Online banking services have transformed in a way that nowadays, you can complete your banking tasks through your mobile phone. Banking on mobile is not just convenient but also saves time. Listed below are some ways in which regular banking is different from a mobile banking service:
- Opening the account
Opening an account through regular banking takes time. For opening your bank account through regular banking, you need to first visit the bank physically. There, you also need to wait in a long queue for meeting the bank official. Apart from that, in the regular banking mode, the account opening procedure also takes more time.
Activating a bank account through a mobile banking service conversely is simpler. Moreover, this entire process can be completed quickly regardless of the time. The process of submitting your official documents is also simpler on the E-banking app. All that’s required is submitting the soft copy of the documents. Furthermore, even the KYC process has changed. One of the features that a new mobile banking app has is video KYC, which can be scheduled at your convenience. For instance, IDFC FIRST Bank’s mobile banking service is known for offering this facility.
- Checking account balance
Checking an account’s balance in offline banking is a time-consuming process. Updating your passbook can be tedious especially if you have been putting it off for a long time. You had to patiently wait for all the transactions to be printed on the passbook. However, this process is very different in an E-banking app. Through a banking app, you could easily download account statements. Moreover, you can also modify the date range for which you want the account statement. This feature ensures that you don’t need to scroll through the statement endlessly for getting to the dates that you want to check.
- Relying on the auto-pay facility
If you have signed up for a banking app, one of the best facilities you will find is the auto-payment feature. As the name suggests, a certain sum will be deducted from your account automatically. To use this feature, you need to leave a standing instruction for auto-deduction on a specific date. The auto-pay facility is very helpful for paying utilities right on time and avoiding late payment fees.
- Accessing online banking
When it comes to banking services through regular banking, you need to visit the bank physically and that too within a specific time. If you haven’t signed up for net banking services, you have no option but to consider the hours of operation. However, you don’t need to do any such thing if you are using an E-banking app. Banking services can be availed through these apps from wherever you want and at whatever time you want.
There are several advantages of digital banking that regular banking simply doesn’t have. Very convenient to use, an E-banking app is also the best way for managing your finances. Choose your banking app wisely.