amount, which you will need to pay in order to clear your debt.

• If you apply for the loan by visiting a bank branch, you would need to present all of your credentials and wait for the bank to conduct a check of your income. This usually takes a bit of time. However, in case of online two-wheeler loan application, you will be told whether you are eligible for the loan in just minutes. This makes the process convenient and easy to follow.

• Since the entire process is online, you can compare the rates of various lenders and then choose the plan that suits you the best. EMI calculators for such loans are also available online, where you can input the interest rates and the tenure of the loan, to get an idea regarding the monthly interest you would have to pay to the lender.

• Applying for bike loans through the bank apps also allows for attractive pre-payment options. Pre-payment refers to paying a certain portion of the loan amount through a single transaction. Check the details regarding the pre-payment online and see whether it suits your needs.

So, if you are planning to take out a bank loan to finance your new two-wheeler, give these apps a try. You may find that the entire procedure is much simpler this way and offers greater advantages.

The convenience of applying for an education loan through your smartphone

Education is a basic right of every child. A student, who does not belong to an affluent family, but who has done well in his/her secondary and higher secondary exams deserves a chance to continue his/her studies. This is where education loans prove to be extremely beneficial. Such loans are generally given to deserving and meritorious students who cannot fund their own studies. As with other loans, this loan can be applied from the convenience of somebody’s home using a smartphone. Different banks are allowing customers to apply for an education loan online by following a few simple steps.

The eligibility criteria to avail an education loan are:

• The applicant should be an Indian citizen
• In case of a NRI, the person should have a valid Indian passport
• The education loan is to be applied with a co-applicant who has a stable source of income
• There is a particular age bracket that is different for different banks.
• The most important criteria are the person has got a confirmed admission from a recognized institution or college
• Banks also check the academic record of the applicant and the credit history of the co-applicant

The different steps that a person needs to follow to apply for an education loan online are:

• You will have to scan and send the relevant documents to the bank. The bank will then verify whether the applicant has received admission in a recognized institute or not and it may also check the credit history of the co-applicant.
• The lender generally will personally interview the applicant and ask him/her questions about the course that he/she will pursue, the institute and what the potential sources of income.
• If the bank sanctions the education loan, a promissory note will be sent to the applicant that he/she will have to sign and return to the bank.
• The loan is finally disbursed after the entire process of documentation, verification and signing of the documents are completed.

A person applying for such a loan can use an education loan EMI calculator to find how much he/she will have to pay back every month to the lender. Banks generally offer a maximum of INR 10 lakhs to students looking to pursue his/her studies in India while students looking to study abroad are generally given a maximum loan of INR 30 lakhs. The online calculator has made it easier for applicants to compare the rates and other criteria of different banks and thus helps them to make an informed decision. An education loan EMI calculator has made applying for an education loan hassle-free as the applicant does not have to go from one bank to the other to get to know the best rates on an education loan. He/she is able to get that information from any place and at any time.