Mobile banking apps are popular for many reasons, but their convenience is their standout feature. Our phones are almost always with us, which ensures that we’re able to avail banking services anytime. It is no surprise, then, to see people use their online bank accounts over visiting banks physically. Let us find out some more reasons behind the popularity of retail internet banking.
What are retail banking services?
Retail banking, often known as consumer banking or personal banking, is a type of banking that focuses on individuals rather than enterprises. Individual customers can use retail banking to manage their finances, obtain credit, and deposit funds in a secure manner. Checking and savings accounts, EMIs, personal loans, credit cards, checking of bank statements, and certificates of deposit are services provided by retail banks.
How do retail banking services help you?
Here are some reasons why retail internet banking may be helpful for you:
Saving money is crucial for your present and future. A savings account can help you in this mission, allowing you to save money and earn interest on it. The interest rate on savings accounts varies from one bank to another, with IDFC FIRST Bank offering more than 5% interest per annum on savings accounts. You can additionally map your goals to your savings account.
- Automatic deposits
After setting up your targeted savings accounts, transferring small sums of money to them will help you boost your savings without feeling the strain. Several banks provide automated savings plans designed to make small, recurring deposits. These deposits can come in handy during emergencies.
- Budgeting tools
Previously, digital budgeting features could only be found in third-party apps and software. You had to keep track of and categorise your spending, set savings targets, and create a spending plan independently from your banking app. However, an increasing number of banks now provide budgeting tools that you can use on your mobile device, allowing you to stay on top of your expenses without ever having to leave your online bank account app.
Data tracking, particularly on mobile payment apps, helps you better manage your money. The feature uses artificial intelligence (AI) and machine learning to anticipate the demands of mobile app users and supply real-time, actionable suggestions.
Money management is an art. The sooner you learn it, the better it will be for your financial future. While multiple tools on the internet can aid in better money management, using your mobile banking app is the safest option. Banking apps offer unparalleled security, which protects your money from fraud. Money banking apps are also helpful for money management, as they provide multiple tools for increased savings and earnings.