Mobile banking is a term that is usually referred to the use of mobile devices in order to access and manage your banking accounts and conduct various financial transactions. These days there are a number of mobile applications that offer a secure and convenient way to manage your finances at the click of a button and without the need to visit a bank branch. With the mobile banking app, you can access your banking accounts, check balances, transfer money, and pay bills all from the comfort of your house and without the added fuss of long waiting queues.
Mobile banking is a service that provides customers with the advantage of accessing their accounts and performing various financial activities. To access your account, you must first download the bank’s mobile application from an authorized app store and create a user profile. Once all the above steps are completed you can take advantage of a range of banking services and features on your smartphone.
Advantages of mobile banking:
- A mobile application allows the customer to conduct a whole range of banking operations and transactions.
- You would only need two primary things: an internet connection and a mobile device.
- You become a free agent and can conduct banking transactions at any time and place.
- Through messages you are regularly updated about the activities being carried out in your account so that any irregularities that you find can be immediately reported.
- Mobile banking can be accessed on a 24-hour basis and financial transactions can take place anytime.
- Mobile banking is highly effective in lowering the cost arising from transactions.
- Mobile banking offers clarity and transparency regarding financial transactions.
Benefits of mobile banking:
There is a huge number of benefits that you can have with the service of mobile banking. Let us discuss a limited number of them:
- Mobile banking applications allow you to access and operate your banking accounts and conduct financial operations sitting anywhere in this wide world and at any time of the day.
- We forget the transactions and how we spend money but our phones do not. With these mobile applications, we can easily keep track of our daily expenses.
- You can use this powerful app to transfer funds, make payments, add beneficiaries and track your expenses.
- These apps also offer a wide range of services including the ability to book train or flight tickets, recharge phones, and pay utility bills.
- They are made keeping you the user at the centre and further can be customized to meet your specific needs.
- You can set up reminders to ensure that payments are made on time.
How to use a mobile application?
Let’s delve into the processes that have to be undertaken in order to effectively use the application:
- First, go to the application store on your smartphone and search for the mobile banking app and then further download it.
- Once you have installed the application, open it and log in using your account number and create a strong password to protect against digital theft or fraud.
- Your mobile banking application is now ready to use for your online banking transactions.
Mobile banking services are a boon to our mankind but as with every good thing, there comes a problematic turn. One must be careful about the limitations posed by this service. The accessibility of mobile banking is highly dependent on the strength of the internet and the type of devices that one uses. Another thing to be careful about would be the internet scams that have become quite prevalent. Unsafe and careless ways of using the mobile banking system can easily lead to phishing scams.
It has significantly changed our lives. Banking has faced a prominent evolutionary path from traditional banking to neo-banking. New-age banks are without any physical location and are present entirely online. They provide money transfers, lending, digital payment solutions, and much more. Neo banks have taken business banking by storm because they make financial operations seamless and automated. Mobile banking can do it all. From retrieving account balances to electronic bill payments to checking the list of latest transactions.