Mobile Banking - Definition and advantages
In today world Mobile Banking is a popular term. Mobile Banking means a financial transaction conducted by logging on to a bank's website using a cell phone, such as viewing account balances, making transfers between accounts, or paying bills. It is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. In recent time Mobile banking is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device.
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Mobile Banking concept
In general term we can categorized the mobile banking below -
* Mobile Accounting
* Mobile Brokerage
Most services in the categories designated Accounting and Brokerage are transaction-based. The non-transaction-based services of an informational nature are however essential for conducting transactions - for instance, balance inquiries might be needed before committing a money remittance.
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Mobile Banking Services
Mobile banking can offer services such as the following:
* Mini-statements and checking of account history
* Alerts on account activity or passing of set thresholds
* Monitoring of term deposits
* Access to loan statements
* Access to card statements
* Mutual funds / equity statements
* Insurance policy management
* Pension plan management
* Status on cheque, stop payment on cheque
* Ordering check books
* Balance checking in the account
* Recent transactions
* Due date of payment (functionality for stop, change and deleting of payments)
* PIN provision, Change of PIN and reminder over the Internet
* Blocking of (lost, stolen) cards
* Domestic and international fund transfers
* Micro-payment handling
* Mobile recharging
* Commercial payment processing
* Bill payment processing
* Peer to Peer payments
* Withdrawal at banking agent
* Deposit at banking agent
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