Mobile banking means banking transactions via mobile phone. Most banks today offer mobile banking services that allow you to complete various basic tasks that would normally require you to wait in line at the bank. Web banking first appeared in the late 90s and after a decade clients could deal with their funds through the bank site, enter conversations with support, block cards, and make transfers and payments.
Today the mobile bank provides access to investments, Insurance, discounts, and bonus programs. From the screen of the gadgets, you can control bills, send reports to the tax service, pay bills, and send money even abroad.
When everything else is going digital,
Why should the banking industry be left behind?
Let’s explore some benefits of mobile banking :
★ Time Saving :
Mobile banking offers speedy and instant banking services, eliminating your reliance on banks for basic transactions. Would you like to check the account balance, and the details of your new transaction? Just load your bank’s mobile application on your phone and you are all set.
★ Remote Banking :
Are you moving to another city or abroad? Wherever you are, all you need is a stable network connection, a strong internet, and a mobile network. Mobile banking allows you to make various types of transactions anywhere in the world.
★ Easy Access :
With mobile banking, you can do everything from transferring funds to checking account balances and statements to apply for loans. Using your mobile banking app, you can order cheque books, apply for credit and debit cards, open fixed and recurring deposits, and do a lot more.
★ Monitoring Transactions :
Another mobile banking benefit is that you can track all your transactions. You can monitor your bank accounts and easily dispute fraudulent transactions by logging in to your mobile banking app.
★ Avail of a Host of Banking Functions :
You can quickly access a host of banking functions with a mobile banking app. Mobile apps for banking, give a solitary connection point to reach out to your bank for a variety of banking quarries and demands. They empower banking from any place and anywhere.
This gets rid of the issue of visiting a bank and hanging tight in line for each financial need. Simply, use your ID and password, M-pin, or fingerprint to sign in to your mobile banking app. Then select the expected assistance and enter the OTP on your mobile phone to finish your exchange.
★ Secure Transaction :
Security is a top priority for both banks and users. Mobile banking apps use advanced encryption and security conventions to shield your data information and transactions. Furthermore, many applications offer two-factor verification and biometric login options. That provides an extra layer of security.
But users also take precautions like using strong passwords and not using public WiFi for sensitive transactions.
★ Availability of all banking services :
Through mobile banking, you can benefit from pretty much every banking service. You don’t have to visit the bank. For example, you can transfer money, make payments, create an FD in seconds, and get your bank statements through these services. These features are so easily accessible that most can use them without help.
Today, the types of banking services accessible through mobile banking are :
- Account balance inquiry.
- Use of a debit or credit card.
- Quick transfer of funds.
- Access to account history.
- Receiving notifications about account activity.
- Getting information about the latest financial offers.
- Buying insurance.
- Apply for a loan.
- Depositing checks.
- Travel service.
In conclusion, mobile banking is an extremely effective method for banking since it saves you time and effort. Through such services, you can nearly do each bank-related activity all alone. Generally, it decreases your reliance on any other person and gives you better command over your finances. Through safe practices, you can acquire a lot from these digital services.
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Writer
Anamika Ghosh Shreya
Intern, Content Writing Department
YSSE