What is mobile banking? With the consequent innovations in the world today, it is very important that you keep yourself up to date either as a firm or an individual. In relevance to the later banks are not being left out. Many companies, banks alike have been able to meet up with the telling and rapid growth of the world and most especially in technology. To, therefore, stay in business contention, you have to meet up with some major criteria most especially in customer satisfaction and this is where mobile banking comes in to play.
What is mobile banking? If you are operating a bank account, wherever you are in the world, you should know what mobile banking is and all it is about. But do you know that it is not everyone with an active bank account, knows of mobile banking? Yes, this is true. Some have no knowledge of its existence. While there are those who have made use of it before but have no idea, they have. In a bit, I will be telling us what this is and how it works.
If you are one of those persons who have no idea as to what mobile banking is, all you need to do now, is to follow me on this article from the beginning to the end. Now to answer the question most of us have been waiting for,” what is mobile banking”? This term simply refers to the use of a cellular device or a smartphone in performing online banking tasks. With mobile banking, you don’t get to make use of your computer or desktop as everything is done on your mobile device.
With mobile banking users can easily monitor their bank accounts, monitor their account balances, transfer funds within and outside your banking operator, paying of bills and so much more.
How Mobile Banking Works
Due to the competition among financial institutions such as banks, most banks if not all have mobile banking services. You can carry out mobile banking across major mobile providers if not all. The way this feature of banking works is simple. It’s not that complex if you come to think of it. Once you have the necessary knowledge on it, everything else comes easy. Mobile banking operates in three ways and I will be writing on them separately. One can carry out mobile banking through SMS messaging, mobile web or via applications developed for smart devices by financial institutions such as banks.
Mobile Banking via SMS Messaging
This is the simplest of all mobile banking means. This type of mobile banking lets users do their banking businesses such as funds transfer, balance check and so much more via text messages. SMS messaging varies with banks, but the function and the end game is generally the same. Texting “bal” in some SMS messaging banking will give you your account balance, while “Tra” will allow inter-account transfers.
To make use of this system of mobile banking you first need to register and verify your phone number with your bank. Once this is done, you can now start mobile banking. You can also set up alerts, for effective utilization of the service. This system does not make use of data charges, rather you are charged standard SMS charges.
This is the second type or means of mobile banking. It is similar to banking with your computer or desktop as you have to have access to the internet. The only difference here is that you make use of a mobile device. All you have to do is to login to your account and then you can start making banking transactions.
Mobile Banking Applications
Most banks have applications to help with mobile banking. Anyone with account either these banks and with smartphones can download these apps on their devices and start making use of it. Most of these apps can be downloaded from app stores such as the Google play store and the apple app store for android and iOS devices respectively. Once these apps are downloaded, all you have to do is to login just as the mobile web means of banking. You can also download these apps via the bank’s website. It is advisable to download these apps from the bank’s website.
Importance and Why It Matters
The importance of mobile banking in today’s banking world cannot be overemphasized for both banks and customers alike. This system of banking is seen as a terrific way of banking by so many. The reason for this assumption is all there. If you have made use of mobile banking before and are still making use of it, then you should know what I am talking about. With this as a customer, you can efficiently manage occasional tasks on the go. The aspect of time is also there. Closing sales and meeting new customers are important revenue producers, but waiting on the line at the bank to make deposits isn’t.
For banks, on the other hand, this is an immense opportunity to get new customers and also cutting operational costs. With this, these banks are trying to say that they are actually paying attention to the need of their customers. As a customer, when making transactions via mobile banking, you should be careful due to identity theft concerns. Although transactions are encrypted, hackers are always on the lookout for loopholes to strike.