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All you need to know about Mobile Banking and its importance in the digital era.
As a privileged member of the digital age, you may not have visited your bank branch in years. This, once inconceivable thought, has now become a reality, thanks to internet banking. With the advent of the 4G era, faster internet speeds, and internet-enabled smartphones, you can now carry your bank in your wrist, pocket, or any other portable device. We are, of course, talking about Mobile Banking. Let us understand what is Mobile Banking, its relevance in the digital era, and the safety precautions you should observe.
Mobile Banking is defined as any financial transaction you conduct with the help of your smartphone or tablet. It is one of the most convenient modes of banking in the digital era as it gives you instant access to your bank account on the go. Mobile Banking allows you to avail of banking services from any location, at any time. It is a very cost-effective and time-saving solution , which allows all kinds of bank account holders – be it business owners, shoppers, investors, etc., to receive and make payments within a few taps on their mobile screen.
Mobile banking began in the late 1990s with simple SMS alerts for account updates. By the early 2000s, people could check balances or get mini statements by sending a text.
Mobile websites came next. These let users view account details or pay bills through a phone browser.
In the 2010s, smartphone apps made mobile banking easier. Users could now send money, block cards, or track spending with just a few taps. This marked a major shift in the types of mobile banking people used every day.
In 2016, India launched a system for instant bank-to-bank payments using mobile apps. This made mobile banking in India faster, easier, and more reliable for users.
Today, mobile banking apps offer hundreds of features. Most tasks that once needed a branch can now be done from your phone.
Mobile banking offers many mobile banking services that help you manage money from your phone. Here are the main types:
Mobile banking apps come with built-in tools that help you manage money quickly and safely. Here are some key features:
These are some of the main features of mobile banking offered across common mobile banking services today.
Mobile banking makes everyday money tasks faster and easier. Here's why it matters:
The benefits of mobile banking also include easier access to your Savings Account and other daily needs.
Start by downloading your bank’s official app from the Play Store or App Store. Register using your mobile number and set a secure PIN.
Once logged in, you can check your balance, send money, pay bills, or manage your card. Use UPI or scan QR codes for quick payments.
Many apps also offer tools like a Savings Account Calculator to help manage your money better. It’s a simple way to do banking from your phone, anytime.
The importance of mobile banking grows as more people handle money through their phones. Staying safe is key.
After having downloaded a verified banking app, set up either a biometric lock (facial recognition or fingerprint) or a Personal identification number (PIN) to access your account.
Avoid storing your username, password, account number, or debit or credit card pin on your mobile handset. It could prove dangerous if your mobile is stolen or misplaced. Inform your bank immediately upon losing or misplacing your phone.
Use only your home or trusted internet and Wi-Fi sources to access your account or conduct transactions. Avoid using the Mobile Banking app on Public Wi-Fi to prevent account hacking, phishing, and misappropriation.
The DBS digibank app offers 250+ mobile banking services right from your phone. You can check balances, transfer funds, pay bills, or manage your card in just a few taps. The app is simple to use and built with strong security features like biometric login and instant alerts.
If you’re looking for a High Interest Savings Account, the DBS Bank Savings Account offers up to 5% interest with full access through the app. You can open your account online and start banking in minutes.
Now that you know Mobile Banking, you can download your bank app on your phone. Mobile Banking opens you up to a world of benefits. From the ease of banking from any corner in the world or access to several services 24*7, Mobile Banking has proven to be a godsend technological innovation. It indeed makes our lives easy in this fast-paced world.
Download DBS Bank app and explore a world of banking facilities in a few swipes.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
