Check Account Balance – A Feature We Use the Most but Talk About the Least

In today’s digital-first world, where financial services are evolving rapidly, the "Check Account Balance" feature remains one of the most frequently used yet least talked about functionalities. Whether it’s for budgeting, tracking expenses, or simply verifying a salary credit, this feature plays a crucial role in financial decision-making.

Despite being labeled as a "basic" or "non-financial" feature, balance inquiry continues to be one of the most accessed banking services, especially on salary day, when millions of employees eagerly open their banking apps to confirm their deposits. However, how we check our balance has transformed significantly over the years, thanks to technological advancements in banking and fintech.

Let's take a deep dive into how this feature has evolved and how different financial apps implement it today.

The Evolution of Balance Inquiry: From Passbooks to UPI APIs

1?? The Era of Physical Banking: Passbooks & Branch Visits

Before the digital revolution, checking an account balance required a visit to the bank. Customers had to get their passbooks updated to see their latest transactions. This process was time-consuming and inconvenient, especially for those who needed frequent balance updates.

2?? ATMs: Bringing Convenience Closer

With the introduction of ATMs, checking an account balance became much easier. Instead of visiting a bank branch, customers could simply insert their ATM card, enter a PIN, and view their available balance. ATMs provided a 24/7 self-service option, reducing dependency on bank staff.

3?? Phone Banking & SMS Banking: Balance on Demand

As telecommunications advanced, banks started offering phone banking and SMS-based services. Customers could dial a toll-free number or send an SMS with a specific code to receive their account balance instantly. This was a major step forward in improving accessibility, especially for people without internet access.

4?? Mobile Banking & Internet Banking: A Shift to Digital

With the rise of smartphones and internet penetration, mobile banking apps and internet banking portals became the primary channels for checking account balances. These apps allowed users to log in securely, view detailed statements, and even set up balance alerts.

5?? UPI & Fintech Apps: Instant Balance Inquiry Across Banks

The biggest breakthrough came with Unified Payments Interface (UPI) and its NPCI APIs, allowing fintech apps to fetch account balances from multiple banks in one place. Now, users can check their balance without logging into individual banking apps, streamlining the process like never before.

Today, customers can check their account balance through multiple channels, including:

?Banking apps

?UPI apps (PhonePe, Google Pay , Paytm , etc.)

?WhatsApp banking

?Voice assistants like Alexa & Google Assistant

How Different Apps Handle Balance Inquiry

While all fintech and banking apps offer balance inquiry, their user experience (UX) varies significantly. Let's analyze how some popular platforms implement this feature:

1?? Paytm

? Displays all linked UPI accounts, credit cards, and UPI Lite balances on the same screen. ? Users can view balance and transaction history without extra navigation. ? Option to add more bank accounts easily.

?? Verdict: Best for users who prefer an all-in-one dashboard with quick access to balance and transactions.

2?? PhonePe

? Lists all linked bank accounts on a single page for easy access. ? Uses a chevron (>) icon, making it unclear whether clicking it will show the balance or require a UPI PIN entry.

?? Verdict: Simple layout but lacks clarity in navigation. Users may feel uncertain about the process.

3?? ICICI Bank Mobile App

? Displays ICICI Bank account balance directly on the home screen for quick access. ? Other UPI-linked bank accounts are hidden inside the “Manage UPI” section, requiring three extra clicks to access.

?? Verdict: Good for ICICI Bank customers but inconvenient for users who manage multiple bank accounts.

What’s the Best Approach?

An ideal "Check Balance" experience should be:

? Easily Accessible – Preferably displayed on the home screen for instant access.

? Clearly Labeled – Avoid ambiguous UI elements like chevron icons that create confusion.

? Seamless & Fast – Should not require unnecessary clicks, logins, or authentication unless necessary for security.

? Multi-Bank Support – Should allow users to view all their bank balances in one place, leveraging UPI or Account Aggregator frameworks.

With UPI and Account Aggregator services, fintech companies and banks have a unique opportunity to provide a frictionless balance inquiry experience. Instead of treating it as a secondary feature, prioritizing its usability can significantly improve customer satisfaction.

Final Thoughts: The Most Underrated Yet Most Used Feature

The ability to instantly check account balances may seem like a small feature, but its impact on customer experience is enormous. Whether a person is tracking expenses, making payments, or ensuring they have enough funds, this feature remains the backbone of everyday banking.

#productmanagement #digitaltransformation #mobileapps #paytm #phonepe #checkbalance

About the Author:

Juhi Sharma is a payment enthusiast with 10+ years of experience in payments and product management. Before joining IBM, she worked for banks such as HSBC, Credit Agricole Corporate & Investment Bank and ICICI Bank.

Juhi has completed her post-graduation from Welingkar Institute in Marketing & B.E ( Electronics & Telecommunications) from Mumbai University.

Note- The views and opinions expressed or implied in this post are my own.