Banks are increasingly using technological advancements to offer greater convenience and flexibility to customers. Internet banking was among the first initiatives undertaken by banks around the country to make this shift.
Online banking popularity was fueled by the increasing penetration of internet among the Indian population. Using this service, bank customers could transfer funds, pay bills, make investments, and use several other features.
With the huge success of online banking and the increasing use of mobile phones, banks began to offer mobile banking to customers. Digitization is rapidly changing the way we do business and this is most obvious in the banking sector. Although slow to catch on, mobile banking technology is here to stay. Some of these features are listed below:
- Banking services – View transaction history, check account balance, account overview
- Fund transfers – transfer funds without beneficiary registration with one-time transfer, repeat one-time transfer transactions, transfer between own accounts, NEFT and RTGS transfers after cut-off time (scheduled for following day), IMPS transfer using account number, IMPS transfer to pay merchants, use beneficiary mobile number for executing fund transfer
- Bill pay and recharge – Register billers, schedule auto payments, recharge mobile or DTH bills
- Credit card–Pay bills, view summary, balance transfer, add-on cards, and view unbilled transactions
- mStore – Book hotel and flights, make hotel reservations and cancel bookings
- Demat – Check account activity and summary, request holding statement, pledge form, and view holding details
- Investments – Purchase and redeem mutual funds, check transaction status, and procure latest net asset value reports
- Service requests – Check book request, regenerate Debit Card PIN, report loss of card, and activate Debit Card
- Other services–view and modify mobile personal identification number (MPIN), stop check requests, set or remove international usage limit on your card, add or delete customer relationship number (CRN), contact customer care
When it comes to innovative features and services offered via mobile banking, Kotak Bank undoubtedly takes the lead. The latest service offering available on their mobile banking application is the bus tickets booking feature. Throughthis app, users can now book bus tickets directly from their smartphones.
The app provides a secure checkout, where customers can pay for bus tickets either through their bank accounts or credit cards. This latest addition is an initiative towards the expansion of the institution’s travel suite, through mobile banking apps. The travel suite also includes flight bookings and hotel reservations.
With increasing mobile internet penetration through the country and the arrival of 4G this year, mobile banking services are only likely to expand further. Banks are increasingly focusing on mobile apps that allow users to perform various transactions that were previously outside of the banking domain.Customers can pay utility bills, buy movie tickets, refill their mobiles and television packages, easily book travel tickets and make accommodation arrangements for any destination in the country.
The number of people using m-banking is increasing due to the convenience offered by this service. It eliminates the need for people to go to the bank, within designated working hours. Most users are aware of traditional services like viewing account details and making service requests. However, when you explore the apps, you can discover a whole range of features, from making flight, hotel, and bus bookings and instant money transfer.