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The Banking landscape in India has seen tremendous change over the years. With innovative banking solutions and tailor-made products, banking has made progress that has jumped leaps & bounds. Banking is no more about accepting deposits and disbursing loans. It is more about managing your money prudently. Banking is all about smart ways of investing your money to see it multiply.
In this information era, Digital Banking is an important part of the whole banking scene. People are constantly on the move. Branch banking is not popular anymore. People like to avoid long queues and unreasonable waiting times for most of their banking needs. Old aged customers also like to avoid the trouble of traveling to the bank.
Mobile banking is the most famous of all digital banking solutions. It brings the bank to your smartphone. You can carry out more than 200 banking transactions from the comfort of your home, office, or anywhere in the world, anytime. Mobile phones are the most commonly used technical device in every individual’s daily life. Mobile Banking is emerging as an alternate avenue for providing banking services. India is the second-largest telecom market in the world, that enables a high potential for expanding mobile banking services across the country.
Mobile Banking is the process of accessing banking services through your mobile phone. Banking services can be accessed on a smartphone or a regular phone. Mobile Banking is generally offered through the following channels –
India has seen a rapid growth of Mobile users in the recent past, supported by wider coverage of Mobile phone networks, making mobile banking an important platform that cannot be ignored. The trend points at utilizing mobile banking and extending banking services to every section of the country. Though a private sector bank, ICICI Bank, was the first to embrace digital banking solutions, other private sector banks and public sector banks followed closely to harness this technology for the benefit of their customers. Now, most banks in India provide mobile banking as a primary benefit to their customers.
As the above paragraphs listed, mobile phones, especially smartphones have flooded Indian households in large numbers. The Internet is also available even in the remotest of areas, making mobile phones a strategic partner to the development of banks’ service portfolio. In a competitive world where banks are looking to garner more customers and to retain their huge customer base, Mobile banking gives banks the advantage to offer their customers a dynamic and customizable platform for all their banking needs. Mobile banking can allow customers to access more than 200 different banking services with a single click. However, the single most advantage of mobile banking is accessibility. It allows customers to access their bank on their smartphones at their fingertips.
Ease of access: Mobile banking allows you instant access to your bank account with a few clicks. Whether you are accessing mobile banking on an app or on your mobile browser, the user interface is designed in simple terms that are easy for all age groups to understand and execute. Most of the user interfaces are interactive and allow customers to carry out transactions with ease. This is particularly helpful for aged customers who are novices at using smartphones. Another most important benefit of using mobile banking is that it is free of cost. You do not need to pay any charges or fees to use mobile banking.
A single destination: Mobile banking allows users to integrate all their relationships with a particular bank under a single login. This includes their bank accounts, credit cards, Demat account, Insurance policies, UPIs, and investments under a single umbrella. This enables better management of your relationships with the bank.
Fund transfers: Sending and receiving money has already seen advancements beyond a layman’s imagination. Mobile banking has only furthered this feature by leaps & bounds. Fund transfers are now done in real-time with RTGS or without any bank account details using IMPS. There are no more hassles of writing cheques or depositing them physically in the branch. This has saved enormous costs by reducing paper usage and thus saving a large number of trees.
Bill Payments: The boon of paying bills through mobile banking is highly underrated. There is still huge apprehension among the public in using mobile phones to pay bills of any kind. They still rely on physical bill payments that ensure that their account is rightly credited. This misconception is slowly lifting encouraging more and more people to utilize mobile banking bill payment systems to their benefit. Banks have also upgraded their systems to make bill payments hassle-free so that consumers can realize that this facility allows quick, real time bill payment on most utilities, mobile connections, DTH connections, broadband connections and investment services like insurance and mutual funds.
Transaction Security: One of the major concerns with mobile banking has always been data security. Cybercrimes have caused enough panic to deter consumers from trying this novel idea. However, bankers have ensured constant system up-gradation to deliver the highest security to customer’s data. SSL Encryptions are in place to protect information exchange between your mobile phone and the bank’s server. Mobile banking apps make sure that no information is stored on the mobile phone’s internal storage or the SIM card to prevent misuse of your information in case your mobile device is lost or stolen. Also, financial transactions these days use a 2-level authentication system to prevent fraud, OTP being the most common 2nd level authentication. As mobile devices upgrade with the latest technologies like Face ID and Fingerprint readers, banks have also updated their applications to include them for better security.
