Mobile Banking App, a Winner?

In our fast-paced information age, technology and services are driven by convenience and efficiency. This also holds true in the context of banking and most financial institutions have embraced technology to deliver superior customer experiences.

One such value-added service offered by banks is mobile banking. With apps that provide the service, users can take advantage of online banking from any place, at any time, through their mobile phones, eliminating the need for a computer. These features are offered over a safe and secure user-friendly interface. Most of these apps are compatible with different operating systems, such as Windows, Android, iOS, and Blackberry.

Getting Started

With our tech-savvy populace and the rising numbers of smart-phone users, it’s no surprise that most banks have started serving their customers through mobile banking apps. One particular mobile banking app that is notable for its simplicity and convenience is the app from Kotak Mahindra Bank. After installing the app, users simply need to login with their Customer Relationship Number (CRN) and follow the authentication protocols as instructed.

Features and Benefits

Banking services – All kinds of banking services can be accessed through the mobile banking app. Some of these are listed below:

  • Account balance checking
  • Schedule payments
  • View transaction history
  • Open term and recurring deposit
  • Execute IMPS fund transfers
  • Perform NEFT and RTGS transfers after cut-off time lapses
  • View and modify MMID
  • Request for account statement
  • Generate OTP

Bill pay and recharge

  • Register billers for BillPay
  • DTH recharge
  • Payment of due bills
  • Browse mobile tariff plans
  • Instant payments to registered billers
  • Mobile recharge

 Credit Card

  • Summary of credit card
  • Register for receiving e-statement of credit card
  • Pay outstanding bills
  • Regenerate credit card PIN
  • View past bills
  • Report lost or damaged cards
  • View unbilled transactions statement
  • Setup auto debit facility

Investments

  • Acquire or redeem mutual funds
  • Cancel transaction request
  • Track your investments portfolio
  • Check transaction status
  • Procure latest NAV report

Service Requests

  • Cheque book request
  • Regenerate debit card PIN
  • Status enquiry of cheque
  • Activate debit card
  • Stop cheque request
  • Report loss of card

My Kotak

  • Select widgets to personalize home page
  • View social and transaction points in JIFI account
  • View alerts and notifications
  • Get one view of all accounts

Others

  • With mStore, users can book domestic or international flights, make hotel reservations, and cancel flight or hotel bookings
  • Demat services can also be availed and include access to account overview, statement of billing, account activity, holding statement, and client master list

Security

The mobile banking app from Kotak Mahindra Bank uses secured HTTPS protocol to communicate between the mobile server and mobile client. This ensures every transaction is encrypted and entirely secured. The app uses 2-level authentication procedure for additional safety. Users require two types of credentials to authenticate their transactions. The second authentication provides an additional level of validation for minimizing breaches.

Users can minimize confidential breaches by following a few caveats:

  • They should never share the MPIN with anyone
  • Ensure they download the app from the official link
  • Users must protect their devices with a password along with automatic screen-lock when not in use
  • Protection of the mobile device against online viruses and malware through reliable anti-virus software is also important

Kotak Bank is currently working on providing several other features and benefits for clients who prefer to use mobile banking apps to manage their financial transactions. With such rapid progress and customer centric developments in mobile banking, the naysayers have been put to rest and mobile banking has emerged as a definite winner.