How Does a Mobile Banking App Work?

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Most banks offer mobile banking services owing to the features and flexibility the apps give to the users. Customers find an online banking app convenient for it helps save a lot of time. A customer is facilitated to access a mobile banking application, and do transactions, as well as access any deals anytime anywhere.

With every individual owning a mobile device and the Internet available everywhere, banking on a mobile phone is easily accessible, where it allows you to check the balance, receive and make payments and get notifications for any transactions or changes happened. To enable a mobile banking application, a user has to undergo the following steps:

How to Open a Savings Account Using a Mobile Banking App?

A basic yet a popular type of a bank account, a savings account helps the customer save money in the bank. With this account, the account holder can deposit and withdraw money at any time. An instant savings bank account is the prime attraction of an online banking app for it comes with several features and exclusive deals. Where you have a smartphone and the Internet connection, you can open a saving bank account instantly by downloading the relevant bank’s app from the Google Play Store.

  • Registration

The first step to do to avail the mobile banking service is to complete the registration to log into the app. It requires you to gill in your name, mobile number and email address to send a one-time password (OTP) to help you open savings account online on your mobile. You need to ensure that the mobile number you use is the one that you register on the app. Once you have logged in successfully, you can proceed to opening a saving account, which includes a simple process of filling out a form and submitting documents on the portal of the bank.

For the purpose, you are required to keep the documents such as:

  • Aadhaar – if you have a copy of Aadhar card, you do not need any other documents such as identity or address proof Or
  • Identity Proof (driving license, passport voter’s ID, etc.)
  • Address Proof (driving license, passport, voter’s ID etc.)
  • PAN card
  • Two passport-sized photographs
  • Online Video KYC Verification Process:

You have to upload copies of eKYC documents as the second step, and after the submission, the bank will verify the same through a video call on your registered mobile. For the purpose, you need to have a smartphone, with a camera and microphone and good Internet connection to go through the KYC process.

Once the verification process is completed, you will have a saving bank account in your name. If you have applied for a debit card, it will reach your home within 15 to 25-days through a registered mail on request. Some banks send default MPIN, while others allow the user to create their own mobile banking PIN, with which you can log in to the mobile banking app each time. Once you get access to your customer ID and account number you can log into your mobile savings account and do your transactions conveniently and safely.

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