A total of 447 banks are now on the Unified Payments Interface (UPI), and they facilitated bank transfers worth ₹14,89,145 crore only in the month of May 2023. However, UPI transfers are not solely responsible for Indians changing their banking habits. This article enlists four features that have completely changed how we bank in India.
1. Banking apps offer features that assist customers in increasing their savings
Three features of the IDFC FIRST Bank mobile banking app help customers grow their savings over time: a high-interest rate, zero-fee banking, and monthly interest credits. IDFC FIRST Bank also offers an attractive interest rate with its savings accounts. Furthermore, the bank offers monthly interest credits to customers. However, the feature that helps customers significantly improve their savings is the ‘zero-fee banking’ feature. IDFC FIRST Bank waives 28 savings account fees for all customers who have a savings account through this feature. These services include Balance Certificate issuance charges, NEFT (National Electronic Funds Transfer) transfer fees, SMS alert charges, and chequebook re-issuance charges. To read more about zero-fee banking, click here.
2. Online money transfers have changed our banking habits
UPI transfers revolutionised online banking in India. However, consumer banking underwent another revolution thanks to features like ‘Auto Pay’ and ‘One-Swipe Pay’. IDFC FIRST Bank’s ‘Auto Pay’ feature automates recurring payments like utility bill payments. One-Swipe Pay helps customers transact seamlessly just by swiping once on the app. Besides these options, the app facilitates NEFT, IMPS (Immediate Payment Service), and RTGS (Real-Time Gross Settlement) transfers.
3. Customers can easily access consumer banking services via mobile banking
All consumer banking services are conveniently accessible through a mobile banking app. Here is a summary of the services you can access through IDFC FIRST Bank’s mobile banking app:
- Personal loans: Customers can instantly apply for online personal loans worth up to ₹1 crore via the app.
- Fixed deposit accounts: IDFC FIRST Bank customers can open fixed deposit and recurring deposit (RD) accounts through the app.
- Investment schemes: Customers can invest in their preferred investment schemes directly through the app.
- Bank statements: IDFC FIRST Bank allows customers to download their bank statements through the app.
- Credit card details: You can also check your credit card details by logging in to your IDFC FIRST Bank mobile banking app.
4. Apps have made it easier to track payments and check account balances
Two features offered by the IDFC FIRST Bank mobile banking app help customers budget better – The app lets a user check their account balance as well as access the ‘Track Your Expense’ feature. Track Your Expense helps customers categorise their previous payments to infer learnings from them and save more in the future. Additionally, customers can check their bank account balance 24/7.
Today, the functions of mobile banking apps go beyond helping customers make UPI transfers. They help customers check their account balance instantly, access a variety of banking services; and above all, save a significant amount over time. The four features that this article enlists form the primary focus of banks today as they aim to offer higher and secured access to banking services.