Learning Objectives:

  • Identify and explain key features of mobile banking applications.

  • Understand the role of personal financial management tools in digital banking.

  • Describe digital lending and credit products available through mobile channels.

3.1 Mobile Banking App Features

Modern mobile banking applications offer a comprehensive range of features. The Amrita Vishwa Vidyapeetham syllabus identifies “Mobile banking Apps – Digital Wallets- Personal Financial Management Tools- Digital loans and credit products” as core digital banking products . Key features include:

  • Account Management: Real-time balance checking, transaction history, and account statements.

  • Fund Transfers and Payments: Domestic and international fund transfers, bill payments, mobile recharges, and peer-to-peer payments .

  • Mobile Deposits: Remote deposit capture allows customers to deposit cheques by taking photos of the cheque .

  • Card Management: Card blocking, PIN changes, and card activation.

  • Alerts and Notifications: Real-time transaction alerts, account balance notifications, and payment reminders .

  • Budgeting and Personal Finance Management: Tools for tracking spending, setting budgets, and categorising transactions .

3.2 Personal Financial Management (PFM) Tools

PFM tools are increasingly integrated into mobile banking applications, enabling customers to manage their finances more effectively . The Vskills curriculum includes “Budgeting and Personal Finance Management Tools” as a core component of digital banking .
Key PFM features include:

  • Spending Analysis: Categorisation of transactions and visualisation of spending patterns.

  • Budgeting Tools: Setting budget limits and tracking progress against them.

  • Savings Goals: Setting and tracking progress toward financial goals.

  • Financial Insights: Data-driven insights and recommendations for improving financial health.

3.3 Digital Lending and Credit Products

Mobile banking applications increasingly offer digital lending and credit products . Key products include:

  • Digital Loans: Instant loan applications, approvals, and disbursements through mobile channels.

  • Automated Credit Scoring: Using alternative data and machine learning algorithms to assess creditworthiness.

  • Credit Card Management: Card applications, transaction monitoring, and payment management.

  • Robo-Advisory Services: Automated investment advice and portfolio management .

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