Mobile banking has made personal banking services more accessible and convenient. Over the past few years, banks and NBFCs have been coming up with customer-centric applications to simplify financial services.
Continue reading to know more about mobile banking and its impact in the financial services sector.
Mobile banking is a service provided by your bank through which you can access financial products and services anytime, anywhere and on the go via your mobile device. Also known as mBanking, through mobile banking, you can apply for loans, credit cards, carry out transactions, make UPI payments, open or close accounts, etc.
Following points list the importance of mobile banking in India:
Following are the features and benefits of mobile banking:
Mobile banking registration is extremely simple and straightforward. Your bank or financial institution can be reached to learn more about the entire process. Let us know the basic steps involved in registering for internet banking.
Following are the different types of banking services:
Mobile banking is most common with the help of banking applications. Banks and financial institutions develop high-end applications that assist customers in doing their banking tasks effortlessly. These applications can be easily downloaded online. The registration process for the same has been mentioned above.
Most mainstream banks offer personalised applications for their customers’ ease of managing their accounts. Remote banking has made such apps more and more customisable as per their users’ needs.
A lot of people still prefer SMS for doing their mobile banking activities. This is best suited for people who do not have smartphones and smart devices. Traditional mobile phones support SMS banking along with many perks and facilities.
You can also avail of mobile banking services via Unstructured Supplementary Service Data or USSD. This facility allows people to conduct basic banking services only. There is no need for an internet connection or smartphone to avail of mobile banking via USSD. Other facilities under this include:
Despite being extremely helpful, mobile banking also poses certain challenges for its users. They are as follows:
Following are some important tips for conducting safe mobile banking activities:
Mobile banking, if used in a proper manner, can be extremely beneficial for customers as well as for banks. By employing this facility, you can exercise banking-related activities faster and in a more reliable way. As a free service, internet banking must be adopted by most people who want to save time and money in processing banking transactions.
Ans: Yes, mobile banking apps can assist you in finding all the nearby bank ATMs in case of emergencies. This is a part of the additional services provided by internet banking.
Ans: If your smartphone is stolen, you must inform the police authorities as soon as possible. You can take a remote of access to your phone and delete all the data to prevent identity theft, banking fraud, etc.
Ans: Mobile Banking over mobile applications, Mobile Banking over SMS (also known as SMS Banking), Mobile Banking over Unstructured Supplementary Service Data (UUSD) are some of the popular types of mobile banking services.
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This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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