Mobile banking is the process of carrying out financial transactions using your cell phone device. You essentially use a mobile banking app to access and manage your funds. Most banks in the country offer dedicated apps that are available on both Google Play Store and Apple App Store to help you with your banking needs.
Mobile banking, or m-banking as it is alternatively called, is one of the most popular modern banking methods. With facilities such as mobile banking and internet banking, you need not visit the home branch every time to avail any banking services. Instead, you can just carry out the activities anytime and from anywhere. All you need is a strong net connection and a decent mobile handset.
Facilities such as online banking and mobile banking have significantly eliminated the need for physically visiting banks. Consequently, this has reduced the time taken for payments, fund transfers, investments, setting up requests for cheque books, applying for loans, and several other banking facilities. Also, with simple services such as one-time password (OTP), mobile banking has significantly eliminated the tiresome process of physical verifications to apply for a credit card. You can even enable ‘personal mobile banking services’ to make instant money transfers to both domestic as well as international accounts.
Once you have completed your online mobile banking registration, you can enjoy the following banking services on your phone:
Availing mobile banking services can help you keep a detailed track of your transaction requests, amount paid, or funds transferred. Some of the transactional services available with mobile banking are:
Make bank to bank transfers
Make payments to third parties
Transfer funds to self
Set periodic payment instructions
Post mobile banking login, you can view a detailed account summary in the m-banking app. These include:
Checking available account balance
Viewing transaction history
Downloading e-statements, e-passbooks
Viewing loan statements, card statements
You can use mobile banking for making instant investments such as:
Opening fixed deposit/recurring deposits
Investing in mutual funds
Availing portfolio management services
You can avail certain other services with online mobile banking account, such as:
Contacting customer care
Tracking loan/debit/credit card applications
The general steps to register for mobile banking are:
Step 1: Download the mobile banking app of your banking partner on your mobile.
Step 2: Activate your mobile banking account, either by registering a separate user ID and password or using your credit card PIN.
Step 3: Once activated, log in using your credentials and proceed with mobile banking activities.
Step 4: Depending on the bank’s security policies, additional security steps, such as OTP for verification, etc., might be required to proceed with mobile banking transactions.
Mobile banking is an easy and convenient way to manage your finances. However, there may be some challenges associated with mobile banking. These include:
Accessibility depends on the type of handset in use
Security issues such as scams and frauds
Scalability and dependency
Ability to personalise
Distribution of the app
Below mentioned are some useful mobile banking tips that can enhance a user’s mobile banking experience:
Update your mobile banking password at regular intervals
Make sure your mobile banking password is not shared with anyone else
Set a mobile alert that sends out notifications each time you make any transactions
Set up anti-virus/anti-malware software on your mobile to protect information stored in the app
Avoid downloading/clicking any mobile banking-related link that is sent from unofficial sources
In case your mobile handset is lost or stolen, report the incident to the bank immediately and get your mobile banking application disabled
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Yes, if you do not have a mobile banking app, you can transfer funds by logging in to your bank’s netbanking portal.
To activate the mobile banking app on your phone, you need to follow the steps below:
Step 1: Open the mobile banking app.
Step 2: Click on ‘Register’.
Step 3: Create an mPIN using card details and click on ‘Continue’.
Step 4: You will receive an OTP on your registered mobile number.
Step 5: Validate with the OTP to generate your mPIN.
Mobile banking is the process of completing financial transactions on your mobile. These include fund transfers, new credit card applications, EMI conversions, etc.
There are three types of mobile banking: mobile banking over mobile app, SMS, and Unstructured Supplementary Service Data (USSD).
Mobile banking is the process of completing financial transactions on your cell phone using the bank’s application. The advantages of mobile banking are as follows:
Can be used anytime and from anywhere
Cost-effective and easy to use
View a detailed account summary in the m-banking app
Make instant mutual fund investments, open fixed deposit/recurring deposits, avail portfolio management services, etc
Useful in case of time-sensitive situations such as blocking lost credit cards
Safe and secure with the two-step verification process
Netbanking is the process of conducting financial transactions online on the banks/NBFCs website using your computer. Mobile banking, on the other hand, refers to the processing of carrying out financial transactions through an application installed on your mobile phone.
Whether you have a debit card or a credit card or only a savings bank account, you can use the mobile banking app to access, transact, and manage your finances.