Benefits of Mobile Banking in 2021.

 Digital and mobile banking have been on a steep rise for the last couple of years. Needless to say, mobile banking has made life easier and banking transactions faster and much more convenient. But with the global pandemic in 2020 and social distancing norms and stay-at-home orders, mobile banking became a need of the hour, and in 2021, the demand for it has only grown.

Gone are the days of standing in long queues outside ATMs to withdraw cash. So are the days of visiting the bank often to get transactions done. Mobile banking has revolutionized the way we bank, and the services are only going to get better with every passing year.

If this isn’t enough for you to ditch the traditional ways of banking, here are some more benefits of mobile banking in 2021 that you need to look out for.

24X7 Access to your Account

A decade ago, you would have to go to the bank and fill in your passbook to check your account balance, but now you can do so by just logging into an app. That’s the convenience mobile banking has brought with it.

The best part is that you can access your bank account anytime, anywhere with just a tap on your phone. From checking your account balance, transferring funds, depositing money into your account to opening a new deposit, applying for an NRI housing loan, opening an FCNR deposit and so much more, you can do it all from the comfort of your home.

This way, you save time and effort and protect yourself from venturing out unnecessarily, especially during these trying times.

Easy Interface and Tailored Options for more Convenience

A decade ago, banking seemed like a very complex task. There were many counters with many clerks serving different purposes if you were to visit a physical bank branch. For someone new to banking, it all seemed a little overwhelming, but mobile banking has simplified managing your finances for millennials as well as the elderly.

SBM Bank India will be soon launching its enhanced mobile banking and net banking experience. The objective is to simplify the banking experience and make it more convenient. The bank offers an app with an all-in-one dashboard that helps you get a quick view of your account and details of all your accounts at once --be it an NRE savings account, NRI savings account, NRI fixed deposit, TD, RD and so much more.

Contactless Payments

The demand for cashless payments has always been on a rise, but it is now a pressing priority with social distancing norms in place. Wallet payments have become extremely popular with apps like Google Pay, PhonePe, Paytm entering the market. All you have to do is, link your bank account to these apps and enjoy the convenience of cashless payments, on the go. And with mobile banking to make large transactions and manage your funds, you may never have to visit your bank in person ever again!

Quick Transactions

The transactions that would’ve usually taken 4-5 business days can now take place in a matter of seconds. You can transfer money to your payees through NEFT, RTGS, and IMPS from any of your accounts through apps such as the SBM Mobile Banking app without having to visit an ATM or your bank branch for the same. 

Security

There’s a sense of security we feel when we don’t have to carry huge amounts of cash with us wherever we go. With mobile banking, transferring money is not only hassle-free but also secure. Most banks such as SBM Bank India offer apps that help you make quick transactions with 2-factor authentication to make all your money transfers incredibly safe and secure.

From keeping cash locked away in a locker at home to depending upon the bank for every transaction to using an app on our mobile phone for safe and convenient transactions, we’ve all come a long way. Mobile banking has now become an irreplaceable utility. It is designed to help us in every way possible to make our lives more convenient so that we can focus our time and energies on the things that matter.

Comments

Post a Comment

Popular posts from this blog

Your perfect guide to NRI housing loans.

Image
  Being able to go back to a well-established house in your homeland which you can call your own – is a dream come true for many NRIs living abroad. But is it really advisable to block a huge chunk of your funds into building a house which you will use, at least in the near future, only as a second home? To resolve this dilemma, the Indian financial institutions provide NRIs with a well-designed financial system known as NRI housing loans.  What exactly is NRI Housing Loan? NRI Housing Loan is a loan provided by banks to NRIs for purpose of purchasing a land/ building/ house or property for residential purposes. NRI housing loan can also be taken for renovating or remodelling an old property or constructing a new building altogether. These loans are typically called home improvement loans.  In order to avail of an NRI housing loan, an NRI has to first and foremost open an NRI account with an authorised bank. Secondly, he or she has to partner with an Indian resident who w...
Read more

Beginners guide for NRI's who wish to invest in India.

Image
  First things first – Let us all understand what investing is exactly? Investing for any person having a stable income means setting aside a portion of this income that you think you may not require in the short-term future. While you are working hard in another country to earn the luxuries of life, this extra money of yours if invested well, helps you generate an additional income apart from your regular business.  As an NRI, the Indian markets give you a vast opportunity to invest your money and reap the lucrative benefits of your investments. The government also gives NRIs special preferences and facilities when it comes to investment in the Indian markets. All you have to do is open an NRI savings account with a bank in India. You can opt for an NRE account, NRO account or an FCNR account according to your needs and requirements.  NRIs can invest in various Indian asset classes like NRI mutual funds, Stocks, Pre-IPOs, Indian bonds, Real estate and many more. If you t...
Read more

Why is India a Good Destination for Investment

Image
India continues to be an attractive destination for the investors, and form a huge part of the world’s fastest-growing economies. Indian residents and Non-Resident Indians(NRIs) are actively looking to earn money by Investing in India. Also, if the investments are made by NRIs then it is treated as ‘foreign investments’ as per the Indian foreign exchange regulations, making India one of the top recipients of  foreign remittances   from its diaspora. Here are some reason why India is a good place for investment:- Indian economy is one of the world's fastest-growing economies According to the Department of Promotion of Industry and Internal Trade, India has crossed the $70 Bn mark in the Fiscal Year 2019-20 and recorded a total FDI inflow of $73.45 Bn, ranking amongst the top countries for investments by leading investors. Indian infrastructure story More than $1.5 trillion investments have been planned for Indian infrastructure for the next two decades across the key government...
Read more