Online banking—often referred to as mobile banking—can be defined simply as banking operations that are performed on a mobile device (smartphone, tablet, etc.) or computer. When mobile banking was first introduced, users were sent alerts via SMS regarding various aspects of their accounts. Things have changed significantly with the introduction of smartphones, Google Android OS, and iOS. These advancements in technology led to the creation of mobile applications—commonly referred to as “apps.” Modern mobile banking is high-tech, allowing users to access their accounts through a dedicated app, as well as offering practically any other service that a bank might provide.
Mobile banking can be used to set up a new savings account, apply for a credit card, and even manage investments. If you’re the type of person that uses a bill tracker to manage monthly expenses, then mobile banking might be of great interest to you since most applications can be set up to pay your monthly bills automatically. Let’s get a more in-depth look at how mobile banking and how it has made certain aspects of day-to-day living much more convenient.
Mobile Banking is operated via the mobile devices which help in the following aspects:
In today’s tech savvy world, all the people want easily accessible services. The technology today has achieved the peaks of success and this can be stated by its new launched technology where people like us can make the payment just by using our phones at the pay check. With such technologies people are now expecting more of it.
Above stated are just few benefits mobile banking has to offer to the institutions and the consumers as well, lets check more of it:
► Available 24*7
Mobile banking has made it possible to access and use the banking services as and when needed. There is no limitation of using Mobile Banking services during a given slot of time. The web is open and available 24*7 which means the services can be benefited as and when needed.
► Time Saving
Mobile Banking saves a lot of time, as you don’t need to walk to the banks and get your work done. Transferring the money, scheduling the payments, getting bank statements everything is now possible sitting at home. This saves a lot of your time.
► Customer Services are improved
As customers gets access to their accounts anytime they wish to, it given them clarity and release them from all their anxieties. They can be well aware with the updated information and can check their bank status at any point of time. Due to this customers don’t visit the bank more often and this reduces the traffic to the bank and helps them to work on and improve their internal services.
► Secure and Safe
Mobile Banking is completely safe and secure, as it is integrated with the SMS services. On every move in the mobile banking, you get an update via SMS asking for verification code. All the institutions never fail to use the required encryption that helps in safeguarding and protecting your privacy, identity and all other financial information.
► Paperless transactions
Mobile banking offers with Paperless transactions where you get all the information in your mail. Managing the records by keeping the papers safe from being stolen is quiet tedious job for many of us. This drawback has been now removed by the direct mailing/SMS system of mobile banking. Decrease in the use of paper also helps in saving the environment.
► Increase in the banking efficiency
With everything being shifted to online, the efficiencies of the banks have also increased as now they get to focus more on their operational process rather looking into the petty issues. With increased efficiency and productivity the chances of mishappenings in the banking system have also decreased.
► Banks get a comprehensive view of all their customers
Before the introduction of Mobile Banking, banks were not even aware with who their customers are. With the integration of mobile banking and backend solutions, the banks now are able to get a detailed view of their customers and which enables them to target the right audience with their offers and additional contents as per their needs and demands.
► Location based solutions
Mobile devices have got the ability to identify and detect your location to serve you with the best possible actions. For instance if you are coming up with a query of your account in Delhi, but you are currently located in Mumbai, so the site looks into completely securing your account and helps you with the closest local branch to get your query solved.
