Mobile banking refers to a system through which customers of any financial institutions can avail the facility of financial transaction with the help of their mobile phones.
This is made possible with the advancements in the web technologies. Till 2010, only SMS banking was operative but now the introduction of various smartphones has enabled the use of mobile web. European banks were the first ones to introduce the trend of mobile banking.
Mobile banking is not only confined to banking transactions but is also useful for conducting transactions in stock market, mutual funds, life and general insurance etc. Through these services we can also access loan and credit card statements. The scope of mobile banking is continuously being broadened with the help of smartphones, with different Operating Systems. Now a customer cannot only perform cash in and out transactions through an ATM machine but from mobile as well.
Mobile banking has proved to be a cost effective tool for companies and also act as a great platform. Through its services, companies can build strong customer relationship and educate the customer as well, which in turn help the companies to build their brand image. Many users are concerned over the safety issues of using mobile banking. However, due to the nature of banking, financial institutions have made heavy investments in their security systems and all data transmitted through mobile phones and tablets is heavily encrypted, thus the user need not worry regarding safety issues.
What Facilities Are Available With Mobile Banking?
Over the application, banks usually allow customers to perform these tasks:
- Check balance
- Check Mini statement
- Transfer funds
- Bill payment
- Request cheque book
- Mobile top ups and more.
Banks usually also offer customers with these services through mobile banking over SMS. To avail these services, customers are required to send SMS with keyword to the number provided by the bank. The charges for these SMS’s are same as that of ordinary SMS charges.
Is Mobile Banking Safe?
Although mobile banking is easy and convenient to perform, but it requires customers to be vigil while using it. There are few things which the customers should keep in mind for a safe and secure mobile banking experience.
Mobile banking stays in attendance 24 x 7, as any customer from any part of the country and at any time can access these services, hence, servers of the bank have to be in operation at all times. Mobile banking users shall bear in mind that this service is entirely dependent on telecommunication partner, which the customer has opted. If the services of telecom companies have disruptive or poor signal strength, it will directly affect the operations being conducted through mobile banking and it will have a negative effect on the customer service. Though mobile banking is used at different places but it is more fruitful at places which are not having the proper infrastructure of banks, where places are still without banks. Banks are found in big cities but networking should be proper, with the help of mobile banking, customers need not to travel long distances to the nearest bank.
How Can I Use Mobile Banking?
Smartphones based on different platforms like Android, iOS and Windows Phone come with app stores which allow users to download the applications of their banks and perform various transactions. While sitting anywhere in the world, users can check their funds, transfer funds and do a lot more with the help of mobile banking. All they require for the same is a smartphone with good signal strength for mobile data or a secure Wi-Fi network.
Emerging technology and the use of smartphones and tablet devices along with the use of mobile banking has assisted the customer to connect across the different financial institutions. It is creating new traditions for the coming generations and it seems that the number of users will increase day by day. But the services and the applications should be user friendly and should have the awareness of how to apply them.
Conclusively we can say that like many other gifts of technology mobile banking too proves to be a blessing to mankind where whole world has become limited to a gadget with a tag line of “Convenience of technology at your finger tips”. Certainly mobile banking is convenient and quicker than visiting the bank physically to get the work done. But it requires customers to be alert for a safe and secure mobile banking experience.