Financial transactions can best be carried out today using a banking app. Almost all banks encourage their customers to shift to mobile banking to serve them better. A survey in 2020 showed that 68 percent of people in India used the Internet or a banking app to make payments and transfer funds. A new mobile banking app is loaded with features to help the users manage their money effectively.
Mobile applications have revolutionized the way we do things. There are apps today for everything from shopping, ordering food, and booking a cab to watching your favourite movie, buying insurance, and banking. If you check, you will find around 40-50 apps on a smartphone, of which several of them like e-wallets and payment apps are already in use. Most banks take advantage of mobile apps for banking to help their customers have control over their finance.
The IDFC FIRST Bank mobile banking app is designed to offer several distinctive features to facilitate easy management of money. Some of the essential ones are:
- UPI Payments App
IDFC FIRST Bank partners NPCI to offer the Unified Payments Interface (UPI) platform to the user to pay utility and credit card bills, transfer funds, pay EMIs and invest in mutual funds. All you need to do is to download IDFC FIRST Bank’s android banking app and follow the set-up process to use the UPI payments app.
It helps you add other bank accounts and request funds or make payments from people who have a UPI ID. Other than offering you an instant and secure payment method, the UPI payment app helps you to send reminders and set payment deadlines. With this app, you can make payments in a jiffy to someone in your contact list in three steps:
- Log in to the app and go to ‘Pay to Contacts’
- Select and enter the beneficiary’s mobile number
- Enter the amount you want to pay and validate the transaction using the OTP
The money is credited to the beneficiary’s bank account instantly.
- Investment and Mutual Funds App
The IDFC FIRST Bank mobile banking app helps make investments easily online. With the integrated Investment and Mutual Funds App, you can invest in equities, money-market instruments, government bonds, and other securities. The app helps you start a Systematic Investment Plan (SIP) whereby you can invest a certain amount of money in a chosen mutual fund scheme at pre-defined intervals.
Through mutual fund investments, you can ensure that your money is managed by experts, who have the resources and experience to monitor, buy and sell investments. The transparent process offers capital appreciation and tax benefits through ELSS mutual funds.
- Insurance App
Other than the mutual funds, you can also invest in insurance through the Insurance App. It allows the users to buy any of the IDFC FIRST Bank’s insurance products such as term insurance, health insurance, home insurance, motor insurance, and investment-linked insurance.
With this app, you can log on to it using your mobile number and buy or renew the policy, claim compensation or coverage, and track the claim and service status. Other than this, you can also keep your important documents like a copy of the policy in the e-doc vault.
- Instant Loans App
IDFC FIRST Bank on mobile helps you apply for instant loans, like a personal loan, business loan, home loan, self-employed professional loan, vehicle loan, and loan against property. The IDFC FIRST Bank Loans App also allows you to track the application, check the loan status, view the latest offers, calculate and pay your EMIs, and request a service.
With seamless integration of various mobile apps for banking, IDFC FIRST Bank helps its customers manage their finance easily and conveniently.