Every business, including banks, needs to have a digital presence in order to attract a younger audience. A lot of people prefer digital banking to traditional banking, particularly corporate employees & business people.
With a growing number of people preferring digital platforms to consume banking services, banks need to have digitization in order to gain a competitive advantage. Banks need to be functional and should offer essential services, such as: –
- Secure and authenticate login: –
When it comes to the internet, security is our top concern since the data being processed is personal. Increasingly, banks offer top-of-the-line security to their customers, enabling them to make transactions or use their services with no worries. Today, banks provide a “zero balance bank account open” facility and much more online through their apps. In order to access their services, banks provide you with a login ID and a password. As there are certain ways where banks ensure maximum security from their side by using certain features like SMS confirmation login is safest followed by encryption pin or biometric authentication.
- Management of account: –
With the help of a banking app, you can do several things, such as transferring funds, making NEFT payments directly from the app, and paying bills. You no longer need a separate money transfer app since you can also make payments directly from a banking app. It may be recharge, electricity bill, water bill, DTH recharge, and many others. It also lets you book flights; hotels and it also gives you rewards in return for certain transactions. Additionally, you can apply for debit cards, credit cards, and forex cards. You can manage your cards easily on the app.
As part of its features, the banking app lets you apply for various kinds of loans, viz. Personal loan, Car loan, Two-wheeler loan, etc. You can also carry out investments and deposits through the banking apps like making a fixed deposit or recurring deposit or tax saver deposit. Banking apps have made life easier and convenient as it no longer requires you to visit a branch physically.
- Customer Support: –
Even though banks have switched to digital platforms, customer support is still important, now more than ever we believe. With the integration of technology, customers can now get basic assistance through A.I enabled chatbots and avail appropriate services and information easily. Customers now have access to customer support through the app as well, making it easier for them to ask questions and have them answered immediately. They also give you an option to choose between solving the query on chat or either on call. So, a customer can choose according to their convenience.
Hence, we can truly say that banking apps have slowly taken over traditional banking with apps providing almost all essential banking services.