Consumers are increasingly going mobile — and for good reasons.Tellingly, 12 million people used mobile banking services in 2009, according to Frost & Sullivan, a research firm. That number will climb to 45 million by 2014.It wasn’t that long ago that an account deposit or withdrawal required a visit to your bank to complete the transaction. Banking was inconvenient and time consuming. Today, we have lots of options when it comes to financial transactions. Mobile banking is an increasingly popular way to monitor and manage your money.
Mobile Banking allows you to bank anytime anywhere through your mobile phone. You can access your banking information and make transactions on your Savings Account, Demat Accounts, Loan Accounts and Credit Cards at absolutely no cost.
What are the benefits of Mobile Banking?
Mobile Banking helps you bank while on move directly through your mobile phone. You can access information and conduct transactions on any of your bank accounts with the help of your mobile phone.
Mobile banking offers many advantages, such as good security, easy access and plentiful applications for smart phones. “The biggest benefit is that you have more control of your money,
* It utilizes the mobile connectivity of telecom operators and therefore does not require an internet connection.
* With mobile banking, users of mobile phones can perform several financial functions conveniently and securely from their mobile.
* You can check your account balance, review recent transaction, transfer funds, pay bills, locate ATMs, deposit cheques, manage investments, etc.
* Mobile banking is available round the clock 24/7/365, it is easy and convenient and an ideal choice for accessing financial services for most mobile phone owners in the rural areas.
* Mobile banking is said to be even more secure than online/internet banking.
The cell-phone and banking industries have conspired to cook up yet another high-tech task for all of us to learn: mobile banking. And it’s catching on fast: Some 39 million people are already accessing their bank accounts through their cell phones. The good news is that it’s a lot simpler and, with the proper precautions, safer than it might appear to be at first.
Mobile banking is similar to Internet banking, which is used by some 50 million peoples. The main benefit is that your cell phone is more portable than even the smallest netbook. There are three mobile-banking modes:
* Text banking is the simplest method and uses any messaging-enabled cell phone, but its capabilities are limited. You sign up with your bank and get account information by text messaging. For example, if you peck out “Bal” on your cell and text it to MyBofA (692632), within a few seconds Bank will text you back with the available balances in your deposit accounts and your credit-card balance.
* Mobile Web banking provides more functionality than text banking, including the ability to transfer funds from, say, savings to checking, and pay bills. But it also requires a smart phone or a so-called feature phone–a type of cell phone that can access the Internet better than a regular wireless phone but is not optimized for the Web the way smart phones are. You can also use a tablet computer, such as the Apple iPad or Samsung Galaxy Tab.
* Banking apps provide all the capabilities of mobile Web banking, but they’re designed especially for your specific bank and phone model.
Why bank by smart phone?
Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debit card for the purchase.
You can also transfer money between accounts, monitor availability of deposited funds, and pay bills. Your bank can send text alerts when your checking balance is low or when withdrawals and deposits are posted to your account. You can get alerts for debit- and credit-card purchases that exceed a set amount, which might indicate fraud.
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