Mobile Banking 101

By Shrutika Vaishnavi | March 21, 2017

Mobile Banking 101

In our day-to-day life, we’re always looking for ways to simplify things. We keep looking for new means to make the most of our time. After all, time is money! If we don’t find out ways of using it to the fullest, we can’t dream about becoming successful. Since all the great things in life come at a cost, you need to make more time for them.

Managing your finances is one of the most important things in life. There’s no way you can avoid it. That’s where mobile banking comes in. It significantly reduces the amount of time you need to spend at the bank and even the ATMs. As a result, you get to do more with that time!

Here are some of the common questions people have about mobile banking:

Additional Reading: Best Practices for Mobile Banking

’What is mobile banking?’

Today, everything is mobile. Be it buying your groceries, booking movie tickets or booking a doctor’s appointment—all you need to do is download an app! Click, click and you’re done! Mobile banking brings the ease of managing money to your smartphones.

If you have your bank’s app in your phone, you don’t need to make frequent visits to the bank. That’s great, isn’t it? You no longer need to visit the bank or use your laptop to find out your account balance, transfer money or pay utility bills.

We are no mind readers, but we know what you’re thinking.

Additional Reading: All about IMPS – Immediate Payment Service

‘All the benefits are great, but can I trust mobile banking?’

If this question is bothering you, here’s the answer:

The concept of mobile banking is not something recent. You have been receiving SMS alerts about the transaction activity of your account, isn’t it? That’s basically how the concept of mobile banking was introduced.

With smartphones becoming a rage, the spectrum of services being offered under mobile banking has widened significantly and these are available via the bank apps. Coming back to your question, you don’t really need to worry about the security aspect of mobile banking.

While making transactions and using other features of the mobile app, you’re never directed to a third-party app, right? Since you don’t have to go through any additional browsers, half of the security concern is already taken care of! Moreover, all these connections with the bank’s mobile app are secured by SSL encryption and you also get a second chance to review your transaction. You are asked to enter the OTP, right? That’s the second stage of the two-factor authentication. Since you receive this OTP on your registered mobile number, you can always review a transaction. Well, that significantly reduces the chances of security issues creeping in, doesn’t it?

We hope that helped and now you’re convinced that mobile banking is an efficient and safe way of making transactions!

Additional Reading: 10 Tips To Use Your Mobile Wallets Right

‘That’s okay, I guess! But how can I be extra cautious (just to be on the safer side)?’

Ah! We know you so well! We also know that it’s your hard-earned money and you wouldn’t want to risk it. Precisely why here’s a list of practices you can follow to maximise the security of mobile banking:

  • Be sure that you’ve downloaded the right app. You don’t want to fall prey to a fake mobile app, right?
  • Ensuring that your Wi-Fi connection is secured is crucial to deciding the security of all your transactions. Keep it password protected at all times.
  • You might receive some fake text messages from fraudsters who claim to be working for your bank. Never ever share your bank account details and other confidential information with them. That’s like requesting a thief to rob you!
  • Since mobile banking depends a lot on the security of your mobile phone too, ensure that it’s locked at all times.
  • Although storing your bank account details in your phone sounds really convenient, never do it! You phone could get stolen or could reach the wrong hands anytime! Don’t put all your money at risk. If you need to store those details, ensure that it’s somewhere safe – not on your mobile phone.
  • Keep your phone protected at all times by installing a good anti-virus software. You don’t want to lose your money to a virus creeping in through the internet or any fake app, do you?

Additional Reading: Online Shopping: Safety Checklist

‘All the security features are fine, but why should I use mobile banking?’

We’re glad that you’re convinced about the security of mobile banking. This is a valid question too. Old habits die hard and we’re all so tuned to the conventional system of banking that we need some great reasons to consider making a switch. Fair enough! Here are a couple of reasons why you should download your bank’s mobile app today and join the mobile banking revolution:

  • One app for it all!

The mobile app not only lets you keep an eye on your account balance, but also lets you do a lot more! Like what? You can pay all your utility bills, make money transfers, request for a new cheque book and what not! Instead of visiting the bank separately for all these things, isn’t it better to do it all in a matter of a few clicks?

  • Security concerns? What’s that?

Like we already explained, the logic behind the working of your bank’s mobile app has been designed such that you never have to worry about using it for doing everything you generally do at a bank. And with all those security tips, we’re sure you’ll never let the safety of your bank account be at stake, isn’t it?

  • All this and no extra fees!

How often do great things come for free? Thanks to the concept of mobile banking, you get to avail all the banking facilities without the need to actually visit a bank. How cool is that? And the best part – you don’t have to pay any extra fees for it! Good things don’t always come for free, but when they do, you must grab them!

  • Ever-growing range of features!

Since the concept of mobile banking is catching up so quickly (thanks to the convenience it offers), most banks are trying to introduce awesome features every day! With this trend, you might soon be able to do a lot more than what you can do at a bank. Very cool!

Convinced enough? All set to join the mobile banking revolution now? We hope you are! Did you check out our latest offers on Home Loan? No? What are you waiting for?

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Category: Digital Security Home Loans
Shrutika Vaishnavi

About Shrutika Vaishnavi

Shrutika believes that everyone is a superhero, with a stack of some extraordinary superpowers. She is driven by the simplicity of the most complicated things around her, and her superpower is- using the right words at the right time.

2 thoughts on “Mobile Banking 101

    1. Team BankBazaarTeam BankBazaar

      Hi Ganesh Godik,

      Appreciate your feedback. Have a nice day!

      Cheers,
      Team BankBazaar

      Reply

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