We are living in the digital age in which we can get access
to a wide range of facilities through our mobile phones. We can order food,
shop and even invest in the share market through our mobile phones. Why then,
should banking be any different. Providing the convenience of internet banking
via mobile phones, banks today enable customers to conduct a wide range of
their banking transactions through mobile banking.
Here’s a look at the main features and benefits of banking through your mobile
phones.
It is extremely convenient
Perhaps the most significant feature of online mobile
banking is the convenience it offers to bank customers. Today, you no longer
have to visit the bank for a series of transactions, nor do you need to go to
an ATM. You can simply download your bank’s mobile application and get access
to your account. Through this facility, you can check your account balances,
transfer funds between accounts, pay utility bills, and even request bank cards
and chequebooks. Moreover, through facilities like IMPS and NEFT, you can
transfer funds at any time and send money instantly into a beneficiary’s
account.
Banking can be done through SMS
Banks appreciate the fact that not everyone can afford
smartphones and download mobile banking apps. Keeping this in mind, banks
provide banking services through facilities such as SMS and USSD (Unstructured
Supplementary Service Data). These facilities enable people who do not have
smartphones or the internet on their phones, to still get access to mobile
services. Customers just need to be aware of the correct SMS formats as
prescribed by their banks and get access to SMS banking and USSD services. They
need to type the right combinations of the facility they want and their account
numbers to access SMS or USSD services.
It is completely secure
You do not have to worry about the security of your bank
account details since online mobile banking is totally safe. The bank provides
you with your login credentials and a default password, which you must change
as soon as you log in. You have to set a strong password, featuring lower and
upper case letters, numbers and special characters. Banks spend millions in
setting up secure firewalls. Moreover, they set up dual verification levels,
wherein you have to enter both, your password and OTP (one-time-password), sent
to your RMN (registered mobile number), to access your account.
Mobile banking services are typically free of charge
Most people are under the impression that banks levy a fee
to provide mobile services. However, your mobile banking apps can be downloaded
free of charge. You also do not have to pay anything to register for the
facility. You can check your account balances as often as you like and pay your
bills without worrying about incurring any charges. You are only charged a
nominal fee when you make big value transactions through the mobile facility.
Banks levy this charge to comply with the GST charges issued by the Government.
Final words: The benefits of mobile banking cannot be
understated. You can virtually carry your bank accounts in your pockets and
access them from any corner of the world. This facility eliminates every other
reason to visit the bank, besides having to deposit or withdraw cash.
