With the increasing internet coverage in India and the increasing number of bank accounts, the banking sector is undergoing generational changes. You can observe this change by seeing the sheer number of digital transactions carried out in India month after month.

Unified Payments Interface (UPI) transactions in India rose by over 7% in December 2022 compared to the previous month, taking the total volume of online UPI transactions to 7829 million and the total value to ₹ 12,82,055.01 crores in just one month.

The following article will walk you through how retail internet banking has changed today, including a list of the features you can find in an effective current banking app, as well as a list of banks that have changed digital banking for the better.

How has retail internet banking changed today? 

Mobile banking apps have revolutionized retail internet banking. With the meteoric rise of the UPI system and its increasing acceptability among Indians, online money transfers have become synonymous with making financial transactions.

However, this marked change in retail internet banking has normalized online transactions and has caused customers to expect more from their mobile banking apps. Have a look at what customers are looking for in their net banking apps today in the next section.

Which features can you find in the best banking apps? 

• Faster online transfer facilities

Today, customers expect mobile banking apps to offer faster online transfer facilities. In certain net banking apps, the transactions sometimes get stuck while being processed. Reputed banks update their technologies and provide apps that offer faster and more seamless online transfers.

• Reliable customer service 

Customers now look for a dedicated and more responsive customer service team to address their queries. With a dedicated team of professionals, IDFC FIRST Bank is well-known to offer quick query resolution through several channels.

• More ways of transacting online 

Thirdly, customers now need more ways of transacting online. Efficient mobile apps today provide 2 to 3 methods of transacting online to the customer, letting them choose between these options while making payments.

• An ability to learn from your data

Mobile banking apps that are well-conceived also tend to help users analyse their previous expenditures and learn from their data to try and save more in the future. For instance, the IDFC FIRST Bank’s “Track Your Expenses” feature is a popular feature among the app’s users that helps them conveniently and regularly monitor their expenses and make strategies to save more over the period.

• Superior user interface 

Finally, Indians wish for their mobile banking apps to be better designed and easier to navigate. They prioritize a superior user interface while choosing their mobile banking app.

Here are a few banks that have changed digital banking in India 

We have drawn from the previous list of features and listed down four banks that you could look at in 2023 for a seamless mobile banking experience. The following are the banks:

1. IDFC FIRST Bank 

The IDFC FIRST Bank Mobile banking app is the first on our list. In addition to the already mentioned features, the bank offers the following highly-desirable features.

• You can download bank statements online from the app.
• Invest your surplus savings into deposits and mutual funds through the app.
• Track your credit card transactions through the app.
• Repay your loan EMIs.
• You can also open Fixed Deposits through the app.
• IDFC FIRST Bank offers high-level security to your online transactions and has a very responsive customer service team.

2. ICICI Bank

Here are the features of ICICI Bank’s mobile banking app:

• You can pay credit card bills, open Fixed Deposits, and transfer money online using this app
• iMobile Pay app comes enabled with UPI
• You can locate the nearest ICICI Bank ATM with the iMobile Pay app

3. Axis Bank

Here are the features of the Axis Bank mobile banking app:

• You can check your bank statements conveniently through the app
• The app enables you to change credit card payments to EMIs (Equated Monthly Instalments)
• You can also deactivate debit cards temporarily with this app

4. Kotak Mahindra Bank

Take a look at the features of the Kotak-811 mobile app:

• Facility to open a zero-balance savings account
• An internationally accepted debit card
• A well-designed user interface that enables seamless online transactions

These four banks are pioneering a new brand of digital banking in India. If you are searching for a bank to open a savings account, you must consider one of the above four to start your saving (and investing) journey well!