Banking Apps – Not Just For Checking Your Bank Balance
How times have changed. Before the widespread use of smartphones, banking customers had to visit a bank branch and stand in queues (sometimes for a very long time) to get their bank work done. People had to plan in advance and possibly take time off from work if they thought they would be spending significant time getting some bank work done, like applying for a loan or getting insurance from a bank.
However, with the development of new technology along with the increase in internet usage, the way people interact with banks is rapidly changing.
Today, banks whether they are small, large, private, or public need to have a banking app for their customers or they face getting left behind. Banking apps are letting customers carry out their banking work without the need for physically going to the bank.
The primary features of these apps are to let people check their bank accounts online or open a new account, review transactions that took place, and transfer funds to other accounts.
This is what banks would traditionally offer customers who came into one of their branches. However, banking apps are offering a host of additional features to keep customers engaging with their app as well as making their life easier.
Other financial features offered by banking apps are to get personal loans, home loans, business loans, etc. approved straight from the app.
App users may also view and apply for the various insurance policies offered by the bank like life insurance, health insurance, car insurance, and more.
Customers can also apply for and manage their credit/debit cards such as requesting a new card, report a lost card, or even cancel their card through the app.
Many banking apps let users manage their investments in mutual funds and FD’s/RD’s through their app as well.
Additionally, these apps are offering users non-banking features too. The bill pay feature in many banking apps lets customers pay all their Mobile & utility bills like electricity, gas, water right from their mobile phones.
This very same feature has also turned these banking apps into a mobile recharge app. Customers are able to view their mobile phone bill on the app and then go ahead with a recharge and bill pay option making their phone bill payments much easier.
Many banking apps allow customers to shop for personal items via their own eCommerce platform or through a partner.
As you can see, we have come a long way in how banking is conducted today. Technology has advanced in such a way that we do not need to visit a bank branch as often as before.
Most of our personal banking can get done over the banking app. Plus, with banks offering more than just banking features on their app, customer’s lives are just getting easier.
Category: Banking
