Is it Safe to Use a Mobile Bank for Everyday Banking?

Over the years, the banking industry has evolved significantly and continues to do so. One of the most noteworthy changes in the Indian banking system has been the advent of mobile banking or internet banking; it has made banking easier than ever before.
Another important change in the mobile banking industry that deserves special mention is the growing popularity of mobile banks. And, just like any new banking solution, many people have concerns about the safety and security of their vital information and funds.

Many people have one question – Are mobile banks safe to use for everyday banking? And, if you are an existing mobile bank user or if you are planning to use it, you would be happy to know it is extremely safe and secure. And, here are a few reasons why you can use it for everyday banking.

1. Safety of deposits

When it comes to banking, one of the most important concerns people have is regarding their deposits. If, for any reason, the bank faces any issues and needs to shut down, what happens to the money in your account? Well, in the case of mobile banks, the majority of the banks keep the funds separate from the company’s finances, which means if something goes wrong, you can be assured of getting your money back.

Another important reason that underpins safe mobile banking is that all mobile banks operate under strict government mandates.

2. Get account-related alerts in real-time.

Every time you make a transaction with your mobile bank, be it getting your salary credit or paying for an online purchase, you get a real-time notification on your registered mobile number. This is an additional security layer, and if you get a notification of any unrecognized or suspicious transaction, you can immediately stop it and trace it to the fraudster.

3. Secured log in

Today, in the purview of the rising security concerns among mobile bank users, the banks have a top-notch security service mobile banking system in place. You can log into your account through passcode and/or biometric security systems like facial recognition or fingerprint.

And, to make the security more robust, most of the mobile banks allow pairing the account to only one smart device at a time. This means the account cannot be accessed from a remote device or computer other than your preferred device.

4. Blocking and unblocking of your card

If you misplace your debit/card or if it gets stolen, you may want to block your card to prevent any unsolicited transaction, right? In such a situation, you can log into your account online and block the card immediately. In case if you misplaced the card and found it later, you can go back and unblock it.

5. Card replacement

It is quite possible that you visit a store or a vendor and make a purchase, only to realize later that you find them to be suspicious. If you think they may have skimmed your card, no problem, you can instantly block your card and request a replacement directly from your mobile bank application.

With so many layers of security features, it is obvious that mobile banks are safe for everyday banking. Besides, with mobile banks, you can enjoy a hassle-free banking experience with a lower fee and zero waiting time to complete the transaction.

Now you can realize all of the above benefits using the ICICI Bank iMobile Pay application. You can manage everything financial task online, be it online payments or accessing banking features. Download the iMobile Pay mobile app from Google Play Store and App Store.