Mobile banking apps have left no industry untouched. Their prevalence prevails in every corner of the country. However, despite their omnipresence, only a few individuals can harness their powers to the fullest extent. The key lies in understanding mobile banking apps’ features and functionalities concisely. By doing so, internet bank users can benefit from such apps’ myriad benefits. This write-up will uncover eight things you can do through your mobile banking app (if features allow you to).
- Bespoke Card Controls: Mobile banking apps offer advanced features for the security of your accounts. For instance, you can set up transaction alerts for your cards, which will help you identify any unauthorized transactions. You can temporarily lock or unlock your credit or debit card or block or unblock certain transactions. Some mobile banking apps, especially the ones authorized by the bank, even let you apply for debit or credit cards online. This provides you an option of physically visiting the bank branch to issue a request for a new card.
- Loan Application Access: Some mobile banking apps let you apply for different types of credit directly from the app. It makes the process of using and availing of a loan streamlined and simplified.
- Loan Calculators: Some mobile banking apps have built-in loan calculators that help you estimate monthly installment payments, repayment tenure and interest rates for the loans you currently have or the ones you plan to borrow in the future.
- Virtual credit cards: Some mobile banking apps let you generate virtual credit card online. These offer an additional layer of security when making payments online.
- Digital receipts storage: Some mobile banking apps let you receive and store digital receipts, which is handy when tracking your expenses. In addition to this feature, some apps may even provide you with budgeting tools.
- Credit Score Tracking: Certain mobile banking apps provide access to your credit report. They allow you to monitor your credit health. In the present times, maintaining a healthy credit score is essential for easy qualification of loans and other types of credit at lower interest rates. By identifying the gaps in your credit health, you can easily take the necessary steps to improve your creditworthiness.
- Cardless payments: In addition to providing the feature of contactless payments, some mobile banking apps let you make cardless payments simply by scanning a QR code. This is especially prevalent in regions where UPI is the preferred mode of money transfer at merchant outlets.
- Locate nearby ATMs and Banks: Mobile banking apps often have built-in ATM locators that help you find nearby ATMs and bank branches. It simplifies locating bank branches and ATMs when you require cash or additional banking services.
The prevalence of mobile banking apps has revolutionized multiple industries. Despite a huge proportion of bank account holders using mobile banking apps, it’s common to come across some who need to be made aware of the functionality of these mobile banking apps. Uncapping the usefulness of mobile banking apps lies in the hands of the individuals who use these apps. It’s recommended that users take time to explore and understand the capabilities of their respective mobile banking apps.