What is a Mobile Banking Application? Know Everything About it!

byPriyanka JuyalLast Updated: December 30, 2022
What is a Mobile Banking Application
What is a Mobile Banking Application

Mobile banking refers to the use of a mobile device, such as a smartphone or tablet, to access and manage one’s banking accounts and conduct various financial transactions. Mobile banking apps offer a convenient and secure way to manage one’s finances on the go, without the need to visit a bank branch or ATM.

With a mobile banking app, you can check your account balances, view transactions, transfer money, pay bills, and do much more, all from the comfort of your own device. In this blog, we will explore the benefits of mobile banking and how to get started with it.

What is Mobile Banking?

Mobile banking is a service that allows customers to access their bank accounts and perform various banking tasks, such as transferring money, checking account balances, and paying bills, using a mobile device, such as a smartphone or tablet. To use mobile banking, customers must first download the bank’s mobile app from an authorized app store and create a user profile. Once the app is installed and the user profile is set up, customers can take advantage of a range of banking services and features on their mobile devices.

  • A mobile banking application allows a customer to conduct a variety of banking transactions
  • A smartphone and a stable internet connection are required for the mobile banking application
  • It gives customers the ability to conduct banking transactions at any time and from any location
  • Customers can use SMS to access mobile banking services
  • Customers receive push notifications via the mobile banking application for timely updates, new deals, and discounts

Overview of Mobile Banking

The following is a brief overview of the mobile net banking application, which allows users to perform a variety of banking activities online:

ParametersMobile Banking
Device usedSmartphones, tablets
Services offeredLimited
How to accessCustomers only need a User ID and password to use online banking services
EaseEasy to use and can be used on the go
Push notificationsCustomers are notified about banking promotions, exciting deals, and other events
Other servicesSMS can be used to access mobile banking

Top Benefits of Mobile Banking

There are numerous benefits of mobile banking, a few among them are written below:

  • Mobile banking apps allow you to access your banking accounts and conduct financial transactions using a mobile device, anytime and from anywhere.
  • With a mobile banking app, you can easily keep track of your transaction activities, such as checking your bank passbook and everyday transactions.
  • You can use the mobile app to make payments, transfer funds, track transaction history, and add beneficiaries.
  • Mobile banking apps offer a range of services, including the ability to recharge phones, book train or flight tickets, and pay utility bills.
  • Mobile banking apps are user-friendly and can be customized to meet your specific needs.
  • You can set up alerts to ensure that payments are made on time, and receive push notifications about important deals and discounts.

Also Read: Difference Between Net Banking and Mobile Banking?

How to Use a Mobile Banking Application?

Follow the instructions carefully to use mobile banking applications. It should be noted that the structure of banking mobile applications varies from one to the next.

  • Go to the app store (Google Play Store or Apple App Store) and search for the mobile banking app from your bank. Download the app from the authorized app store.
  • Once the app is installed, open it and log in using your account number or registration number.
  • Create a password and re-enter it to confirm.
  • Your mobile banking app is now ready to use for online banking transactions.

Things to note-

  • In order to use a mobile banking app, it is necessary to have a smartphone and a reliable internet connection.
  • It is important to create a strong password for your mobile banking account to protect against digital theft or fraud.
  • The process of setting up and accessing a mobile banking app may vary depending on the specific app and financial institution.

Limitations of Mobile Banking Applications

Following are the limitations associated with mobile banking applications:

  • To use a mobile banking app, it must be downloaded from an authorized app store and installed on a smartphone.
  • Mobile banking requires both a smartphone and an internet connection to function properly.
  • It is important to keep the mobile banking app up to date in order to ensure its security and functionality.
  • Logging into the mobile banking app from any third-party application or website may pose a risk of fraud or hacking.
  • Poor internet connectivity or app crashes may result in transaction failures.
  • It is important to keep your banking credentials safe and secure to prevent the misuse of your mobile banking app by unauthorized individuals.

Things to Take Care of when using a Mobile Banking Application

A few things should always be taken care of when using a mobile banking application:

  • Keep your login credentials to yourself and do not share them with anyone.
  • Use a secure network connection for mobile banking. Avoid using public networks, as they may not be secure.
  • Do not sign in to mobile banking from third-party websites or promotional emails.
  • Avoid logging into your mobile banking app from someone else’s device.
  • Remember that banks will never request login credentials or ask you to complete KYC (Know Your Customer) procedures via SMS or phone calls. Do not share your credentials through these channels.
  • Make sure your smartphone has antivirus software installed to protect against malware and other threats.
  • Always log out of your mobile banking app after using it to ensure that no one else can access your account.
Can I use a mobile banking application every day?
Mobile banking applications are designed in a way that they can be operated or used every day for regular transactions to transfer a high amount of funds.
Is it safe to use mobile banking applications?
Yes, mobile banking applications are safe to use because they are built with cutting-edge technology, payment gateways, and are protected by banking protocols.
Who should use mobile banking applications?
Any customer with an active bank account and a banking mobile application installed, as well as anyone who wishes to use banking services online, should use mobile banking applications
How much money can I transfer using a mobile banking app?
The amount to transfer from a mobile banking app to another account holder’s bank is determined by the bank’s fund transfer policies. It is recommended that you double-check this before transferring funds.

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