<b>What is Mobile banking?<b/>
Mobile banking means financial transactions from mobile devices Ex_ mobiles, tablets, laptops, etc. Over the last decade, the banking industry has become more advanced and secure.
Nowadays, online transactions have become so popular, secure, and simple, as you can do it on the go at any time. No need to spend hours in banking queues, all you need is a good internet connection and a mobile device/PC.
Mobile banking services are provided by financial institutions. Banking services have many types like: account information access, transactions, investments, and support services.
To date, banks are using SMS services and apps to keep their customers informed of their account activities and send alerts to their related updates, frauds, and maintenance of services. It allows transactions between different accounts and payment of bills.
<b>Mobile Banking Services<b/>
Mobile banking has become an important part of the day-to-day life of people, banks encourage customers their best mobile banking services/internet banking services.
- Account Balance Enquiry
- Account Statement Enquiries
- Credit/Debit Alerts
- Bill Payment Alerts
- Minimum Balance Alerts
- Branch locators
- ATM locators
- Cheque Status Enquiry
- Cheque Book Requests
- Fund Transfer between Accounts
- Credit/Debit Alerts
- Minimum Balance Alerts
- Bill Payment Alerts
- Bill Payment
- Recent Transaction History Requests
- Information Requests like Interest Rates/Exchange Rates
- Lodging complaint/ tracking applications
<b>Benefits of mobile banking<b/>
- Accessing the bank 24/7
- Completely paperless
- Mobile banking helps you to track your finances
- Provides more security to their customers
- Convenient for everyone
- Pay your bills online
- Transfer money between accounts
- View your transaction
<b>Future of Mobile Banking<b>
The rising trend in mobile banking is cardless withdrawal of money from ATMs, using mobile phones.
The Banking industry is continuously inspecting new technologies like AI (Artificial Intelligence) in mobile banking.
Also, Mobile Banking is adapting new features for the future such as Robo-Advisors, Voice Payments, and Card Control etc.