Mobile net banking applications make it easier to conduct a wide range of banking transactions online. A user with an active mobile net banking application can conduct transactions on a daily basis, such as transferring money from one bank account to another, paying bills, and so on.
In this blog, we will learn more about mobile banking, its benefits, and how to use it.
What is Mobile Banking?
Mobile banking is a compressed version of all banking services made available via a banking mobile application. A customer must first download the respective banking mobile application from an authorised app store. After installing the application and creating a user profile, the customer can perform a variety of banking functions such as fund transfers, checking passbook/account balance, making payments, booking tickets, and more.
- 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-
|Device used||Smartphones, tablets|
|How to access||Customers only need a User ID and password to use online banking services|
|Ease||Easy to use and can be used on the go|
|Push notifications||Customers are notified about banking promotions, exciting deals, and other events|
|Other services||SMS 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 applications can be accessed anytime and from anywhere
- Customers can keep track of their transaction activities such as checking their bank passbook, everyday transactions, etc.,
- Customers can use the banking mobile application to make payments, transfer funds, track transaction history, and add beneficiaries
- Banking mobile applications can be used to recharge phones, book train/flight tickets, pay utility bills, etc.
- Mobile bankings are easy to use
- Banking applications can be customized as per the customer requirements
- Alerts can be set up to ensure that payments are always made on time.
- Push notifications sent via mobile banking applications ensure that customers do not miss out on important deals and discounts
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.
- Download the mobile banking application from the respective app store (Google Play Store, Apple App Store or from the authorized app store)
- Log in to the application and enter your passbook/account/registration number, etc
- Create and re-enter a password
- The banking mobile application is ready and can be used to conduct online banking transactions
Things to note-
- A smartphone and a stable internet connection is needed to use a mobile banking application
- It is advised to create a strong password because mobile banking applications are vulnerable to digital theft or fraud
- The onboarding process for mobile banking applications varies depending on the banking application
Limitations of Mobile Banking Applications
Following are the limitations associated with mobile banking applications-
- The mobile banking app must be downloaded from the respective app store
- Banking applications necessitate an internet connection as well as a smartphone,
- The customer must update the application at regular intervals
- Logging into the mobile banking app from any third-party application or website may expose the app to fraud or hacking
- In the event of poor internet connectivity, the app may crash, resulting in transaction failure.
- The mobile banking application can be misused if in case the banking credentials are exposed to an unknown person
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-
- Never share login credentials with anyone
- It is advised to use a safe network connection
- Resist using public networks
- Never sign in from third-party websites or other promotional emails
- It is recommended not to use another person’s device to log in to the mobile banking application
- Banks never request login credentials or the completion of KYC via SMS or phone calls; therefore, never share credentials via phone or SMS
- The smartphone should have anti-virus software installed
- Always log out of the mobile banking app after using it