Customers can easily distinguish present-day mobile banking apps from popular banking apps from a few years ago simply by their high standard in user friendly interface, features and ease of navigation with minimal steps. Importantly, the newer banking app versions also offer increased security on the back of robust technological framework and comprehensive banking services all in one place. This article discusses five defining features of the latest mobile banking apps. Read about the features that have enhanced the online banking experience.

  1. Budgeting-related features

Today, banks are introducing Internet banking features that help customers budget better. The IDFC FIRST Bank mobile app Track Your Expense feature falls in this category. This feature help categorises their prior expenses to budget better for the future. Money bank apps of the day seem to be introducing more features to help customers digitise their monthly budgets. 

  1. Multiple options for an online fund transfer

Since the overwhelming reception of UPI (Unified Payments Interface) in India, every mobile banking service offers UPI as an online fund transfer option. However, customers now require more than one online money transfer method to avoid over-dependence on a single feature. IDFC’s mobile app offers two additional features – “Auto Pay” and “One-Swipe Pay” – to facilitate instant money transfers. To add to these, the customer can opt for an NEFT (National Electronic Fund Transfer) /IMPS (Immediate Payment Service) /RTGS (Real-Time Gross Settlement) transaction too.   

  1. Superior accessibility 

New-age mobile apps offer more access to their clientele. IDFC FIRST Bank mobile app; for example, helps customers directly connect to customer service for query redressals. Moreover, you can track all your investments through the app. You can also check your existing bank balance instantly using the app. Today, banks are centring their mobile banking services around superior accessibility.

  1. Security and technical strength

Following a notification from the Reserve Bank of India instructing banks to take measures to secure online payments, banks have started to offer various security features through their apps. Today, customers can opt for an additional layer of security (for example, biometric login) to access their bank accounts. Banks have also emphasised improving the technical resilience of their mobile apps. Technically sound apps such as the IDFC FIRST Bank app are user-friendly and offer more accessibility.

  1. Savings-related features

Mobile apps are trying to help customers to the best of their ability. IDFC FIRST Bank helps customers save in three ways. 

  • First, the savings accounts have the “Zero Fee Banking” feature that waives the fees of around 30 savings account-related services. 
  • Second, the bank offers a high-interest rate that helps customers increase their savings. 
  • Third, IDFC FIRST Bank mobile banking app provides the Track My Expense feature that facilitates better budgeting. A blend of lesser fees, high-interest rates, and efficient budgeting helps customers significantly grow their savings.

Today’s mobile banking apps aspire to offer all financial services efficiently and securely. Banks constantly endeavour to help customers access their services better through their respective apps. By choosing a mobile banking app that offers all the five features mentioned in this article, you can be sure of a superior banking experience.