Do you remember the days going to banks and standing in queues for around one hour or more to get money from bank or transfer it to someone’s account or to even enquire your balance in the account? I guess Certainly Yes, we do remember those days but the situations and scenario now has changed with the introduction of technology and internet. These two things when combined together have done wonders for the society of this era.
Mobile Banking is a new service that a bank or any financial institution provides which allows the customers to perform any financial transactions remotely using a mobile device. It uses the software which is generally known as App. It is generally a 24*7 facility however some of the companies and banks offering the facility might put a limit on amount that can be transacted and the time of accessibility.
The following are the services that are provided by using the Mobile Banking facility:
Mini Statement and Transaction History
Alerts & Notifications on Account Activity
Term Deposit Statements
Instant Fund Transfer
Mobile to Mobile Transfer
Paying third parties including bill payments
Cheque Remote Deposit
These are the major facilities provided by these apps; however in addition to this generally these apps also allow you to do some more work like making any electronic bill payment of any commodity like gas, water and electricity.
They also offer to do Mobile recharges of various service providers and the fee charged is very nominal.
The main advantage of giving this facility to customer from Bank’s point of view is that it reduces their pressure of work and decreases the number of customers present physically in banks for transactions.
These services are 100 % safe and secured and are approved by Government and are reliable however you need to maintain your security by yourself by not disclosing your ID password to anyone. All the data are being encrypted before transmission and hence they are fully secured. Also with the use OTPs (One time Password) the protection is improved further.
The procedure to get started is also very simple and includes just these steps:
Download the particular app to be used
Register yourself with a mobile number
Complete the documents required
Get the training on how to use and begin!
However these apps are very simple in design and easy to use as they are made for huge number of customers some of those may not be that educated so they are always kept simple and user friendly.