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Mobile banking:- Unlike related internet banking, it uses software, usually called an application, provided by a financial institution for this purpose.
Mobile banking is usually available 24 hours a day. Some financial institutions have restrictions on which accounts can be accessed through mobile banking, as well as a limit on the amount that can be transacted.
Mobile banking transactions depend on the features of the mobile banking application provided and typically include retrieving account balances and recent transaction lists, electronic bill payments, remote deposits, P2P payments, and fund transfers between customers or other accounts. Some applications also allow you to download copies of statements and sometimes print them at the customer’s premises. Using a mobile banking app increases ease of use, speed, and flexibility and also improves security as it integrates with the user security mechanisms of mobile devices.
From the bank’s perspective, mobile banking reduces transaction processing costs by reducing the need for customers to visit a bank branch for cashless withdrawals and deposits. Mobile banking does not process transactions involving cash and the customer must visit an ATM or bank branch for cash withdrawals or deposits. Many apps now have a remote deposit option; using the device’s camera to digitally transfer checks to their financial institution.
Mobile banking differs from mobile payments, which involve using a mobile device to pay for goods or services either at the point of sale or remotely, similar to using a debit or credit card to make an EFTPOS payment.
Mobile banking services
Typical mobile banking services may include:
Mini-statements and check account history
Notification of account activity or exceeding set thresholds
Monitoring of term deposits
Access to credit statements
Access to card statements
Statements of mutual funds/equity
Management of insurance contracts
Funds transfers between linked customer accounts
Payments to third parties, including third-party bill payments and fund transfers
Check the remote deposit
Portfolio management services
Status of loan applications, including mortgage and insurance approval
Check your (cheque) book and card requirements
Exchange of data messages and e-mails, including complaints and tracking
General information such as news related to finances
A US Federal Reserve report (March 2012) found that 21 percent of cell phone owners had used mobile banking in the past 12 months. According to research by Forrester, mobile banking will be especially attractive to the younger, more “tech-savvy” segment of customers. A third of mobile phone users say they might consider making a financial transaction via their mobile phone. But most users are interested in performing basic transactions such as checking account balances and billing.