With an emphasis on real time financial
transactions and a global increase in the number of smartphone users, mobile banking is also growing in stature day-by-day. According to the Wall Street Journal, the popularity of this form of banking grew tremendously in 2015, with 43% of adults with smartphones using their devices for all banking and financial activities. Of the 58.9 crore bank account holders in India, 2.25 crore were recorded as mobile banking customers back in 2013 itself. So itís not difficult to imagine the popularity mobile banking is garnering. The availability of products and services electronically is also being increased by financial institutions so as to keep pace with technology.
Take the example of digibank, powered by DBS, which is literally an entire banking experience compressed into a smartphone. Providing 24/7 virtual assistance, it is India's first paperless, branchless and signatureless bank. With extra safety cautions included, digibank also provides an in-built budget optimizer, which tracks and analyzes your spending pattern and provides actionable recommendations, along with precautions if you are overspending. Paying utility bills, recharging and shopping
have never been this easy and convenient.