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Banking is digitized, but some people are still not taking full advantage of mobile banking. In fact, more than 20 percent of Americans do not use a mobile banking app. While some features of mobile banking apps cost more than others, there are some people who believe that the benefits of mobile banking are also worth the small effort required to digitize them.
Downloading your bank’s mobile banking app (such as the Discover mobile app, which allows you to conveniently and securely manage your bank account from anywhere) is all you need to start improving your banking experience. That way, you can take advantage of the convenient features of mobile banking right away. Banking that was once tedious and time-consuming is now processed quickly and easily.
Describes mobile banking.
M-banking refers to the use of the Internet and mobile technology to provide financial services to customers. Customers access banking services through m-banking via USSD, SMS or a mobile app. As a result, customers do not need to visit bank branches for all their other financial needs.
Due to busy lifestyles and the recent coronavirus pandemic, people have had to choose mobile banking. Simple 24-hour banking provides customers with a simple, quick and hassle-free experience. At the same time, banks also benefit from lower operating costs by saving time and resources.
Despite its benefits, m-banking is susceptible to security threats such as hacking that create security problems among its customers. To keep transactions secure, banks regularly update the security features of the m-banking app. It also uses a virtual private network (VPN), biometric login and two-step OTP-based verification to ensure customer security.
Customers must download the m banking app from the App Store to access m banking. Then create an online account and sign up. This includes answering a few questions, choosing a username and password, and setting up security settings. Then set up an MPIN to use each time you make a transaction.
Once the bank confirms their credentials, the customer becomes a registered user and can make all financial transactions through the mobile app. This includes online shopping, paying utility bills, requesting account information, transferring funds, using currency exchange services, booking tickets, etc.
Key features of the mobile banking app.
You can access your bank account 24/7.
The biggest advantage of mobile banking is that you can access your bank account anytime, anywhere. Whether you’re at home, in the office, or on vacation in a remote part of the world, you can monitor your bank account anytime, 24/7. All you need is a reliable and secure Internet connection to check your account balance, check past transactions and download an account statement.
Subscription management tool. Americans subscribe to a myriad of products and services, from shaving creams to streaming multimedia to heated car seats. Because of taint or indifference, people often pay monthly for services they no longer use. Some banks have implemented these tools, and several independent apps are turning to them.
Payment.
You don’t really need to visit a retail outlet or download certain apps for different services. Most utility bills, cell phone bills, and DTH connections can be paid in the banking app. Use the HDFC Bank SmartPay option to issue standing instructions for your HDFC Bank credit card and enjoy a free credit period. You can get a 5% cashback on all transactions for the first year. Prepaid customers can use billing through the missed call option. They can also activate options for family and friends through their bank accounts.
Recent account activity.
The most basic feature offered by a financial institution’s online bank or mobile app is recent account activity. You can easily determine your financial situation by regularly reviewing this activity. The main items to look at are:
Transactions: These organize the activities in your account and include depositing money into your account (such as direct deposits and check deposits) and withdrawing money from your account (such as debit card payments and cash withdrawals).
Each transaction includes a date, description, and amount. Be aware of each item so that your account is not charged for unknown payments.
Pending/Pending: the account may also show transactions listed as pending. This means the transaction has not yet been completed or fully posted to your account.
Balance: You should also be able to check your balance after each deposit or withdrawal in your account to know exactly how much money you have in your account.
An advanced financial management tool.
We’ve made great progress with handwritten budgets and basic spreadsheets. A good mobile banking app should have the ability to enter data into a dashboard to help you understand your cash flow, consumption habits and account balances better than ever before.
Enhanced security and fraud alerts.
Enhanced security is never fancy, especially when it comes to mobile banking apps. A successful banking app requires strong security, beyond logging in with a PIN or password. In addition to security, the singing process needs to be quick and easy. That’s why many companies are implementing multi-factor authentication and biometrics in their applications.
Multifactor authentication and biometrics are the most popular solutions in banking applications. However, they can be hacked by hackers. Here are a few steps companies can take to improve application security.
Implement PIN and password encryption and hashing.
Store the PIN and password on the server instead of the source code.
Use encryption key and certificate storage tools (e.g. Keychain for iOS, Keystore for Android).
Use two-factor authentication via SMS for payments in external applications.
Limit the number of login attempts.
Every time a user logs in to the app, they start a new session.
Deposit by mobile check
With mobile banking, depositing a check into your account can take less than a minute. Simply sign the back of your check as you normally would, and you can check the amount by selecting your savings account in the banking app. Then take a picture of the front and back of your check and securely send the image to your bank. Once confirmed, your mobile deposit will be complete. This is much easier than going to an ATM or bank branch to make a deposit! It’s clear why this is one of the major benefits of mobile banking.
Multi-level security feature.
The mobile banking app is designed to keep your account data secure. Banks provide multiple layers of security features, such as login passwords and biometric features to encrypt apps and protect sensitive banking information. You can’t transfer funds without OTP, and you can receive SMS notifications when you start a transaction or receive a payment.
Digital Wallet Integration.
Nearly half of consumers told Forrester that it would be useful to easily integrate mobile apps with digital wallets such as Apple Pay or PayPal. According to the report, very few banks include integration features in their apps, so institutions using integration features are visible. One example is Bank of America.
ATM / branch locator.
Finding an ATM or bank branch can make a big difference for bank customers, but it’s a simple feature that some banks overlook. Sometimes customers need to find the nearest ATM or bank branch quickly, and surfing the Internet is not an option. At the time, finding an ATM/branch in the mobile banking app seemed really useful.
This feature allows you to quickly find the nearest ATM or bank and can provide additional information such as hours of operation, whether the ATM accepts cash, etc. Many banks are already using ATM/branch locators in their apps to make it easier to find offline banking services and improve the customer experience for the bank’s brand.
Account Aggregation. Most Americans use multiple digital financial services providers. “As a result, customers crave services that help them view, track and manage their financial accounts with multiple providers,” the report says. “It says About half of respondents in Forrester’s sample prefer to implement integration into mobile banking apps. A report from USAA, U.S. Bank indicated that Chime is already doing this. The company believes the feature will be a springboard for personalized financial advice.
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