Evolution Of Mobile Banking And The Era Of Digital Payments


Aug 9, 2023

Our expectations from mobile banking apps were different a few years ago. However, UPI (Unified Payments Interface) transfers changed our perception of mobile banking. Besides UPI transactions, customers can do more using their mobile apps today. This article lists five ways mobile banking evolved in the past few years to help us better access banking services.

  1. Banks have made it easy to track your payments, helping you budget better.

Let us take IDFC FIRST Bank’s example. IDFC FIRST Bank mobile banking app’s Track Your Expense feature helps customers keep track of their previous online payments. Customers can categorise their previous payments and infer learnings to increase their savings in the future. This categorisation exercise helps customers budget better. Mobile apps are digitising budgets across India through their innovative features.

  1. You can open an online bank account and benefit from remarkable features.

Most banks offer special banking features with their online bank accounts. IDFC FIRST Bank offers a Zero Fee Banking feature with all its savings accounts. Zero Fee Banking helps customers avoid the fees of around thirty banking services like Interest Certificate issuance charges, Signature Attestation fees, ECS return charges, etc. IDFC FIRST Bank also waives NEFT (National Electronic Funds Transfer) transfer charges and IMPS (Immediate Payment Service) transfer fees through the Zero Fee Banking feature.

  1. Digital payments have become safer.

Customers can now add layers of security to their digital payments. IDFC FIRST Bank secures your bank account with an MPIN, username, and password. You can also opt for a biometric login to secure your IDFC FIRST Bank account. Besides UPI, NEFT, IMPS and RTGS (Real-Time Gross Settlement) transfers, the app offers Auto Pay and One-Swipe Pay. Auto Pay helps customers automate their regular and recurring online payments (for example, utility bill payments). One-Swipe Pay is a convenient alternative to other online payment transfers that helps customers transfer money simply by swiping on their IDFC FIRST Bank mobile app.

  1. More banking services are accessible today.

Mobile banking apps are now helping customers check their bank account balances instantly. IDFC FIRST Bank’s app, too, can help you check your account balance in a few seconds. Since customers who use mobile banking services habitually check their bank account balance time and again, new-age banking apps have facilitated seamless access to bank balances.

  1. Customers can access personal loans without any hassles.

Digital banking apps have also helped customers access huge loan amounts instantly. On opting for IDFC FIRST Bank’s instant online personal loan, customers can access a loan amount of up to ₹ 1 crore instantly. By using IDFC FIRST Bank’s personal loan EMI (Equated Monthly Instalments) calculator, customers can know the value of their loan EMIs in advance. Therefore, using a modern-day mobile banking app, you can assume a significant loan and plan for its repayment well in advance.  

Popular banks like IDFC FIRST Bank have gone a step further to make their mobile applications savings-friendly. While choosing a mobile banking app for your banking needs, be sure to research the interest rate and other savings-related features.