Mobile banking started in India in 2002, and back then, transactions were carried out through SMS. Today, almost all banking transactions can be performed using a computer, laptop or a smartphone. Everything from checking account statements to paying credit card bills, utility bills and transferring funds can be done online.
Mobile banking began as an offshoot of internet banking to further aid convenience and ease of access. In 2018, almost all banks have mobile phone applications for financial transactions. These apps remove the requirement of having a computer or laptop to transfer funds, and with continued advancements, have made visits to the bank a rarity. Once a customer has downloaded the mobile banking app on their smartphone, banking transactions can be carried out as per their convenience.
In 2008, ICICI Bank was the first bank to launch mobile banking in India. Since then, almost all banks have followed suit. Here are five of the top-rated mobile banking applications used in India today:
HDFC Bank Mobile Application
HDFC Bank is one India’s largest banks. Its mobile banking app allows its customers to view their account summary, transfer funds, make credit card payments and pay utility bills. HDFC Bank’s mobile application has a 4.2-star rating on the Google Play Store and has over 1 million downloads. The app allows its users to customize the “My Menu” tab on the app, where the most frequently used services can all be available in the same tab.
HDFC’s mobile banking app is also available in Hindi and has a “LITE” version that is compatible with lower internet speeds. While the LITE version does not have all the features of the regular version, it covers the most frequently used services.
ICICI Bank’s iMobile Application
The iMobile app by ICICI Bank is one of the highest rated mobile banking application in India. The app has a 4.5-star rating on the Google Play Store and has over 10 million installs. The app allows its users to transfer funds, pay credit card bills, pay utility bills, open fixed deposits and recurring deposits, and manage Life Insurance policies.
The iMobile app also allows users to locate ICICI Bank ATMs, transfer funds instantly through UPI payments, and transfer funds to an email id or mobile number. The app is constantly updated to reflect newer services that the bank offers through the app. Apart from fixing bugs, the most recent update enables users to check loan eligibility, and avail instant personal loans against their credit card, and upgrading debit cards.
In addition to the mobile banking app, ICICI Bank has also launched iWear—ICICI Bank’s smartwatch app. iWear allows users to access their account information through their smartwatches, including information about their last 3 bank transactions, current balance and credit card accounts.
Axis Bank’s Axis Mobile Application
The Axis Mobile app is popular because of its stability. With over 5 million downloads and a 4-star rating on the Google Play Store, the app allows its users a host of different services and functions. In addition to the usual funds transfer and viewing account statements, the app allows users to schedule credit card payments for a date that suits them better, convert credit card payments to EMIs, block cards and replace them, temporarily deactivate debit cards and set limits on debit card purchases. App users can also set standing instructions and auto-pay bills for over 200 utility services.
Axis Mobile also allows its users to create a “Favourite” list with 10 of the most frequent transactions carried out on the app. Customers can also email and Tweet feedback directly from the app and can also request a call back from a customer care executive.
SBI’s Anywhere Personal Application
SBI has a number of banking apps for a variety of services, but Anywhere Personal is the app that provides the fundamental banking services. The app—formerly called the State Bank Freedom app—is available in both Hindi and English. The app has a 3.9-star rating on the Google Play Store and allows its users access to deposits, withdrawals, and a mini-balance sheet. The app has the mCash feature that allows users to transfer funds to a mobile number or email id.
Customers can also make payments for utility bills, instantly open and close fixed and recurring deposits, and schedule transactions. The mPassbook option provides customers with information of the last 150 transactions. The app also allows users the ability to make payments to the SBI Life premium, and make ad-hoc payments to billers that are not registered on the app.
SBI has also launched a Wear app that provides its users access to their account through their smartwatches.
Bank of Baroda’s M-Connect Plus Application
The M-Connect Plus app is an upgraded version of Bank of Baroda’s M-Connect app. The app has a 4.1-star rating on the Google Play Store and is very user-friendly. The app allows users the ability to transfer funds instantly, pay utility bills and make credit card payments. The app also allows its users to make cardless cash withdrawals from Bank of Baroda ATMs. The app provides users with an overall view of their account details and transaction history and also enables customers to make requests for a new chequebook.
The app’s most recent upgrade focused on bug fixes, adding a list of frequent transactions to the “Favourites” menu, a graph to depict a mini account statement and enhancing the security of its users’ accounts.
Perhaps one of the most notable features of the M-Connect Plus app is that it is now available in 7 regional languages, which increases its accessibility among its users across the country.