Mobile banking enables banking transactions using your mobile handset or device. Today, it is one of the technologically advanced and popular money transactions or banking methods that is suitable for technology savvy customer. Sometimes, mobile banking can be referred as SMS banking.
Mobile banking (also known as M-Banking, mbanking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or PDA. The earliest mobile banking services were offered over SMS. With the introduction of the first primitive smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started offering mobile banking on this platform to their customers
The amount of transaction that you can do via mobile banking using your mobile device may depend on the bank you are dealing with. For example, some banks may only offer text messages or alerts via your mobile phone whenever you carry out any banking transaction such as withdrawals or deposits. Similarly, you may receive short messages whenever you use your credit card or ATM. It can be a safety measure that is provided by Card Company to prevent unauthorized use of your card by any credit card cheat. This type of mobile banking is only rudimentary and today mobile banking has become more hi-tech.
More complex mobile banking permits the user to sign into his or her account using mobile phone or device and then carryout various banking functions- checking the account balances, payments of utility or any other bills, moving money from one account to another, stop payment order on a cheque, notifying the bank of any loss of a cheque or a credit card, receiving monthly bank statements and many more. Hence, mobile banking has helped the customer to do banking in a more convenient way rather than visiting the bank several times. Anyone can just log into his personal account using the home or office computer and carryout the banking transactions leisurely. Though online mobile banking seems convenient and faster, one should take extra care about the security of his personal details such as his or her account name and the log in password. Extra precaution has to be taken from prying eyes when logging on to your account. It's always better to change your log in details frequently using alpha-numeric password.
Many feel insecure when committing high value transactions via mobile banking. It is always better to communicate with your bank when performing such transactions so they will be aware of your intentions. Always keep your password and your PIN number securely. Never use your date of birth or your pet's names as your password. By following few simple steps as described, you can make your online account safer as well as mobile banking transactions. As extra precautions, most of the reputed banks provide the customer with one time use password.
Normally the one time use password is sent to your mobile phone or device, when you sign-in an account with the bank. Using this one-time password, you can log into your account and later change the password of your choice by using simple instructions given on the bank website. It is important to note that one time use password expires in 24 hrs. as such you need to log in using the password and do the necessary changes to your account as intended within that period.
So mobile banking is a necessity for the busy, technological savvy customer. He or she can make use of its advantages for his or her convenience provided few simple steps are followed regarding the security when performing any transaction.
Recently there is a new trend towards mobile apps which let you bank anywhere, anytime. Mobile banking gives you all the secure, convenient features you need to streamline your banking