All About Mobile BankingWe all know the use of a mobile phone. It can be used for making and receiving calls, for entertainment, and also as an mp3 player. But it is really good to know that it can be useful for other reasons too, as with a mobile phone you can access all relevant details of your bank account and manage it according to your choice and convenience. This is known as mobile banking. Mobile phones have started a revolution with its entry in the world of telecommunications, but the provision of banking services on it, makes it truly unique,. In fact, various banking and other financial institutions have taken a very important step to allow access of banking services from and on mobile phones of customers to make their life easy. Therefore, mobile banking refers to banking in which the individual can access and manage his/her bank account from and on his/her mobile phone. This is possible only due to the latest innovations in the field of telecommunications and computer technology.
As mobile phone owners are on the increase day by day therefore, to provide banking services on mobile phones is a much better and convenient method for banks to attract customers. The mobile phone is basically a personal telecommunications tool, therefore, this continuous connectivity permits the banks to provide targeted messages that the users can instantly respond to. Financial transactions when performed through the mobile phone are much faster and very convenient, as compared to in-person consultations between bank customers and bank employees, in bank branches. This also allows banks to save on office space and staff cost too, as also a lot of time. Mobile banking helps not only to banks, but also to bank customers, especially to bypass the problem of payment in case the customers don't have credit cards. Further, it also acts as a lucrative option for those who have multiple accounts with the same bank, as it is easy to transfer money from one bank account to another. Banks provide various mobile banking services that include online current balance in bank account, details of the last five transactions, check book requests, and verification of demat accounts. Mobile banking utilizes WAP technology. This technology permits online access to the Internet in a protective manner. Mobile banking is basically used to check account balances, perform account transactions, make payments, etc., with the help of mobile phones. Mobile banking most often uses SMS messages or Internet connections to perform enquiries and transactions related to ones bank account, but can also use special programs downloaded to the mobile device. Many people nowadays utilize their mobile phones to enjoy various banking facilities and services at a nominal cost. The proliferation of 3G technology will enable the implementation of more sophisticated services apart from mobile banking services, such as multimedia and links to m-commerce services. |