For Indians, choosing the right banking partner has always been a matter of high trust and of the quality of services being provided, while keeping in mind their many and changing needs. Ever since the introduction of internet banking, our country has seen tremendous growth, with this ‘convenient’ form of banking taking precedence over traditional banking.
Today, India has one of the world’s largest internet populations, a majority of which accesses the internet using their mobile phones. As of January 2021, there were over 1.10 billion mobile connections in India and there has been an increase of 23 million mobile-internet users between 2020 and 2021. The internet penetration in India stands at a whopping 45%. Moreover, 79% of the total population now has mobile connections* Naturally, the preference of the customer has shifted from internet banking to mobile banking that enables him or her to transact on the go without much hassle.
Mobile banking too, isn’t exactly new. But the pandemic has managed to accelerate the growth of this method of banking to suit the needs of millions of Indians, who prefer having the option to access their bank accounts and transact from anywhere and everywhere.
While this applies to a tech savvy customer, there are many who are still on the fence about going fully mobile when it comes to banking. So what typically keeps a customer away from transacting through a banking app, freely and effortlessly, instead of actually visiting their bank branch every time?
- Not being tech savvy. And this doesn’t necessarily have to be a generation thing. Young people can find technology intimidating and difficult to navigate through, too.
- Finding traditional banking more reassuring as opposed to mobile banking, considering the safety and security concerns with money – a sensitive subject for any individual.
What has changed during the pandemic is – being pushed to work with mobile banking during the lockdown. Now, the tech-averse customers seem to have found comfort in virtual banking and in fact do find it much less intimidating than ever before. That may explain the fact that 68% of consumers prefer online and mobile banking^.
Mobile banking is hardly different from any other form of banking. In fact, it might even be better with all your information and controls at your fingertips and all transactions taking just a few seconds to process.
Think about this: If you need to transfer a substantial amount, say Rs. 50,000 for example, would you
- Handle that amount of cash, go to the bank branch and manually arrange for the transfer to take place, exposing yourself to human error and procedural delay? or
- Transact from the comfort of your home (or anywhere else in the world) and be able to track the whereabouts of your money within seconds?
Ease of use when it comes to multiple accounts and services
Mobile banking apps are typically designed to simplify the processes around transactions that you frequently conduct. With digital being the way forward, mobile banking enables and empowers you to take care of your end-to-end banking needs digitally. In a post-pandemic world, this also means that banking happens in a contactless manner, making it secure from a different perspective.
RBL Bank’s MoBank has a simple, clear and easy to use interface that makes mobile banking workable for anyone and everyone. Moreover, you get a 360-degree view of your relationships with RBL Bank. This means that the mobile banking app becomes your single source to view and manage every RBL Bank facility that you are subscribed to, including your savings and current accounts, loans, deposits, credit cards and so on. The app also enables you to download customized statements and gives you a Quick Access Menu that highlights the services that you personally need or use the most!
You can read more about RBL Bank’s MoBank app and its features here.
Accessible support in case of problems while using a mobile banking app
With great technology comes the responsibility of helping banking customers navigate it and troubleshoot. A robust mobile banking application is fully secure only when the user is completely aware of how to use the app, the things to avoid and the steps to be taken in case of problems. A strong customer support or a 24X7 helpline number is crucial for a mobile banking app.
RBL Bank’s MoBank app has helpful features like call ‘Customer Care’, request a ‘Call Back’, ‘Chat with us’ and ‘SOS’. The SOS facility in particular helps you get access to support instantly in case of banking emergencies (a misplaced Debit Card, for example).
Check how Marc uses RBL MoBank App to block his lost debit card
As a mobile banking customer, part of your responsibility is to ensure that you aren’t careless just because you are transacting quickly.
Here are some simple measures that you can take to use a mobile banking app responsibly:
- Never share or reveal your username and PIN (password) with anyone. It is also a healthy practice to keep changing passwords at periodic intervals.
- Avoid downloading pirated content or accessing websites that are not secure through your mobile device. These can invite viruses and malware that are a threat to your data.
- Avoid accessing an open or unknown WiFi network when making a mobile banking transaction.
- Always keep your phone password protected.
Mobile banking definitely spells convenience over traditional as well as internet banking methods (a laptop cannot always be as handy as a smartphone!). A trusted banking partner will take the privacy and security of your money and confidential data very seriously and offer a mobile banking solution that makes banking as convenient as it can be.
The bottom line is that mobile banking lets you to be in full control of your banking habits, track and carry out expenses with ease and take just a fraction of the time to do everything. When you pick a credible banking partner, mobile banking remains safe, secure and unlocks a world of possibilities!