The term “digital banking” in India has evolved in the past few years thanks to the popularity of online money transfers through the Unified Payments Interface (UPI). The netbanking apps of the day are trying to redefine themselves as being much more than mere modes of efficient online transfers. A case in point is IDFC FIRST Bank, offering the popular “Track My Expenses” feature through its mobile banking app. This is a feature that, in spite of being distinct from the app’s online money transfer features, has proven to be a great success among the users of the app. This article enlists features that define the digital banking apps of the day. Read on to find out more in detail:
1. Instant access to one’s account
A netbanking app can help you access your savings or current account seamlessly and at any hour. This access is not just restricted to checking one’s bank account balance or downloading bank statements. You can access the details of your credit/debit cards, change your credit/debit card PIN, and in the case of the IDFC FIRST Bank mobile banking app, apply smart filters to view transactions.
2. An increased focus on security
Reputed banks offer customers the option of increasing the security of their online transactions through their digital banking apps. IDFC FIRST Bank, for instance, provides the option of logging in by providing one’s biometric details to customers who wish to add another level of security to their transactions.
3. Features for every banking service
Digital banking apps generally refrain from focusing on a select few banking services, rather it aims to provide almost all banking services online to make customers’ lives easier. Using a digital banking app, you can open instant fixed deposit accounts, apply for instant personal loans, invest in an investment scheme of your choice, order a chequebook online, and also calculate the future value of your credit card’s Equated Monthly Instalments (EMIs)!
4. Immediate query redressal
An important feature of a netbanking app is that it allows customers to directly contact customer service. IDFC FIRST Bank’s prompt and professional customer service has gained popularity among customers since it resolves their queries and addresses their doubts instantly through the IDFC FIRST Bank mobile banking app. You must research the customer service offered by a bank before signing up for its mobile banking services.
5. Options to save more
Lastly, digital banking apps help you save more through your savings account. IDFC FIRST Bank offers three features that help customers save more – a higher interest rate on their savings accounts, monthly interest credits, and the “Track My Expenses” feature that helps customers budget better by learning from their previous expenses. You must prefer a banking app that is geared towards helping you save more.
The evolution of the term “digital banking” that we referred to at the beginning of the article is a product of innovative and efficient features like these that are impacting the lives of customers every day.