Usage of mobile banking apps is growing as it provides ease, flexibility, and speed while processing the transactions. Most of the people in India are doing away with traditional banking and adopting online banking.
Almost every private sector banks and PSU banks have a mobile banking app to do banking transactions on the go. It removes the requirement for a computer, laptop and physical visit to the bank to do banking transactions. Once you install the app on your smartphone, you can carry out all banking transactions as per your convenience.
Consider the following factors while installing mobile banking apps –
Simple to use
One of the factors to consider while evaluating a mobile net banking app that it should be simple to use. They should be user-friendly and easy to use. The navigation must be uncomplicated and have concise labelling.
Secure
Security should be on the list while assessing mobile banking apps. They must have security with two-factor authentication. If possible, banking app should run biometric authentication.
Multiple payment alternatives
The best app should have various payment options such as NEFT, IMPS, BHIM UPI payment, and QR code payment. It facilitates payment using the mobile app quickly.
Conventional facilities
Mobile app should offer conventional banking facilities such as card block, cheque book request, PIN generation, balance inquiry, ATM card issue etc.
Biller details
The app should have a feature of biller registration and remembering biller or beneficiary details while doing a transaction. All transactions via the app should be smooth and free.
Track finance
The app should have the feature to let you track your finances effectively. It is advantageous if the app gives a dashboard view showing your income and expenses.
Notification and alerts
All alerts and notification must get promptly updated in the mobile notification centre. The mobile app should have a facility to turn off notifications.
Suggestions for using the app:
Using mobile banking app provides ease and convenience, however, it has its own security risks. If you are using an online banking app here are few ways that will surely help to secure yourself from threats –
Update your mobile banking app
Always have an updated version of the app with new features, bug fixes and security fixes. You should keep it updated as and when new version is available in the market. It is a good idea to give the app permission to install the latest updates automatically.
Do not use a public Wi-Fi network
The public Wi-Fi network is risky as it might be infected with a hidden virus that can access valuable information from your device. Thus, use public Wi-Fi network while accessing mobile net banking.
Avoid storing or sharing your login credential
Avoid storing or sharing your login credentials such as username, password or pin in the handset. Saving login details while logging to the app is a big no. It will lead to significant security threats.
Use of biometric
It is sensible to make use of biometric login security. It assists in securing the mobile banking app from being misused.
Clear data regularly
Ensure to clear data stored in the application regularly. It will prevent leakage of sensitive information. However, once you clear data, it will also remove the settings for the application, and ask you to reset all settings.
Do not save sensitive information
You should not keep any confidential information in your banking apps such as credit card or debit card details, CVV or net banking password in your mobile app.
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