Earlier, for availing of banking services, you needed to visit the bank in person. The process used to be time-consuming and hectic. However, with technical advancement in the banking sector and the introduction of net banking, you can now enjoy almost every banking service at your fingertip while on the go. After net and mobile banking became popular, a lot has changed for the accountholders in terms of convenience and efforts. Let’s find out what changes a user who opts for mobile internet banking.
Common issues users faced earlier
When net banking was introduced, you were required to access a computer. Along with net banking, IVRS, and mobile SMS banking were also introduced. Through the help of net banking and mobile banking, transactions were carried out through SMS. Net banking, on the other hand, needed you to use a computer. Back then, computers were the only way to use internet banking services.
Building upon the bank mobile services of the early aughts, mobile apps entered the banking sector. These apps can be found in app stores and all you need to do is install them on your phone. After installing it, you need to open your account on the app. Once that’s done, you can start using the net-banking services. Once you start using the e-banking services, you can find the changes mentioned below:
- Fund transfers become more convenient:
All financial transactions such as bill payments, recharges, fund transfers, etc., are some of the most used services in mobile internet banking. That’s because UPI banking apps have made the process of payments very easy. With the help of mobile banking apps, transactions can be completed anytime at your convenience. Also, since mobile banking is accessible, you can pay easily from any location across the world.
- Auto-payment Facility:
One of the most useful features of mobile banking apps for android and iOS is auto-payment. Commonly known as standing instruction, you can set an auto payment mandate for any bills. And the set amount will be automatically deducted from your bank account on a specific date. This feature is very useful for utility payments.
For example, IDFC FIRST Bank mobile app, offer auto payment facility along with seamless experience for most banking services on your fingertip. You can set standing instruction using the mobile app for utility and credit card bills including mutual funds SIP and more.
- Banking services are accessible 24×7:
One of the biggest drawbacks of offline banking is that if you are ever in need of banking services, you could only avail them of during banking hours. And as a working professional, you need to adjust your working schedule to accommodate your banking needs. However, with net-banking services, it is possible for you to avail of banking services whenever you wish to.
- You can easily get account statements:
Before net banking was introduced, getting a record of your transactions was hectic, since you would have to update your passbook and it used to be a time take process. But this changed with net banking services as you can subscribe for e-statement. To get a record of your transactions, you can log into your account and follow a few simple steps to retrieve your account statements. Moreover, with net banking services, you can even modify the period for which you want the statement.
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