Nowadays, mobile phones have turned vital to many facets of your busy life. Banking with the help of your mobile phone is a comparatively new idea but it is also one sphere of mobile possibilities where real-world usefulness and convenience can be identified readily. You can well imagine the accessibility of transferring funds between accounts and that too while commuting. You can also pay bills when you are waiting for your flight! Even it is not tough for you to verify whether or not a transaction has been made on your account whilst you are sitting in the lobby for a client meeting and these accessibilities are possible with your own mobile phones.
Mobile banking permits customers to go through these things besides providing data security which is of utmost importance for financial transactions. Based on a recent research, over 80% of the US households have got internet access and amongst them, only 75% of people are equipped with high-speed access needed for the secured transactions attached to online banking. With online banking, the obvious concern for the users is the security of the financial transactions. And for that, banks have founded dissimilar policies for keeping monetary information safe and secured.
Convenience at your fingertips
The obtainability of banking services on your mobile can be classed in a couple of broad categories: mobile information services and mobile payments. Mobile information services comprise transaction updates, balance updates etc. They are sometimes proposed to the top customers in the form of individual services. On the other hand, mobile payments comprise cash transfers, utility bill payments, payments to vendors among many. There has been an increased growth of this banking service during the last few years and it is probably going to be the subsequent big thing in the next few years.
The services that are offered by the banks includes checking of the account history, mini statements, alerts on account activities, equity statements/mutual funds, blocking of stolen or lost cards, mobile recharging, pension plan management, insurance policy, status of cheques, bill payment processing, withdrawal plus deposit made at banking agent, domestic as well as international fund transfers, recent transactions etc. The best part is banking isn’t vulnerable to drawbacks. As there has been an upsurge in the number of users, particularly with those who are indulged in mobile payments, the prospects keep rising.
New and varied prospects
Mobile bankingrepresents the saying, “Banking Anywhere, Anytime”. This type of banking is comparatively new and operational in an ever-changing field. However, banks are needed to update themselves regarding the changing needs and emerging trends. Banks that offer the facility of mobile banking come across problems, like the security of mobile payments, handset compatibility, and information and transaction updates. As there are countless users from all over the world, this kind of banking requires a reliable system and services that keeps running 24/7, 365 days a year. Again, programs if any are required to be updated on a regular basis and it ought to be user-friendly too.