Service Requests: Submitting account-related service requests has always been a hassle with the traditional branch banking system. Customers were made to run from counter to counter to get the right form or fill in the right details and submit it to the right officer. In spite of all the hassle, the form may end up on the wrong table to be ignored, thus the customer’s service request never fulfilled. That has changed now with mobile banking. Starting from checkbook requests to email updates on your account, it is all available on your mobile banking platform. With constant SMS alerts, you can also keep track of your requests. This has made banking officials more accountable for fulfilling these requests and has served well for the customers in getting their job done.
Investments: Banking is not just about depositing and withdrawing money anymore. It is about managing your money, investing it shrewdly to get better returns. In India, insurance and mutual funds are the go-to investment options for the common man. Banks have started offering that too through mobile banking. Most banks these days have their own product range of insurance & mutual funds. They are now allowing customers to access these products through mobile banking and investing in them instantly. Most banks even offer a free Demat account to attract customers who are involved in the share market. With real-time NAVs and live share prices, mobile banking has garnered a lot of investors using it throughout the day.
Shopping on your mobile: Who doesn’t love to shop? That too when offered with lots of discounts and offers through your bank, on your mobile banking account. Mobile banking taps into the potential of customers who love to shop. It offers them with periodical deals based on their interests and spending habits. They also tie-up with popular brands for special discounts and sales. Rewards Program is offered in most banks encouraging customers to shop more. Mobile banking combines these features to offer a refreshing shopping experience to its customers.
Customizable user interface: As mentioned earlier, mobile banking apps are dynamic and highly customizable. It allows customers to choose their interests and needs to receive targeted product offers and updates. Many banks offer you your spending analysis to enlighten you about changes you need to save more money or invest better. Insurance and investment products that suit your needs better will be advertised on your mobile banking platform. This makes mobile banking more of personal banking experience for users.
Value-Added Services: As with any service provider, Value Added Service is a separate bouquet of benefits given to the customer. Mobile banking is not an exception either. It has the advantage of being in close proximity to the customer more than any other service. This enables banks to send regular feature updates, offers, and deals to the customer. These Value Adds are also customized based on the customer’s account type, their spending habits, and investment style. Some of the value adds include preferred language to operate the app, spending analysis reports, investment offerings, deals on insurance products, upgraded credit card, and more.
Infrastructure cost savings: This feature helps both the bank and the customer. With your bank in your hand, you are not required to visit the bank physically. This saves you time and the hassle of arranging for transport to visit the bank. Especially aged customers can avoid traveling to the bank incurring transport cost and overcoming health challenges. For banks, this means better utilization of their branch square footage. With fewer customers visiting the branch, they are able to manage the crowd better and utilize the extra space to accommodate more staff to ease banking operations.
Mobile Banking Apps: As soon as we hear Mobile Banking, Apps are the first thing that come to our mind. With hordes of apps swamping the market, it is only prudent to have an app for your bank’s mobile banking service. Almost all banks in India have a mobile banking app. Some examples are:
Mobile Banking apps have to be downloaded from Google Play, Apple App Store or Windows Store. You have to make sure that your smartphone is compatible with the app before downloading and installing it.
Once you have installed the app, you are usually required to register on the app with the registered mobile number on your account. Different banks have different ways of registering on the app. However, they usually follow a similar protocol for registration:
That is a simple snapshot of the mobile banking app registration process. Many banks require you to be registered for mobile banking. The request for which can be made at an ATM or at the branch directly. Many of the banks do not require any special registration to use mobile banking apps. You just have to make sure that the mobile number you want to use on the app is the one that is linked to your bank account.
Once the registration is completed, it is just a breeze to start using the app and enjoy the various banking services available there.
Some of the services available on a mobile banking app are given below:
Check available balance of Savings, Current accounts and your Credit Cards
Details of recent transactions made in Savings & Current accounts
View details and mini statement of all your transaction accounts.
View details and mini statement of loan accounts.
View details and mini statement of deposit accounts like FDs and RDs.
View details and mini statement of PPF and Sukanya Samriddhi accounts
View your digital passbook for transaction accounts and PPF accounts. You can download the passbook for your personal use.
Transfer money to self-accounts in the same bank.
Third Party Account
Transfer money to Third Party Accounts in the same bank.
Other Bank Accounts
Transfer funds to accounts in other Banks using NEFT/RTGS/IMPS
IMPS-Mobile No and MMID
IMPS Person 2 Person (P2P) using beneficiary mobile number and MMID
This feature allows you to transfer funds to any account instantly without adding beneficiary by using their mobile number or scanning receiver’s QR code
You can set standing instructions for fund transfer at a later date regularly.
