When your bank is inside your mobile phone

Banking becomes more interactive and simple with mobile banking apps that are extremely easy and safe to use.

The proliferation of Internet-enabled smartphones in our lives is such that every person using a mobile phone today opts for a smartphone only. Gone are the days of chunky handsets that offered only a few basic telephony services. Today, the Internet-enabled smartphone is one’s window to the world – right from using the phone for business to watching a late night movie before bed, the smartphone is one’s constant companion all day.

Since users like to perform all their work and leisure tasks on their mobile phones, it is obvious that they also like to manage their personal finances using their smartphones. To this end, banks have encouraged the use of mobile phones in daily banking with a host of mobile banking apps that are interactive and simple to use. Simply downloading your bank’s mobile banking app opens up a veritable doorway to a quick and safe daily banking experience.

Whatever you bank for, with an actual visit to the bank branch or over your laptop screen, you can do so with the mobile banking app – maybe even better! Banks in the UAE incentivise the use of mobile banking apps with discounts, points and other rewards for using the app. Besides this, customers get access to such excellent features as:

·         Free, unlimited use of the app.

·         Open a savings bank account instantly using your mobile phone.

·         Check transaction history and account balance.

·         Review and pay your utility bills in seconds.

·         Self-register for the bank’s services and offers using your mobile phone.

·         Review and redeem your reward points instantly.

·         Set payment instructions for utility and credit card bills.

·         Create fixed/recurring deposit account, register for credit cards and other services.

·         Get access to the bank’s relationship manager instantly.

·         Get forex when travelling, etc.

Mobile banking apps created by premier UAE banks are completely safe to use and do not pose any threat to the customer. However, one must follow the usual safety protocols while using these apps:

·         Do not reveal your user details to anyone.

·         Always log out or ‘crash’ your last used apps before returning to the Home screen – this helps in case your phone is stolen. A thief would be able to access an open app easily.

·         Download device-specific apps only, viz. Android apps for Android phones and iOS-specific apps for iPhones. This is because there are specific softwares designed for these devices which work best only on those operating systems.

·         Install a reliable anti-virus software that nabs any malware from threatening your security.

Excellence in business banking in the Middle East

Every business requires a set of reliable financing solutions that helps it meet its financial goals quickly and with the lowest turnaround time. Time, security and ease are important benchmarks for companies wanting to transact with other businesses, pay office staff and vendors and make important business purchases. As such, the finance channels of any company must be secure and backed by an experienced financial institution that can provide money solutions as well as monitor financial processes for the company.

Having capital at hand helps companies plan their short term and long term goals, procure machinery and skilled manpower, expand into other territories and even acquire smaller businesses to enlarge its portfolio.

Banks and financial institutions often provide the resources that help companies expand their scope of operations for a variety of requirements. However, it is key to select a bank that provides a gamut of exceptional financing products and services that bolster the company’s performance and portfolio.

Islamic banks are feted year on year for their diverse range of customer-centred products, but truly excel in the field of providing financial products and services to businesses in the UAE. The Bank’s Murabaha and Ijarah products are designed to meet a range of businesses’ needs: from sourcing working capital to offering trade finance solutions. 

Banks  backed by Islamic benefit from its inter-city presence in three prominent locations in the UAE, apart from its nine branches spread out all over Dubai. However, it also offers a range of business accounts which can be opened and closed quite easily without wasting much business time and without too much paperwork. Apart from these, there are many options in transaction banking (from fund transfers to issuing standing orders for payments, and from making Wakala Agreement for investment to creating salary accounts for employees) and trade services as well (from issuing Letter of Credit to shipping guarantees). The Bank also rises above other banks and financial institutions in the area of business banking for start-ups and e-commerce platforms.

Islamic banks offer an interactive web platform for online banking and money transfer, as also excellent solutions for businesses requiring assistance in the arena of Wages Protection System (WPS).

Why an investment savings account?

For people who have evolved enough to not put their money under their beds, there are a lot of ways to save money or get huge benefits on the money you save in the bank. The one thing that everyone has today is a savings account. Savings accounts are meant for people who want to save money for future use and don’t want to withdraw a part of it every day.

However, if savings is on your mind, then you need to learn about the next big thing that your bank can provide you with ensuring that you get maximum returns on your money – investment savings account. With this type of account, you get the best of both savings and security. And when it comes to your hard-earned money, what else matters?

So, if you are ready to earn the big interests on your saved money, then you need to learn more about investment savings account. If you have already invested money in other places, you need to invest a portion of it in an investment savings account, because some of the banks give you the flexibility of withdrawing your money anytime you want. And we all know how rare this scenario is when it comes to savings account.

Before you open an account with any banking company, you need to do your research and look for some of the important factors.

1.       High interest rate

A very obvious factor because if you don’t get high interest rate for your investment savings account, then there is no point in opening an account. The higher the interest rate, the bigger returns you will get on the money you have invested. However, you need to look in other factors to before making a conscious decision about an account. Some banks try to lure their customers by guaranteeing higher rate of interest but devoid them of any other benefits.

2.       Low fees

If you are stuck with a bank that extracts high fees from you, then you will be making no profit which defeats the purpose of a savings account. Go for the bank that asks for lower fees yet gives you higher rates of interest. Moreover, it is better to compare the fees and interest rates of every bank under the supervision of an expert. This way you will be able to avoid any hidden fees and know where your money is going.  

3.       The customer service

A competent bank is important to back you up when you are investing a lot of money. Checking the reliability of the customer service that you are applying for is also important. If you cannot talk to someone when something goes awry, then you need to look for other banks. Having a good customer service is paramount as you will need professional assistance on so many levels and you cannot talk to the recorded voice every time. With these factors in place, you will be able to choose the best bank for an investment savings account easily.