Top 10 Mobile Apps for Banking 2019
Banking transactions have been happening since time immemorial. Banks started off as established institutions which facilitated borrowing and lending of money, depositing money for a long-term or short-term period, transfer of money and all such related financial transactions.
The evolution of banking with the emergence of technology
Earlier people had to physically go to the banks in order to do their respective transactions. But then came the technological boom and banks slowly started incorporating the various new forms of technology like computers in conducting their business. As time passed on, banks introduced a new form of banking called internet banking, by which the customer can do their transactions like payment of bills, money transfer, checking the bank account balance and also viewing account transactions and history.
How did mobile banking come into existence?
Internet banking has one main restriction though, that is, it can be done only via a computer system. This restriction of Internet banking developed the need for a solution by which banking transactions can be done anytime, anywhere. With the advent of mobile phone technology, came a new form of banking called ‘Mobile banking’, which is at present the most popular form of banking. Almost all banks have now developed their own customised Mobile applications, which facilitate customers to do ‘on-the-go’ banking transactions.
A few banks in India have launched mobile banking apps with very good features, which help the customers to do their financial transactions at ease and without facing any technical problem.
The top 10 mobile banking apps for the year 2019 include –
- iMobile by ICICI Bank – iMobile is a banking app of ICICI Bank and it is one of the most popular banking apps. The reason for its popularity is very obvious because of the comprehensive features that it provides like paying and collecting money to and from anyone instantly using UPI, view transaction history and passbook, transfer funds, send cash through cardless cash facility, open FD, locate an ATM, check status of cheque, order cheque book, pay bills, etc. The user interface is so swift and smooth which makes it all the more seamless to do transactions.
- Kotak 811 and Mobile Banking – Kotak Mahindra bank’s mobile banking app is as much popular as ICICI Bank and has similar features. Some of the additional features include sending and receiving money through NEFT, IMPS & RTGS and UPI; KayMall which enables you to shop via Flipkart, book movie tickets, flights, trains and hotel rooms; Autopay feature to pay monthly bills automatically, switching on or switching off your debit/ credit card online, purchase and redeem mutual funds and keep track of your investments and many more features.
- Axis Mobile Fund transfer, UPI, Recharge and Payment – Axis Bank’s mobile app is a very user friendly banking app which has unique features like a dashboard which enables the users to view their multiple Axis bank accounts, loan application for retail and business purpose, ‘ASAP’ to instantly open a savings bank account, UPI transaction History, Making your own UPI or QR code, convert credit card transactions into EMI, credit card spend analyser feature, safely add payees directly from the app, eDGE loyalty reward points, etc. The other standard features are the same as provided by other banking apps.
- SBI Anywhere – Apart from the normal features, SBI’s banking app has a distinguished one called ‘Voice Assisted Transactions’ for the purpose of balance enquiry, mini statement, mobile and DTH recharge, quick transfer, view and pay bills and log out.
- IndusMobile – This is the banking app of IndusInd Bank, which is notable for its simplified and easy-to-use features as well as its dynamic User Interface. One of the best features of this app is that it allows you to withdraw money from an ATM without a card with its Cash on Mobile Service. It also enables you to send an e-cheque or an e-gift to a social contact using QuickPay and also has a wonderful new feature of logging in to the account using a swipe pattern so that the customer doesn’t have to remember multiple login IDs and passwords.
- M-Connect Plus – It is the official mobile banking application of Bank of Baroda. This app also has the feature of cardless cash withdrawal facility. Other distinctive features include 360 degree account view, simple and easy User Interface, auto-linking of all accounts of the customer, and the most important and path-breaking one is the availability of the app in 10 different regional languages, which will surely increase the accessibility of the app by people from different linguistic backgrounds.
- IDBI Bank GO Mobile – This app has features like financial calculators which enable you to take informed investment decisions, setting international and domestic usage based on the location where you use the card, etc. The key issue which the app effectively deals with is security for which it uses encryption technology, in order to ensure secure data transfer from the mobile phone to the bank’s mobile banking server and also every transaction requires a dynamic OTP authentication.
- YES Bank – This banking app by YES Bank allows the users to login using their fingerprint for additional security. The users can also pay to their contacts, Facebook friends and Twitter followers. There is also an option wherein the user can personalize the menu.
- BHIM – Bharat Interface for Money (BHIM) is an initiative by the National Payment Corporation of India (NPCI) to ensure fast, secure and reliable cashless payments on mobiles. Using this app, the users can access all their banks accounts in different banks in one platform, in order to facilitate a quicker transfer of money as compared to the official banking apps. Users can also check their account balance and even make payments using their Aadhar number, request money from any UPI users and create a digital payment address. Moreover, the app is available in over 13 different regional languages.
- YONO – It is State Bank of India’s newly launched all-inclusive mobile banking app, which provides the users with new features like instant account opening in 5 minutes, personalized platinum debit card, smart spending which uses smart auto-tagging and categorisation of transactions to analyse your spending, pre-approved personal loan with a certain limit, etc.
What makes these mobile banking applications so popular and sought after?
The main reason why the above mentioned mobile banking applications have become so popular is that they have collaborated with some of the best mobile application development companies in India. These companies develop applications based on the features and as per the level of customisation required by the bank. They make sure that the app designed is very secure, reliable and seamless so that the users don’t face any technical issues or security problems.