Open Fixed Deposit and Recurring Deposit
Create Fixed deposit & Recurring deposit. Manage deposit accounts. Change Maturity Instructions for Fixed Deposit accounts
Premature Closure of deposit accounts
You can close fixed and recurring deposit before maturity
Top up/Recharge of Mobile
Top up/Recharge of DTH
Top up various e-wallets like PayTM, Pockets from ICICI, SBI Buddy, Mobikwik, Google pay, Freecharge and more
Manage Prepaid Cards
You can apply for prepaid cards, manage these cards and top up money in these prepaid cards
View and pay bill
Register billers. Make bill payments for these registered billers. Remove billers. Set standing instructions to pay these bills on a specific date every month.
Pay without bill
Make ad hoc bill payments to unregistered billers
Postpaid Bill Payment
Pay mobile or landline bills without registration
Manage Scheduled Bill
View/Delete scheduled bills
Credit Card Visa Transfer
Pay VISA Credit Card issued in India from your bank account
Add your insurance accounts as registered billers. Manage insurance policies from the same bank. Pay premium online. Setting standing instructions for insurance premium payments.
Generate/Retrieve MMID (Mobile Money Identifier) for IMPS P2P transactions
Cancel MMID for IMPS P2P transactions
Cheque book Request
Request for a new cheque book
Stop Cheque payment
Request stop payment on an issued cheque.
Update Aadhaar number on your profile. Link LPG consumer ID/Aadhaar number to account number
View TDS enquiry for Live/Closed accounts
Debit Card Hotlisting
Block your debit card in case lost/stolen
Manage Debit card
Manage channels (ATM / Merchant POS / eCommerce) to allow debit card transactions and set limit for respective channels
Register/View/Cancel Nominee for transaction and deposit account
Provide your feedback for the application
Request for address, mobile number, email address and other profile information to be updated on your account.
Raise concerns and grievances with the customer support department
Chat with a customer support representative to get your queries answered
Customize the way the app looks. You can change the colour theme and font of the app. You can add/remove menu items in the favourite menu
Register and Deregister the smartwatch registered with the app
Select to reset the pin set for your account
Scan Bharat QR to make payments
Select to change your language
Select to reset login password
Apply for Loan
View loan offers and apply
To Locate bank branches, ATM, point of contact centres, etc.
View bank’s Customer Care phone numbers
Frequently Asked Questions
SMS Banking is a simpler version of the mobile banking service. It does not need the internet or a smartphone. It allows many banking services by sending a KEYWORD to a designated phone number.
Benefits of SMS Banking
The customer has to type a KEYWORD and send it as an SMS to the designated number given by the bank for SMS Banking.
Eg: If a customer wants to get his account balance, he might be required to send an SMS like this –
BAL CUSTOMERID PIN [ACCOUNT NUMBER]
The important point to remember is that if the keyword is typed incorrectly, your request will not be processed.
Some of the services available through SMS Banking:
SMS Banking - Account related information
Fixed deposits enquiry
Last 3 Transactions
Cheque Payment Status (to ascertain whether the cheque is paid or not)
Request for cheque book
Request for account statement
Change of PIN
SMS Banking - Demat Enquiry
Free balance Holdings (Passing the customer ID)
Last two Transactions
SMS Banking - Bill Payment
SMS Banking - Supplementary operations
Change Primary Account
*99# - National Unified USSD Platform (NUUP) is a platform provided by NPCI (National Payment Corporation of India) which works on the USSD technology. Though similar to SMS Banking, USSD Banking creates a real-time connection with the bank’s server to allow instant transactions. It can be used on any basic mobile phone, removing the need for a smartphone or internet connection.
How to use USSD Banking?
Some of the services available on USSD Banking
Fund Transfer – Using Mobile No. & MMID
Fund Transfer – Using Account No. & IFSC
Missed call services are very limited. They mainly give you your bank balance and the last 5 transactions made on your account.
This is a free service and does not require much time. It can be done from any mobile. You don’t need a smartphone or internet connection. You just have to give a missed call to the number. It is helpful when you are in a hurry and want to know your account balance.
IMPS – Immediate Mobile Payment Service enables users to transfer funds in real time using a mobile number. You need to have an MMID to transfer money. This facility is available 24x7, even on Sundays and Bank Holidays. This service is brought to you by the National Payments Corporation of India (NPCI) in collaboration with member banks.
