Did you know that the number of people using mobile phones in India is more than the number of people using bank accounts? Some studies say that it will still take banks more than two decades to reach the entire population of 1.2 billion. Considering the fact that India is the third largest smartphone market in the world, mobile phones would definitely reach the entire population much faster than bank accounts! That is why the Reserve Bank of India has been urging all the banks to offer mobile banking.
Mobile banking is also the logical next step after the success of online banking. There are a lot of advantages of this form of banking over the online version as well. Here’s a look at some of the major benefits.
Advantages
- Convenience is the first word that comes to mind with a smartphone. It is definitely less tedious to operate you bank account when you can do it at any time and from anywhere, rather than having to travel to the nearest branch or the one in which you hold an account. Using financial services through your device is even more advantageous than online banking because of the mobility factor. Now you could be commuting while making transactions rather than having to wait to reach your home or office to get online. Because of the fact that network connections are available even in the remotest corners of our country, it becomes much easier to access your account through a mobile phone.
- Faster updates regarding your account are also available through this mode. Since the phone is something you carry everywhere, any small change or any information regarding your account will always be at your fingertips.
- Utility bill payments have become easier with mobile banking. Banking sites like digibank allow faster and easier utility bill payment options, which has made life much easier and more convenient through mobile phones and therefore much more beneficial for the consumer.
- Since all the utility bills and other monetary transactions are done at one place, it has become easier to keep track of your expenditure too. All expenditure details will be saved and can be retrieved anytime, as per your needs.
- By making everything available on your mobile device, the use of cheques and other paperwork for banking has significantly declined. It is not just making the process convenient but in a way doing its bit for the environment as well.
With the advancements in technology, we can surely expect many more additions in this list in the coming years!