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

What is a Mobile Banking Application
What is a Mobile Banking Application

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-

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 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
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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