Mr. Devi Lal, a 63-year old retired government employee is waiting for his neighbor’s 24-year old son, Aniket, who works in a tech company, for their routine Sunday chess session.
Mr. Lal (Thinking): A good lad. Spends too much time on his smartphone, but that is a problem with all these youngsters.
Aniket: Uncle, I will be late by ten minutes. Need to pay a few bills, deposit my credit card payment, andupdate my investment portfolio.
Mr. Lal: You think I am a fool, don’t you? Paying bills on a Sunday? Which bank will be open for your credit card payments? I too have made investments, and I can tell you updating your investment portfolio is not a ten-minute affair.
Aniket: Here, let me complete these tasks in ten minutes in front of you.
Mr. Lal: “What do you mean in front of me?”
Aniket: You see, uncle, the old-fashioned method of banking required you to go to your bank. Today, it’s the bank’s duty to come to you. With my mobile banking app, I can carry my bank in my smartphone wherever I go.” In the past, you had to visit different service provider and stand in line to make payments, right?
Mr. Lal: Correct.
Aniket: Today, I can check balances of all my bank accounts, track past transactions, transfer funds to other accounts or third-party accounts through NEFT, RTGS, or IMPS through the bank’s app.”
Mr. Lal: I visited the branch yesterday to make an RTGS payment. You mean you can complete this transaction sitting here?
Aniket: Certainly, and I can even open a term deposit through the app. I can run my bank account for years with just a smartphone having Internet connection and online banking.
Mr. Lal: That’s impressive. However, your also mentioned credit card payments and investment portfolio. How can a mobile banking app help you there?
Aniket: Well, I can view a summary of my cards, make payments, download statements, and even report lost cards through my app. Remember the TV I bought a few weeks ago? I converted the purchase into EMIs through the app itself.
Mr. Lal: Ah, I was curious to find out how that works. So, no need to go to the bank or call them?
Aniket: No need at all. As far as investments are concerned, I can enter details of my mutual funds investments, and the app will automatically update the NAV to give me a clear idea of where my investments stand. By, the way, the tip to combine ultra-safe debt funds with high-growth NFO’s proved to be really profitable for me. Thanks a lot.
Mr. Lal: So, you are telling me you can check your MF NAVs on a daily basis?
Aniket: Of course. Further, I can access my demat account as well through the app. Bank accounts, credit cards, investments, share market transactions, and even flight booking and hotel reservations—all in your pocket. You have a smartphone, right?
Mr. Lal: Yes, gifted by my granddaughter for my birthday.
Aniket: Well, simply download the app and make sure you are registered for online banking. With a simple user interface and comprehensive features, using the app and operating your bank account will be an absolute breeze.
Mr. Lal: Well, in that case Aniket, let us postpone our chess match by half an hour. I need to check whether my pension has been credited or not. Also, am planning to open a term deposit and gift it to my granddaughter for her future studies. I had originally planned to spend the entire day at the bank tomorrow. Now, it seems half an hour should be more than enough.
Aniket: Sure thing. Let us complete all our bank transactions from the comforts of our home and meet for the chess match in 30 minutes.
Author Bio:
Rachita Kotian is an independent blogger and writing has been her passion for a long time. A literature major, she loves exploring the world of health, lifestyle, travel and finance. When she’s not writing, she’s most likely listening to music, cooking, surfing the web, or catching up on the latest flick.
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What form of banking are you using? Are your parents moving away from traditional way of banking, have they moved to internet banking,mobile banking,what are pros and cons of mobile banking? Do you have your bank’s app on your mobile?
