Top 5 Mobile Banking Apps

5 Mobile Banking Apps of India That Are User Friendly and Have the Best Features

• In India, the number of smartphone userbase has increased to over 1.2 billion active users. Therefore, completing banking on mobile by integrating apps with artificial intelligence has become the need of the hour.
• According to an online payments survey, 31% of households say they have a mobile banking app on their smartphone. However, 32% of households say they use digital payments in their daily lives.
• Interbank data reported 6,563.714 Unit mn as of August 2022. This represents an increase from the previous figure of 6,354.890 Units mn in July 2022. Mobile payments volume, according to the interbank data updated monthly, averaged 2,771.745 million Units from November 2019 to August 2022. The data hit a record high of 6,563.714 Unit mn in August 2022 and a record low of 1,025.433 Unit mn in April 2020.

Key Features That Every Mobile Banking App Must Have

• A Secure Payment System including IMPS, UPI payment systems, NFC, RTGS or NEFT payment technology, QR payments, etc.
• Credit Card services to facilitate the management of credit card-related transactions.
• Security should also be considered before installing a mobile banking app. A two-step secure registration process is required.
• Easy Beneficiary Processing allows the addition of beneficiaries for IMPS, UPI payments, or NEFT payments.
• Your app should notify you of updates, banking transactions, or offers via email, SMS, or your phone's notification centre.
• It should help you find a branch or ATM.
• AI-Enabled Chatbot is a must for resolving user-specific issues.
• A relevant mobile app will give you the benefit of making instant mobile, grocery, and credit card payments and even allow you to link your monthly EMIs, Mutual Fund online SIP, LIC Premium payments, etc., seamlessly.
• Non-Traditional Banking Facilities like access to FD, RD, NPS or PPF account opening, flight or hotel booking, IRCTC rail ticketing.
• Traditional Facilities such as PIN generation, ATM card issues, blocking destroyed or lost cards, chequebook requests, etc.
• Well-thought-out security and authentication in a mobile banking app security should be your top priority.
• It should have a user-friendly, simple, and reliable user interface, as not many are accustomed to banking apps.
• Cater to non-financial services such as balance inquiries, chequebook requests, mini bank statements, etc., should be processed using your mobile banking apps.
• Multiple payment options, financial tracking, and timely notifications are also some of the best features of a mobile banking app.

Important Tips and Techniques to Use Mobile Banking Apps in India

• Always use two-factor authentication and biometrics for your iPhone, with a hard-to-guess 6-digit passcode. For Android phones, use a 4-digit passcode or complicated pattern.
• The Android operating system is more vulnerable than iOS to these types of phishing attacks. Do not use rooted Android devices.
• Do not reply to unknown SMSs containing URL-shortening links.
• Do not download apps from unknown sources, and be wary of malicious apps that can steal your personal information or track your phone data.
• Regularly update your mobile banking app.
• Regularly monitor your debit and credit card transactions.
• Do not install free remote desktop apps such as Any Desk.
• Regularly clear browser data or cache files and cookies from your browsers.
• Do not store banking information such as debit/credit card numbers, CVV, passwords, internet banking passwords, or mobile banking passwords on the phone itself. Don't store mobile banking app passcodes or online banking passwords in a password manager app.
• Do not use free public WI-FI networks to access mobile banking apps in India.

Top 5 Mobile Banking Apps in India

ICICI iMobile Application

Core Features of this mobile banking app:

• The iMobile app allows you to locate your ICICI bank ATM, transfer money instantly with UPI payments, and send money to your email id or mobile number.
• The app is regularly updated and offers you innovative services besides fixing bugs.
• You can also check your credit score, get instant personal loans with credit cards, and renew debit cards.
• ICICI Bank also launched iWear, ICICI Bank's smartwatch app, to access account information from your smartwatch, including your last three bank transactions, current bank balances, and credit card accounts.
• It is a secure platform providing more than 250 financial and non-financial services for both Android and iOS.
• It boasts high-speed transfer by NEFT/RTGS/IMPS and is a smart shopping platform from a single source.
• You can manage all your investments, loans, credit cards, term deposits, real-time buying and selling of gold, analysis of consolidated statements, mutual fund SIPs, reservations, etc., using this app.
• You can also avail of life insurance Benefits by using the iMobile App.

