Even before the pandemic, internet banking was gaining more popularity since it incorporated cutting-edge mobile applications and web services. Additionally, with the advancement in the technological sector, company owners now rely more than ever on modern technology to manage their banking needs from a safe and comfortable place—their homes.
The fast pace of today’s world has forced businesses to use Internet banking, where they eliminate visiting branches and personal interaction. It offers various web-based facilities for internet-based financial transactions. Online banking is accessible via mobile banking apps or a computer system. You can remain at home and have an online banking account; a strong password and a reliable internet connection should be enough to give you accessibility while still being in touch with your bank.
Advantages of Online Banking
There are several benefits of online banking, such as:
Individuals using online banking facilities can transfer money quickly. It takes just a few clicks, and one can transfer money effortlessly from their online banking account to their current one or even to another account in another bank. It eliminates the inconvenience of physical visits to the banks when transacting, thus making it possible to conduct banking seamlessly.
Another significant advantage of online banking is that you can operate it 24/7. Users may now access their accounts and complete transactions whenever and wherever it’s convenient for them. Therefore, it offers maximum flexibility and accessibility, particularly to those who might not have easy access to actual bank locations.
Review Your Account History
Frequently, you may make expenditures and lose track of them. It’s only when you eventually review your bank account balance that you find yourself surprised, wondering where your money went. In such situations, checking your bank statements becomes necessary to understand your past transactions. Moreover, you might need bank statements as evidence of income or address when opening a Demat account or applying for a new loan or online credit banking
With online banking apps, you can not only execute financial transactions but also examine your bank account history. Accessing your bank account statements, credit card transactions, fixed deposit details, and more are just a few taps away on your smartphone. Furthermore, you can download these statements to your device for future reference.
Avail of Internet Banking
Mobile banking applications like IDFC FIRST Bank’s Mobile App provide a convenient platform for a range of banking activities right at your fingertips. Install these apps on your parents’ smartphones and guide them in utilizing these tools for their everyday banking needs. This includes tasks like opening account online, checking account balances, ordering a new cheque book, establishing standard instructions, and downloading account statements. Moreover, these apps enable them to engage in financial activities such as investing in mutual funds and fixed deposits, paying insurance premiums, and applying for loans.
Track Your Spending
Effortlessly monitor all your expenses using your digital banking app. For instance, by utilizing IDFC FIRST Bank’s mobile app, you can review your past expenditures, manage upcoming spending, and even set reminders to avoid missing any EMIs or bill payments.
Certain online banking apps offer automatic payment services, allowing you to enrol in the auto-payment of utility bills, loan EMIs, and other monthly commitments. Notifications will be sent when a payment is deducted from your savings bank account. This approach enables you to not only manage your spending within budget but also contribute to building a favourable credit score.
A mobile phone can serve as a helpful tool when utilized effectively, offering both convenience in personal matters and opportunities for professional development. While you may be adept at maximizing the utility of your smartphone, your parents might not be as familiar. Therefore, one of the most valuable gifts you can give them is teaching them about the benefits of utilizing technology-based mobile banking apps for improved money management.
With IDFC FIRST Bank’s mobile banking app, you gain the ability to access banking services at any time and from anywhere, placing complete control of your finances in the palm of your hands!