Please wait..
2.3

What Is Mobile Banking?

Mobile banking is a term used to refer to systems that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or tablet .

India has the third largest smartphone user base with an estimated 207 million users in 2014. This figure highlights the fact that smartphones and tablets have become an integral part of our daily life. Recognizing the trend, different service providers now offer their services which customers can use on their smartphones. One of those service providers are banks.

Nowadays, every bank provides Mobile Banking services so that their customers can avail the bank’s services through an application on their phones. Optimized to run smoothly and efficiently on mobile platforms, Mobile Banking is a smart way of banking for customers who use smartphones frequently.

WHAT IS MOBILE BANKING APPLICATION?

Mobile Banking application is an instrument which enables you to carry out a number of banking transactions and avail banking services on a smartphone. Whether it is checking your account statements, transferring funds or making payments, all this can be performed with a few taps on your mobile screen.

With Mobile Banking, you can access your account, transact and transfer funds, keep a track of your account and account activities wherever you have mobile network. You get instant alerts confirming available balance, alerts informing you of a successful funds transfer and so on.

The facilities available via mobile banking are as follows:
• Checking account balance
• Fund transfer
• Bill payments
• Balance enquiry
• Cheque book request
• E-commerce (shopping) on mobile

Check your account statements, shop, pay bills, transfer funds or send request for a new cheque book. You can now access all these functions with registration to use Mobile Banking. In addition, if you opt for SMS alerts, you will be updated instantly about your balance, upcoming bill payments (if you have set up one), and any other transaction so that you are constantly aware of what is happening in your account.

Operating your account from a smartphone or tablet is the best example of convenience banking. By simply registering for Mobile Banking, you do not need to visit your bank or stand in an ATM queue to find out your account balance or pay your bills. With Mobile Banking, you can transact or transfer funds whenever you want without any locational constraints, and you don’t have to worry about your login details being misused.  It is another secure gateway to practice banking from the premises of your personal mobile phone.
Utilize the security options of your smartphone to lock your phone with a password which only you can access. Along with that, also ensure that your Mobile Banking login password is changed at frequent intervals. In that way, mobile banking gets an added layer of security.

Mobile Banking is free of cost and respective applications can be downloaded and further used. As the application has been activated, register your account with the bank authorities and start performing your day-to-day financial activities being on the move. As the Mobile Banking application requires internet connectivity to function, a smartphone with WAP services available is used.

Now that we have understood what mobile banking is, let’s try and understand different types of mobile banking services.

Share on FacebookTweet about this on TwitterShare on LinkedIn
  
Previous Article Next Article
Back to top

What are you looking for?

x

Log In To Personalise Your Page

Log in with Username

Forgot password?

Log in with another account

x
x

Query Form

I agree with the Terms & Conditions.

x

SUBSCRIBE

x