Mobile Banking Services, Internet Banking and Importance
Mobile banking is the process of accessing banking services through your mobile phone. Banking services can be used using a smartphone or a regular phone.
Priyanka Dahima23 May, 2024
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Mobile Banking Services: Mobile banking is a part of online banking managed through mobile phones. This system has made people's lives easier by saving time, money, and extra effort. To; they need a smartphone and a stable internet connection. You manage the entire bank with one mobile application. This article will help you understand mobile banking services and how to create a secure user experience.
Mobile Banking Services
Mobile Banking Services is an online banking service offered by banks to their current customers to access their bank accounts and make countless payment transactions using mobile devices, including smartphones and tablets, when users are connected to the Internet. You can manage your finances on the go with the mobile app, which is simple and convenient compared to banking in person or on a computer, and there is no cost to use the service. However, connection and technical issues may occur and users should follow security guidelines. Scroll down our page to get the information about the Mobile Banking Services.How to Use Mobile Banking App?
To use the mobile banking app on a smartphone or tablet, the app must be downloaded from the app. Once the app is installed on your device, you will need to add your bank account details to register and then activate, and create an MPIN (which stands for Mobile Banking Personal Identification Number) to log in. Registration, Activation and Login Conditions for Using the Mobile Banking Application Depending on the bank where you have a savings account, there are mainly three ways to register. This process is important for banks to identify existing customers.- Internet Banking: If you use the Internet Banking service provided by your bank, you can use your login details - customer ID and password - to register.
- Debit card: Enter the bank Debit number, expiry date and ATM PIN.
- OTP based registration: Enter the mobile number registered with your bank and an OTP will be sent via SMS for registration. The registration process is followed by activation, which involves generating a Mobile Banking Personal Identification Number (MPIN) - a 4-6 digit password required to access your bank account through the Mobile Banking application. Once your MPIN is set, you can log in to access your bank account. Remember that you must enter your MPIN every time you log into your mobile banking app.
Importance of Mobile Banking Services
1. 24 x 7 Banking Services
This is one of the biggest advantages of mobile banking. As a bank customer, you may have an urgent need to transfer or withdraw money. This is where digital services like mobile banking play a huge role. You don't have to visit a bank branch, wait in long lines or delay an urgent transaction. You can do it right from your mobile phone. You can even pay bills at any time.2. Fast Transactions
Fast transactions are one of the biggest advantages of this type of banking. If you rely on visiting a bank branch, you cannot make urgent transactions outside the bank's opening hours. You can transfer money instantly at any time of the day, day, night or holidays.3. Availability of all banking services
Mobile banking gives access to almost all banking services. You do not need to visit a bank branch. For example, you can transfer money, make payments, create FDs in seconds, pay bills and receive bank statements through this service. These features are so readily available that most of us can use them without help.4. Break the language barrier
Many financial institutions have mobile apps available in multiple languages. This makes it easy for most people to manage mobile banking on their own. This will reduce the mess you would otherwise encounter. These multilingual banking applications make the country more banking-centric because they are also actively used by the rural population.5. Enhanced Security of Mobile Banking Apps
These apps enhance security with features like multiple pins, facial recognition, fingerprint lock and multi-factor authentication. Thanks to these security features, your bank account is better protected against theft. If the phone is lost or stolen, banks offer the option to remotely disable the app. Some banks even allow you to share your location to help identify fraud.6. Better financial management
Mobile banking allows you to always control your finances. You can control your expenses and avoid overspending. This can be part of budget planning. Over time, you will improve your financial management and save more money.7. Better support
Banks provide customer care services to help confused customers use the app. Customers can call, chat or email the support team. You can report fraudulent transactions and block your bank card during suspicious transactions.Demerits of Mobile Banking Services
1. Highly dependent on the Internet
You may not use these Services in areas with very weak or no connection. This is one of the biggest disadvantages of this service. In such places, branch banking is the best option.2. Using a phone-based service
You need a smartphone to use such services. Many services work effectively on certain smartphone models. An updated version may not be available for certain models. This is the downside of this service.3. Not suitable for illiterate population
Illiterate population cannot use the service as this is an application that requires basic reading skills. For such people, a branch bank or relationship manager is a better option.3. Vulnerable to Cyber Threats
Mobile banking applications are vulnerable to data breaches because they are based on the Internet. Therefore, it can be cracked by an experienced hacker and it can compromise your bank account. To ensure secure mobile banking, enable additional security checks and avoid sharing your data with anyone.Mobile Banking Services FAQs
Q1. What is Mobile Banking Services?
Ans. Mobile banking is the process of accessing banking services through your mobile phone. Banking services can be used using a smartphone or a regular phone.
Q2. How to use Mobile Banking Services App?
Ans. To use the mobile banking app on a smartphone or tablet, the app must be downloaded from the app. Once the app is installed on your device, you will need to add your bank account details to register and then activate, and create an MPIN (which stands for Mobile Banking Personal Identification Number) to login.
Q3. What are the demerits of Mobile Banking Services?
Ans. 1. Highly dependent on the Internet
You may not use these Services in areas with very weak or no connection. This is one of the biggest disadvantages of this service. In such places, branch banking is the best option.
2. Using a phone-based service
You need a smartphone to use such services. Many services work effectively on certain smartphone models. An updated version may not be available for certain models. This is the downside of this service.
3. Not suitable for illiterate population
Illiterate population cannot use the service as this is an application that requires basic reading skills. For such people, a branch bank or relationship manager is a better option.
3. Vulnerable to Cyber Threats
Mobile banking applications are vulnerable to data breaches because they are based on the Internet. Therefore, it can be cracked by an experienced hacker and it can compromise your bank account. To ensure secure mobile banking, enable additional security checks and avoid sharing your data with anyone.
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