By Mike Lee
Smartphones have become a part and parcel of our modern lives. We use it for everything from accessing entertainment to managing our finances using top online banking apps. In fact, the volume of digital bank transactions in India has grown from 2071 crores in 2017-18 to 11660 crores in 2023-24.
When most people think of online banking apps, they do not often realise that there are many different types of these apps. Each type has unique features and functionalities that serve different purposes. So, this blog will explore some of those types and help you make an informed choice. Let’s dive in!
1. Conventional Banking Apps
In today’s digital world, there is no shortage of conventional banking apps that link you directly to your bank account. You can use these apps to access your bank account details, make payments, and even view all your transactions from your smartphone.
Many even use these banking mobile apps to pay bills and set up recurring payments like mobile or DTH recharge. Using GPS technology, you can even leverage conventional banking apps to find nearby bank branches and ATMs. One great example of such an app is the IDFC FIRST Bank mobile app, which offers convenient banking services.
2. P2P Payment Apps
Peer-to-peer, commonly known as P2P payment apps, helps facilitate individual transactions. You can use these apps to send money to your friends or family through your mobile app. All you need is your recipient’s phone number, and you send the money directly.
What’s more interesting about these apps is that you can even use them to connect with your friends to split payments or request funds. You can even use P2P payment apps to link your credit card or bank account to the app and access convenient banking.
3. Neo Banking Apps
Neo-banking apps are a 21st-century innovation that only offers digital banking services through different online mediums. Usually, these banking apps do not charge any commission on transactions and offer a user-friendly interface for seamless transactions.
Most neo-banking apps in the market even reward users with appealing cashback rewards on purchases and transactions made through those apps. You can even access personalised budgeting tools to meet your financial goals.
4. Investment Apps
Investment apps are another new entrant in the online banking world and offer investment tools to their users. You can use these apps to invest in bonds, stocks, mutual funds, and other financial instruments that help grow your wealth.
The best thing about investment apps is they offer comprehensive research tools to access market data, the latest news, and expert analysis. You can even automate your investments with these apps based on your unique investment goals and risk tolerance. Investment apps also allow you to track your portfolio and monitor the performance of different investments.
Wrapping Up
As you can see, many different types of online banking apps are available on the market. As a result, it all boils down to evaluating your unique financial needs and preferences and understanding the security features, fees, user interfaces, and more relevant features. This will help you get the right idea of these apps and make informed choices to streamline your finances like a pro.
