Mobile Banking - Benefits, Features & How to Get Started

Introduction to Mobile Banking

In the age of smartphones and their ability to onboard various applications, banks have channeled their facilities and services through institute applications, making the lives of consumers easier to access banking services. With the need to visit the bank almost becoming unnecessary, you can open accounts, transfer funds though IMPS, NEFT, RTGS, UPI, MMID etc, manage your accounts like generating statement, Interest certificate, provisional certificate for Loan accounts, plan investments in Govt Schemes like PPF, SSA, KVP, SGB etc as well as in private entities like Mutual fund and Life Insurance. You can pay bills, Recharge your phone, DTH etc. Now banks have gone step ahead where you can avail digital personal loan where you can avail digital personal loan of a certain amount based on the transaction history of the account that too without visiting your branch and also you can get a monthly spending summary all from one banking app. So, what is mobile banking? Let us discuss the scope in detail.

What is Mobile Banking ?

When financial transaction is made from mobile devices that include smartphones, tablets etc., this on-the-go banking process is called mobile banking as it allows you to bank anytime from any place. You can send and receive funds both within the country and abroad, make instant payments at merchant counters, and pay bills seamlessly, through secure banking apps. Banks have applied layers of security to protect the interest of users, and if banking instructions are followed, there is a rare chance of being misguided.

How Does It Work?

With a plethora of features that guide users from one step to the other in simple, user-friendly, multi-lingual and clean interface, users can do the following to install and use the application from Bank of Baroda. If you are unsure of what is phone banking, follow these simple steps to register.

• Ensure you have a savings account with the bank.
• Download the application from your phone app store.
• Get the mobile banking registered either through self-registration channels like Debit Card, ATM, Internet banking or through branch it can be registered.
• Once ONE TIME Registration KEY is received, App can be activated using the KEY.
• Follow the activation process and set Login as well as Transaction PIN to use the mobile banking facility.

Also Read: A Complete Guide to bob World Mobile Banking App

There are several options available for registration some of which are mentioned below

Self-registration channels :

Mobile banking can be self-registered through Internet banking, using Debit Card details and through ATM machine.

Internet Banking :

Using USER ID, Sign on Password and Transaction Password.

Debit Card :

Using account, No and Debit card details.

ATM Machine :

Using debit card at ATM Machine using proper option.

Assisted Channel :

Mobile banking can also be registered visiting the branch .

Benefits of Mobile Banking

As discussed, the benefits of mobile banking have aided in its popularity. Let's talk about phone banking and its advantages.

- Convenience and Accessibility

Remote banking allows you to bank from anywhere. All you require is an internet connection, and you can bank from anywhere at any time, round the clock.

- Faster Transactions

Most of the services provided by mobile banking is INSTANT and covers almost all the services which minimizes the requirement to visit the bank.

- Enhanced Security

The application helps to track and monitor transactions. It fast-tracks fraudulent transactions and informs the bank of immediate action. Mobile banking is enhanced with layers of safety checks, and being aware of them will help you stay safe.

- Cost Savings

Value-added services, like payment of bills, investments, taxes and opening new accounts, can be channeled through the app and all these services are performed at a minimal cost. There are many services where charges are waived if digital channels are used to avail the services.

Other modes to avail the banking services

For the benefit of users, banks have made available several other options as well like SMS banking, WhatsApp Banking etc. Here is a list of the most preferred modes of banking services.

- SMS Banking

To avail banking services through SMS banking, customers must register their mobile number with the Bank of Baroda.

The facility allows checking account balances through specific SMS commands.

Mini statements on recent transactions are displayed through SMS.

Positive Pay Confirmation can be done through SMS.

Report loss and blocking of ATM/Debit cards by using SMS.

Also Read: What to Do When You Forget Your ATM PIN

- Mobile Apps

The applications to complete different banking activities are received by customers through Web Apps, Native Apps and Hybrid Apps.

Web apps are accessed over internet browsers and do not need installation on mobile phones.

Native apps are built for specific platforms and can be installed on mobile devices.

Hybrid apps are both native applications embedded with web browsers. Choose the one that is appropriate for you.

How to Get Started with Mobile Banking ?

To get started with mobile banking, you should have a savings account with your preferred bank. You can apply for mobile banking. On your smartphone, download and install the mobile banking app from the Google Play Store on your Android phone or the Apple Store. Fill out the form. You can open a savings bank account instantly. You will be surprised at the offers your bank provides. With a list of facilities like UPI, IMPS, NEFT and RTGS, you can transfer money, make investments, open fixed and recurring deposits, apply for instant loans, avail health insurance and view your balance. Remember to keep the minimum balance in your account to avoid fines. Explore another universe of mobile banking !