Banking as we know it is changing- even a retired banker will tell you that the processes followed even ten years ago are very different today. Cheques, cash deposits and demand drafts ruled the roost a few decades ago, and going to the bank was an activity reserved for Saturday mornings. Perhaps you’ll be shocked to know that the very same banks that used to work relentlessly even on Saturdays now remain shut on alternate ones!
This has been made possible by the fact that most banking transactions, both between people and organizations, can now be done online at just the click of a button. Taking virtual banking one step further is the concept of Mobile Banking.
With the advent of smartphones, it was only a matter of time before banking institutions realized that having a mobile application can be a far more convenient way of accessing accounts than even using a computer. With this thought in mind, most public and private sector banks have launched banking apps from which you can transact freely. Some apps even go the extra mile and let you pay bills and invest money directly from their app.
Where, then, is the safety net? Can anyone who has access to your phone use your banking app? The answer is no. Only you can log in to your banking app by using a six or eight-digit PIN that you’ll have to set at the start. Just like your ATM PIN, you need to keep this pin confidential. On the app’s home screen, you’ll be asked to enter this PIN and only then can you access the app and your account details.
Some features, such as adding and removing beneficiaries can still not be done through most apps and you still need to use the website for this.
What is the benefit of moving to a mobile app? The sheer accessibility of course! Most apps are ‘lighter in weight’ than their corresponding web pages, meaning you can access your account from anywhere even with a basic internet connection. This can be very important when you’re traveling. Secondly, the need to visit a bank for any service is nearly eliminated. Security-wise, as long as you only connect to trusted internet connections and keep your mobile banking PIN confidential, you have nothing to worry about. Here are some more tips on safe mobile banking. Here is how Axis Bank’s mobile app works. You’ll be able to find similar resources for other banks with a quick search.
The move to a paperless transaction society is evident! We all know the ramifications of the recent accouncements impacting currency notes. Get online and make it easy to transact!
Image courtesy Economic Times.