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Mobile Banking Meaning

Mobile banking has fast emerged as one of the most sought after alternatives to traditional banking. Nowadays, almost all leading banks in the world offer a mobile/phone banking facility to its customers as part of its services. Customers can carry out several banking activities such as transfer of funds, view balance, make investments, and much more with a simple click on their mobile.

Importance of Mobile Banking in Modern Banking

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, a customer need not visit the home branch of his/her bank every time he/she needs to avail any banking services.  Instead, the customer can just carry out the activities anytime, anywhere as long as he/she has a healthy net connection and a decent mobile handset equipped with an app store for mobile app download. 

Facilities such as online banking and mobile banking have significantly eliminated the need for physically visiting banks and considerably brought down the transaction time for payments, fund transfers, investments, setting up requests for cheque books, applying for loans, credit cards and several other banking facilities. Now, with simple services such as OTP, mobile banking has significantly eliminated the tiresome process of physical verification checks for money transfer or credit card applications. A customer can enable ‘personal mobile banking services’ to make instant money transfers in both domestic as well as international accounts. 

Services Available via Mobile Banking

Once a customer has completed online mobile banking registration, he/she can avail the benefits on the following banking services:

 

1. Transactions

 

Availing mobile banking services can help the customer keep a detailed track of all his/her 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

  • Avail NEFT/IMPS/RETG/UPI/MMID facilities

 

2. Account Summary

 

Post mobile banking login, a customer 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

 

3. Investment

 

A customer can make use of mobile banking for making instant investments, such as:

  • Opening fixed deposit/recurring deposits

  • Investing in Mutual funds

  • Availing portfolio management services 

 

4. Other banking services

 

A customer can avail certain other services with online mobile banking account, such as:

  • ATM/ Branch locators

  • Grievance Redressal

  • Contacting customer care

  • Tracking loan/debit/ credit card applications

  • Cancelling cheque

  • Others

How to Register for Mobile Banking?

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: Next, the customer needs to activate his/her mobile banking account. He/She can do it either by registering a separate user ID and password, or with the help of his/her debit/credit card PIN.

Step 3: Once activated, the customer needs to login using net banking ID/ registered email ID with the bank and password and proceed with mobile banking activities.

Step 4: Depending on the bank’s security policies, there might be additional security steps such as OTP for verification, etc in order to proceed with mobile banking transactions.

Mobile Banking Tips

Below mentioned are some useful mobile banking tips that can enhance a user’s mobile banking experience:

  • Make sure you 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

  • It is advised to set up anti-virus/anti-malware software on your mobile to protect information stored in your app

  • Avoid download/ clicking of 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

Know more about the the SBI mobile bankingAxis mobile banking, RBL mobile banking & Citi mobile banking with their benefits and importance. To learn about SMS banking and how to apply for a credit card using your mobile banking app, visit Finserv MARKETS today. Apart from easy application of credit card, loans and other facilities, you can get assistance on all your banking related queries on our website. Browse now!

FAQs on Mobile Banking

  • ✔️What does Mobile banking mean?

    The mobile banking definition can be explained as, “A type of modern banking facility that allows you to make all your banking activities with the help of an all encompassing app”.  The facility significantly reduces the need to visit your bank every time you need to avail any banking facility. You can do all your bank-related transactions from the comforts of your home/office as long as you have a good internet facility and a mobile handset that supports mobile banking apps.

  • ✔️What is the difference between online and mobile banking?

    Mobile banking is simply an extension of online banking. While online banking allows you to carry out your banking activities via your computer/laptop from the comforts of your home, mobile banking provides added functionality of transacting, even when you don't have an internet connection via SMS or call. 

  • ✔️How can I avail mobile banking services?

    You can request your bank to get your registered mobile number linked to your net-banking account.  Once this is done, you can download the respective mobile banking app in your mobile phone and proceed to register via your net-banking username and password or by submitting your credit/debit card details.

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