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Mobile Banking – Benefits And Convenience

Thanks to the internet, today you can discover anything and everything online. Whether you are looking for a house, a car or checking your bank account, mobile banking is the quickest way to address your banking needs. Until 2010, mobile banking was primarily on SMS or web based platforms, but the arrival of smartphones and increasing penetration of mobile internet have changed the way people bank on their phones. It has given you an easier access to your bank accounts without any place or time constraints.

Here are some of the advantages of mobile banking:

Time effective:
You can now access your bank accounts from anywhere, without physically going to a bank. It’s an effective way to handle your finances as you don’t have to travel to reach your closest branch and then further wait in queues. Also, since it’s not practically possible for banks to establish their branches everywhere; thus leaving a certain amount of population unbanked. However, mobile banking is gradually bridging that gap too.


Real time access to banking products and services:

Banks offer you various financing and investment options, loan options, insurance quotes, account transactions and information about investments. With the help of mobile banking, you can compare the numerous services and choose the best possible option. All this, from the comfort of your home/office on your phone!


Nominal fees:
Banks charge nominal fees for accessing certain banking facilities via mobile banking – although most of the facilities are offered free of charge. This makes it a cost effective way for you to manage your accounts without making a trip to the bank.


Purchasing incentives:
In addition to the convenience and time efficiency that mobile banking benefits you with, they also have some special, customised incentives for you for being an app-based customer. This also gives the bank a chance to strengthen its customer base and enhance its service opportunities.


Better product distribution:
Mobile banking has paved a new way for banks to expand in the unbanked areas as well as cross-sell and up-sell products. As a customer, this can help you explore the various products that your bank offers and find the most appropriate ones to suit your needs.


Mobile banking is a boon for both banks as well as customers as they offer them the opportunity to profit from the venture. It is certainly a lucrative option to opt.

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