What are the services possible through Mobile Banking?

Banks and their working systems have entirely changed. Earlier, there were only numbered banks you could opt for. However, today, public and private banks have opened up. The network of bank branches has also expanded. You can now carry a bank branch in your pockets. These are called Banking apps.

Mobile phones not just connect us to our loved ones but also to our banks. Almost every bank has curated a Banking app online that offers all services a physical bank would offer. Download the banking app, register for the service, and start. Following are the services you can avail of through a Banking app:

Transactions

It is the most common banking activity you would carry out daily. You would wish to make a transaction to send funds to a family member, make bill payments, and clear your repayment dues. Any transaction you want to make is possible through the Banking app. You should link your Savings Account to your Banking app to make the most of this service.

Account summary

Have you lost track of the transactions? You can grasp your spending by downloading your account summary through Net Banking. Banking portals allow you to instantly check and access your account summary on your mobile phones. All transactions done through your Debit Card or digital wallet are included here. You can check these transaction statements, identify the maximum spending area, and figure out a way to cut down on expenses.

Investments

Investing in the right instruments is crucial to assure your financial security. You can opt for several profitable investment instruments like Fixed and Recurring Deposits, Mutual Funds, and Public Provident Funds. The best part is you need not visit the bank in person to invest. You can make investments through your Banking app. Moreover, you can also you the Net Banking portal to make contributions.

For example, if you wish to contribute a sum to your PPF Account, get it done within minutes through the app. Using the app, you can also track and modify your market-linked investments like Mutual Funds.

Loan applications

Do you require funds to meet an urgent requirement? You can now apply for a Loan through your Banking app. The application process is simple. Fill out the Loan form and submit the necessary documents. The bank receives your request instantly and starts with the due procedures. You can also check your Loan application on the app.

Arjit Chalmela is a finance student who loves to write in his free time. He has spent considerable time researching the foreign exchange rate.