With the emergence of the Internet and the Unified Payments Interface (UPI), the money transfer process has undergone significant changes. However, internet banking has improved how you handle financial transactions and made life easier when checking your bank balance. In this article, you will find how matching your bank balance as a practice has undergone huge changes over the years, how to narrow your bank balance using a mobile banking app, and the benefits of using a mobile banking app to do the same. Read on!
How accessible was our bank account balance before net banking?
Before Internet banking or net banking was standardized by scheduled banks in India, ATMs (Automated Teller Machines) were widely used for checking bank balances. You can only find your bank account balance by visiting the nearest ATM branch, entering your debit card into the machine, clicking on the “check bank balance” option, and reading the display on the screen or the slip printed afterward to know your balance. Not only was the process inconvenient, but it was also bad for the environment.
How to check your bank balance through an online bank transfer app?
Thanks to Internet banking, especially mobile banking, knowing your bank balance over a mobile banking app takes less than a few seconds now. In this section, let’s assume the example of IDFC FIRST Bank’s stellar mobile banking app to know how you can know your bank balance as an IDFC FIRST Bank customer:
- Sign up for IDFC FIRST Bank’s mobile banking service. You can do so by visiting the bank or their site online.
- Install the IDFC FIRST Bank mobile banking app.
- Once you enter your bank account-related details, the app is set up and ready to be used.
- You can check your bank account balance from the main screen.
What are the benefits of using a mobile banking app to check your balance?
Using a mobile banking app to check your bank balance has various benefits. In this section, we shall also focus on certain other features offered by efficient mobile banking apps like the one provided by IDFC FIRST Bank to show you all the benefits of using a mobile banking app:
- Quick mobile transfers not just through the Unified Payments Interface (UPI) but also through NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).
- ‘Smart filters’ can be applied by customers to view their transactions.
- Use the “Track Your Expenses” feature to analyze and infer learnings from your previous expenses.
- Categorization of transactions into various categories of expenses is possible.
- Checkbook requests can be placed online.
- Bank statements can be viewed online.
- Fixed deposit and recurring deposit accounts can be opened online.
- You can redeem your credit card rewards through the app.
- Features like “Auto Pay” and “One-Swipe Pay” help customers transfer instant money. A mobile banking app is the best way to check your bank account balance today. Researching a bank before opting for its savings account and mobile banking n would be best.
