With the development of smartphones, mobile apps have dominated almost all market segments. Users are quickly adopting mobile banking trends due to the ease and freedom it gives them in terms of managing finances. Activities like money transfers between accounts, credit card bill payments, purchases, and many other things are now much quicker and easier.
A survey on mobile banking in India in 2020 concluded that almost 31% of households used mobile bank apps on their smartphones, and 32% used online payments in their daily lives. Just scan the code and pay; that’s it. People can access almost all banking services at their fingertips through mobile banking apps.
According to a recent global survey of 2,899 people conducted by Finder in April 2022, 26% of respondents in India have a digital bank account.
In India, 26% of respondents said they had a digital bank account, and another 13% said they planned to open one in the upcoming year, bringing the nation’s overall percentage of those with one to 39%. By the end of 2027, that percentage is anticipated to increase even further, reaching 46%.
Mobile banking apps, which are more accessible than visiting the bank branch, enable you to access your account whenever you want, except for planned maintenance updates and unplanned outages. Additionally, you can check your account balance, instant bank account open, deposit a check, view the most recent transactions, open a recurring account, etc., all with a few phone clicks, thanks to its round-the-clock service. Therefore, using mobile banking applications rather than visiting the bank can save you time.
Mobile banking apps are much safer than ATMs and traditional banking methods. Every transaction made on these apps requires user authentication. As a result, the likelihood of compromised security decreases. For an additional layer of security, banks are also utilizing fintech blockchain technology.
Banking apps offer one-click bill payment solutions for all types of bills. Previously, we used various applications to shop, pay for bills, recharge our phones for our televisions and mobile phones, and pay for utilities and broadband services. However, as banking applications have grown, everything is handled centrally within one app. As a result, your shopping and utility bills are paid effortlessly, saving you lots of time and effort.
Most people prefer mobile banking apps over going to the bank, which is time-consuming and exhausting. Thanks to mobile banking apps, this procedure is now more convenient. Your online bank account will be ready once you enter the necessary information into the app. Suppose you don’t even have an account. In that case, you can create one easily in the bank of your choice by simply downloading the respective bank’s app, filling out the application form, uploading the documents, and getting your account kit delivered to your home. You can also treat mobile banking as a credit card bank and easily access your credit card through your smartphone.
In the conventional banking system, there was a considerable gap between the bank account holder and the banks, but this gap has been bridged with modern tools. Today, you have your bank in your pocket, and you are in control of it.