UPI or Unified Payments Interface allows you to link more than one bank account under a single e-wallet. You can send/receive money using your unique identifiers called 'Virtual Payment Addresses (VPAs)/UPI ID' for e.g. custname@bankname. UPI payments are sent directly from your bank account and hence you do not need a debit card, credit card or the bank account details or IFSC codes.
There is no hassle of adding a beneficiary before transferring money. You can transfer to another UPI recipient using their phone number or UPI ID. You can make bill payments to shopkeepers and merchants by scanning the QR codes at their location.
How do you use an UPI wallet?
UPI Wallets are mobile apps you need to download and install on your mobile phone. Some examples of UPIs are Pockets, SBI Buddy, Google Pay, BHIM DLB UPI and many more. These days, every bank has its own UPI app. You can download the one offered by your bank for convenience.
The apps are usually available on Google Play & Apple App Store. Along with transferring money, you can also make bill payments, mobile recharge, book tickets and many more.
Security & Mobile Banking
Banks establish many security measures in place to secure customer information and account sensitive information.
Axis Mobile-Fund transfer
BHIM Bandhan UPI
Dhanlaxmi Bank Mobile Banking
BHIM DLB UPI,
Lotza BHIM UPI, Cointab
iMobile, Mera iMobile, Pockets
IDBI Bank GO Mobile+,
City Union Bank
City Union Bank Mobile Banking Plus, City Union Bank LTD
BHIM CUB, Cointab
Karur Vysya Bank
BHIM KVB Upay
Kotak Mahindra Bank
Kotak 811 & Mobile Banking
Laxmi Vilas Bank
BHIM LVB UPAAY(UPI)
RBL Mycard, RBL MoBank 2.0
BHIM RBL Pay
South Indian Bank
SIB UPI POS
HDFC Bank Mobile Banking
Jammu and Kashmir Bank
J&K Bank mPay
BHIM JK Bank UPI
IDFC First Bank
IDFC First Bank mobile Banking
BHIM IDFC First Bank UPI App
DCB Bank Mobile Banking App
BHIM DCB Bank UPI
State Bank of India
YONO, SBI Anywhere, SBI Buddy, State Bank Freedom App
BHIM SBI Pay, Aadhaar SBI
Bank of Baroda
BHIM Baroda Pay
BHIM ALLbank UPI
Bank of India
BHIM BOI UPI
Andhra Bank One
Bank of Maharashtra
BHIM Maha UPI, MAHA BHIM Aadhaar Pay
Canara Bank Mobile Banking, Canara e-infobook Bilingual
BHIM Corp UPI
Vijaya Bank m-Pay
BHIM VIJAYA UPI App, BHIM AADHAAR VIJAYA BANK
BHIM AADHAAR UCO-BANK
Dena Mobile Banking App
BHIM Dena UPI
BHIM Indian Bank UPI
Union Bank Of India
U-Mobile, union Sahyog
Union Bank UPI App
Punjab National Bank
PNB ONE, PNB Mobiease
BHIM Synd UPI
Indian Overseas Bank
IOBmobile, IOB Nanban
BHIM IOB UPI, BHIM Aadhaar IOB
1. What is the login ID for my mobile banking app?
The login ID for your mobile banking app would usually be your Customer ID. You can find your Customer ID on your bank passbook and cheque book.
2. What are the uses of mobile banking?
Mobile banking allows you to use a smartphone or other cellular device to perform online banking tasks while away from your home computer. You can carry out more than 200 banking services like monitoring account balances, transferring funds between accounts, bill payment and locating an ATM.
3. When was mobile banking introduced in India?
Mobile banking was first introduced in 2002 in the form of SMS Banking. Now it has become the most used platform in India.
4. Do I need my debit card every time I use mobile banking?
Once you have registered on mobile banking, you would not require your debit card to carry out transactions. However, some banks require you to input some information pertaining to your debit card as a way of authentication financial transactions.
5. What are the most common forms of mobile banking in India?
Banks in India generally have these channels for mobile banking –
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Axis Bank Mobile Banking
Citibank Mobile Banking
HSBC Bank Mobile Banking
ICICI Bank Mobile Banking
IDBI Bank Mobile Banking
Indusind Bank Mobile Banking
Kotak Mahindra Bank Mobile Banking
Punjab National Bank Mobile Banking
SBI Mobile Banking
YES Bank Mobile Banking
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