Top 5 Mobile Banking Apps
5 Mobile Banking Apps of India That Are User Friendly and Have the Best Features
The Indian banking sector is undergoing significant and relevant changes that are user-friendly and strive to improve customer relations through banking mechanisms. It has become imperative for every industry in India, including banking, to adopt digital means to access financial and non-financial services.
Internet banking and mobile banking apps have seen substantial growth, especially in instant payment systems. Mobile banking applications are intuitive, highly interactive, and innovative, with features related to customer satisfaction.
Tech-savvy younger generations are reluctant to stand in line to perform simple tasks at crowded Indian bank branches. So, they prefer to conclude their financial transactions on the goal, just with a few taps, using their mobile banking apps.
You can do it all on your smartphone if it is for real-time money transfers, online address updates, instant bill payments, ATM PIN generation, chequebook or ATM card requests, etc. Mobile banking apps can also help reduce the workload of banks
- 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.
Banks are getting creative and technologically updated. Their purpose-built mobile banking applications allow consumers to instantly transact money, check balances, initiate investments, and make deposits.
These apps have eliminated the need to use a computer to transfer money or to participate in traditional banking methods. By downloading the Mobile Banking App to your smartphone, customers can bank the way they want.
Key Features That Every Mobile Banking App Must Have
Before we discuss the Top 5 Mobile Banking Apps, let us understand the key features of a user-friendly app. Given below are some of the quintessential features that your favourite 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
Before you start using a mobile banking app on your smartphone, you must adhere to the following tips and techniques to maintain secure and safe transactions:
- 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
Here are the top 5 mobile banking applications and their key features that are in use in India today.
ICICI iMobile Application
ICICI Bank iMobile App is one of the top-rated mobile banking apps in India. It has a 4.7-star rating on the Google Play Store and is installed on over 1 crore smartphones.
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
Axis mobile banking app is quite popular in India because of its stability. It boasts a 4.5-star rating on Google Play Store and has more than 1 crore plus downloads.
This mobile banking app offers users a variety of services and features. In addition to sending money and viewing bank statements, as usual, the app helps you schedule credit card payments that are convenient, convert credit card payments to EMI, accumulate and redeem benefits, temporarily disable your debit/credit card, or set limits on your debit/credit card purchase.
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
HDFC Bank is one of the largest and top-ranking banks in India. HDFC Bank's mobile banking application has a 4.2-star rating on the Google Play Store and has been downloaded over 1 crore times.
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
Bank of Baroda’s M-Connect Plus app is an updated version that has a 4-star rating on Google Play Store with more than 1 crore downloads and is very user-friendly. You can use the app to instantly transfer money, pay utility bills, and even withdraw cardless from Bank of Baroda ATMs.
The app gives you a complete picture of your account details and transaction history and even allows you to request new chequebooks.
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
SBI has different banking apps for different services, but the YONO app, which is the ‘Anywhere Personal’ mobile banking app, provides basic banking services. This app was previously called State Bank Freedom App and is available in both Hindi and English. The app has a 4-star rating on the Google Play Store with 10 crore plus downloads and gives users access to deposits, withdrawals, and a mini balance sheet.
SBI mobile banking app meets all your traditional and contemporary banking needs. You can also apply for an SBI card, make card payments, and view transaction history, making it suitable for use overseas and available for both Android and iOS. The launch of YONO was codenamed the Lotus Project which was developed by IBM and was ready in about 13 months with a cost that was estimated at Rs 4000 crore.
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.
This was a comprehensive guide on the top 5 mobile banking apps in India, along with the core features that these apps should offer to the consumer. The top 5 apps meet the requirements and allow convenient access to banking products without going to the bank.
So, while choosing the right mobile banking app, keep all the parameters in mind and download the same on your Android or iOS mobile device. India is getting digitalised, and the UltraTech Indians refuse to stick to traditional methods of banking, so such mobile banking apps provide ease and convenience to the users and also take much of the workload off the bank’s shoulders.
Frequently Asked Questions
What is the meaning of a Mobile Banking app in India?
A mobile banking app means a feature in mobiles/smartphones that can easily be installed through the App Store/Play store, using which consumers can perform various kinds of banking transactions. This is offered by almost every bank in India and abroad. You can now check account balances, make instant money transfers, pay bills, and more using these mobile banking apps.
What are the core functions of mobile banking apps?
The core functions of mobile banking apps are:
- 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?
Most mobile banking apps access your banking information from secure data centres rather than storing it directly on your phone. This means that no personal banking information is stored on the phone itself. If the security of any bank account through the mobile is compromised, banks verify such transactions and provide an instant refund.
Who Introduced Mobile Banking in India?
ICICI Bank introduced mobile banking in India in 2008, and all other banks followed suit.
What year did mobile banking start in India?
Mobile banking started in India in 2002, and transactions were done via SMS at that time.
What are the main types of mobile banking apps?
The main types of mobile banking are:
- 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?
The biggest challenge that mobile banking suffers from is the security risk. Many customer groups refuse to choose mobile banking services due to security concerns. Another challenge is the non-availability of the internet or poor web connections across the country.