Anyone who wishes to open a new bank account can open one easily today, thanks to banks facilitating online account openings. However, while opening a bank account, you must also analyze the features of the bank’s mobile banking app. This article enlists five elements that make a digital banking app efficient.
1. Your e-banking app must help you increase your overall savings
The reason behind the popularity of IDFC FIRST Bank’s savings accounts is that three features help customers save more: zero-fee banking, competitive interest rates, and monthly interest credits. After opening a savings account, the customer must not bear the cost of additional services such as NEFT (National Electronic Funds Transfer) transfers, SMS alert charges, ATM transaction charges, or Account Closure charges. IDFC FIRST Bank’s Zero Fee Banking waives these charges (a total of 28 payments) and helps customers save more in the long run. Furthermore, IDFC FIRST Bank offers a high interest rate and monthly interest credits. These features can help customers increase their overall savings.
2. You must be able to access all digital banking services
Banks offer access to bank statements, bank account balances, and personal loans through their mobile banking apps. IDFC FIRST Bank, for instance, helps customers sign up for a loan of up to ₹ one crore through its app. You can also open Fixed and Recurring Deposit accounts directly through the app. Since banks have focused on increased accessibility, customers can access all banking services without visiting a bank branch in person. Through the app, certain banks also help customers use online EMI (Equated Monthly Instalments) calculators to apply for personal loans. These calculators help customers know the value of their future EMIs in advance. This feature can also help customers better plan for their upcoming expenses.
3. Opt for apps that facilitate other online transfers besides UPI payments
UPI transfers are widely accepted across India today. However, customers must also have other options for making an online transfer. IDFC FIRST Bank offers two options: Auto Pay and One-Swipe Pay. The former helps customers automate regular payments such as rent transfers and utility bills. IDFC FIRST Bank has developed One-Swipe Pay as a seamless money transfer feature to help customers initiate quick transfers.
4. Your e-banking app should help you budget better
The Track, Your Expense feature on the IDFC FIRST Bank mobile banking app allows customers to budget efficiently by categorizing their previous online payments. Using this feature, you can infer learnings from your previous payments to save more in the future.
5. Efficient UPI payment apps help customers invest instantly
Using the IDFC FIRST Bank mobile app, you can instantly invest your saved income in your preferred investment scheme. Therefore, customers can save and grow their savings on the IDFC FIRST Bank app.
If you opt for a mobile app that offers these features, you can rest assured that you have chosen an efficient mobile banking app. While researching bank accounts online, you should also factor in the interest rate provided by a bank.