Axis Mobile App

Core features are:

• You can also set standing orders to automatically pay for services of over 200 utilities. You can create a 'favourites' list of the 10 most frequently performed transactions in the app.
• Customers can deliver instant feedback to the bank using social media platforms like Twitter or even email and can also request a callback from a customer care representative.
• Axis Mobile Banking App is a secure and steady platform that offers more than 100 services to its customers, fulfilling nearly all banking requirements.
• Easy to access all of your Axis Bank accounts, whether credit card, mutual funds, or debit card accounts.
• It showcases a personalised menu that also has a dedicated section for retail and enterprise loans, pre-accredited credit scorecards, opening of FDs, & RDs, etc.
• You can use this mobile banking app to process UPI payments, scan and pay, view account or transaction details, access your loan accounts, schedule or auto-pay monthly/quarterly payments, etc.
• You can use it to recharge your Prepaid Mobile or even your DTH connection.
• You can make brief fund transfers to an equal financial institution or different financial institution clients with the use of IMPS or NEFT.

HDFC MobileBanking App

Core features of the HDFC mobile banking app

• Some of the best features of this app are that you can customise the "My Menu" tab, and this app is also available in Hindi.
• It has another brilliant 'LITE' version for slower internet speeds which covers the most commonly used services, if not all.
• The HDFC Bank MobileBanking application provides a simple and secure platform for making over 120 banking transactions anytime, anywhere. This app boasts advanced encryption and security to protect your account. You can use the app to top up your mobile phone, make instant transfers, make DTH payments, Demat portfolio management, UPI payments, pay bills and credit card fees, and so much more.
• You can securely unlock the app with Face ID and conveniently log in while maintaining high security.
• You get a one-view update of all your bank relationships, along with fast payment features and EVA Chatbot Support. You can also subscribe to automatic bill payment services, make UPI payments, process opening/closing savings accounts, order money or travel cards, and do so much more with the app.

Bank of Baroda M-Connect Plus App

The core features of this mobile banking app are:

• A recent M-Connect Plus app upgrade focused on fixing bugs, added a list of frequent transactions to the favourites menu, added charts to show quick breakdowns, and improved user account security.
• One of the best features of this app is that it is available in seven regional languages, improving accessibility for users nationwide.
• The app also offers IMPS/NEFT remittance functionality.
• It is a feature-rich mobile banking app that allows users to access a wide range of free banking services with just a one-time SMS fee charged upon activation.
• You can automatically link all accounts on one Client ID
• Other key services include faster BOB NEFT/IMPS transfers to other banks, mobile/DTH charges, paying utility bills, requesting chequebooks, viewing account balances, changing MPIN, updating Aadhaar, and providing Scan and pay service.

State Bank of India YONO (You Only Need One App) Mobile Banking App

The core Features of this app are:

• SBI mobile banking app has a mCash feature that lets you transfer funds to a mobile phone number or email id. You can use the mPassbook option to get details about the last 150 transactions.
• You can also pay utility bills, pay insurance or mutual fund payments, open and close FDs and RDs, and schedule transactions.
• You can open your account with SBI within 5 minutes and avail platinum debit card and discounts on banking services.
• It has a straightforward user interface with intuitive navigation.
• You can link and view all State Bank relationships in one app that uses an intelligent classification of transactions.
• You can also make chequebook and ATM card requests using the app.
• Get pre-approved personal loans.

Conclusion

Frequently Asked Questions

What is the meaning of a Mobile Banking app in India?

What are the core functions of mobile banking apps?

• 24/7 access to your bank account
• Instant remittance functionality
• Timely payment of invoices and EMIs
• Provide safety and security
• Prompt customer service
• Multi-level security features

Are mobile banking apps safe and secure?

Who Introduced Mobile Banking in India?

What year did mobile banking start in India?

What are the main types of mobile banking apps?

• SMS banking and USSD banking
• Mobile banking applications that cover a wide range of banking services
• Transfer money, invest, and create FDs through mobile app-based banking

What are the challenges of mobile banking apps in India?