Why millennials rely more on a mobile banking app?


With the advent of ever-present smartphones and now mobile applications, banking is moving from a people-intensive and paper-based industry to an industry that is driven by innovation and technology. Most banking services are delivered online today, and online banking is growing in popularity.

The pandemic has shown that digital banking is all-important to manage finances for people of all ages. A study reveals that millennials and Gen Z use a mobile net banking app the most. About 98 percent of them use a banking app to view account balances, pay bills, transfer money and check their credit score.

Millennials use an online banking app more to carry out several financial transactions than the older generations. Nevertheless, banks like IDFC FIRST Bank have come out with user-friendly banking apps for their customers notwithstanding the generational differences. For millennials, a mobile banking app is appealing for several reasons.

1. It’s quick, easy and convenient

Millennials are adapted to using smartphones for taking care of every aspect of their life by contacting their family, friends, and other people. For them, mobile banking helps save time by paying bills or transferring funds at their convenience. They avoid visiting a bank’s branch and checking their account balances, applying for a loan, and opening a bank account easily and conveniently on the app.

With IDFC FIRST Bank’s best app, online banking is made simple that you can set up ‘Auto Pay’ for your credit card or utility bills, receive alerts or notifications, buy an insurance policy, and make investments.

2. It offers advanced features

IDFC FIRST Bank offers one of the top banking apps that are rich with features. Within the convenience of a mobile banking app, millennials find saving tools, smart filters, personalized financial advice, EMI calculators, and virtual assistants useful to work out a monthly or weekly budget and avoid splurging on something.

Some most valuable features that appeal to the millennials are those that help accomplish daily banking transactions. They include the ability to link bank accounts and view account balances of different banks, generate bank statements, pay bills, or transfer funds using different payment methods like the UPI, IMPS, and NEFT, and open an instant savings account. The budgeting tools and investment app are the other distinctive features they love to use on a unique banking app.

3. It offers high security

For any financial institution, security is the priority, and it is the same for mobile and online banking. When it comes to money, threats are high. A mobile banking app comes with extra security precautions, and millennials find them beneficial. The IDFC FIRST Bank mobile banking app permits you to have multi-factor authentication, which helps safeguard your online bank account from malicious intruders. Now you can also use biometric authentication to access your bank account. If you try to log in from an unknown device, you are asked to provide additional verification.

4. It helps manage money

An online banking app that helps manage money without any need to think much is what most millennials would like to have. For instance, the IDFC FIRST Bank mobile banking app helps you check on your spending through alerts and expenses categorization. It also offers suggestions to save excess balances on your accounts by investing in mutual funds.

In conclusion, a mobile net banking app has become the most innovative tool to manage finances efficiently. The IDFC FIRST Bank mobile banking app with all its distinctive features keeps up with millennials’ banking needs.

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