What Are The Notable Features Of Banking Apps?

The customers of today do not like waiting. They want their needs met and issues resolved instantly. Banking requirements are no exception. Owing to the emerging preference, banks and financial institutions have introduced apps into the picture. Not only are these apps convenient, but they are also quite efficient. But to reap the benefits of any Banking app entirely, you should know about its features.

Only then can you use it to your advantage effectively. Else, it might be of no substantial use to you. So here are the most notable ones for your reference:

1. Security & fraud alerts

Despite being easily accessible, Internet Banking facilities like Banking apps are incredibly safe. They operate on advanced security features that go beyond simple log-in requirements. They are embedded with multi-factor authentication that ensures advanced level protection. This way, hackers cannot get access to your details whatsoever. If there is an unsuccessful log-in attempt from another device, you get notified.

You also get fraud alerts; at times, bank officials might contact you to verify suspicious transactions made through your online Bank Account. Here are some things you can do to take your security up a notch:

• Do not share your log-in credentials with anyone
• Change your PINs and passwords frequently
• Do not create obvious PINs and passwords. For example, your birth date, wedding anniversary date, etc.
• Create strong passwords to be on the safe side

Note that these come in handy while availing of any Online Banking facility. It is always good to take precautionary measures on your end.

2. QR payments

Nowadays, QR payments have become significantly popular. They are contactless payment facilities performed by scanning a QR code from a Mobile Banking app. You must go to your app and click the ‘Scan QR code’ option. Then, the app will open your camera to scan the code. Once that is done, you must enter the amount and your PIN to process the payment.

3. Cheque deposit facility

Earlier, you had to visit the bank to deposit cheques. But nowadays, you need not even step out of your house to do so. With an Android Banking app, this task becomes simpler. You need to scan the front and back sides of the cheque and follow the instructions given by the app.

4. Bill payments

Most apps provide you with options to pay your utility bills. For example, if you need to pay your electricity bill, you will find the option ‘pay electricity bill’ in the app.