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What is Mobile Banking

What is Mobile Banking Service?

Mobile Banking – As the use of the internet has increased all over the world. There has been a big change in the banking sector in India too. Earlier, people did not do bank transactions through online mediums. People used to visit the respective bank branch to avail any service related to Bank.  

But as internet services have become cheaper, consumers have started transacting through net banking. About a decade ago, people had to go to the bank branch to avail banking services and wait for their turn by standing in long queues for hours.

I had seen with my own eyes that when we needed a demand draft for filling the form of any competitive exam, we used to stand in long queues for hours to get the demand draft made from the bank.

The situation was that people had to stand in line for hours to know their outstanding balance, withdraw cash, and transfer money. At present, you can get all banking facilities through internet banking or mobile banking.

What are Mobile Banking Services?

When we avail banking services through mobile using the internet, this process is known as mobile banking. You can also access Mobile Banking by downloading the bank’s application on your mobile.

Mobile banking has made the life of the people easy to send money, receive money, check account balance, pay bills, etc. services through mobile usage. Almost all the banks in the country are providing free banking services to consumers.

Types of Mobile Banking Services

Different banks are providing different types of mobile banking services to their customers. These banking facilities mainly include the following three types of services.

  • Mobile Banking Service based on Wireless Application Protocol
  • SMS based mobile banking service
  • Mobile Banking Service based on Unstructured Supplementary Service Data (USSD)

Let us discuss these mobile banking services in detail here.

Mobile Banking Service based on Wireless Application Protocol

A wireless application protocol is a means of receiving mobile services through an application. Any customer can download the mobile application on their smartphone or iPhone from Google Play Store or App Store. The consumer can avail of all the services provided by the bank through mobile banking by downloading the mobile application of the concerned bank on his mobile phone.  

Customers do not need to register for the Mobile Banking service separately to avail this service. It is necessary to obtain the login credentials from the respective bank to use the Mobile Banking Application as a Mobile Mobile Application.

At present most of the banks have launched mobile applications for Android or iOS platforms. Consumers can avail of banking services using mobile applications launched by various banks.

Currently, some banks have launched different mobile apps for different banking services. For example, the bank can launch a separate mobile application to provide the service of e-passbook to its customers. Similarly, one can launch mobile applications for other services like account balance, fund transfer, bill payment. 

Consumers can avail of the services by downloading more than one mobile application launched by that bank on their mobile phones to avail themselves of the services of a particular bank.

Read Also : – How to generate SBI Debit Card PIN?

Services to be availed from Mobile Banking

Some of the banking services that can be availed through the mobile application are as follows.

Account Access: The customer can download the bank’s mobile application related to his account on his smartphone and log in to the bank account using the mobile account. But keep in mind that a user ID and password will be required to log in to the account. Once you log in to the bank account, you can easily benefit from any service.

Balance Enquiry: Through Mobile Banking, you can get information about your account balance. People had to go to the banks earlier to know the balance of their accounts. Later, banks provided the facility to know the account balance through Paytm as the popularity of ATMs increased, so people turned towards ATMs.  

With the expansion of mobile banking services, you no longer need to visit the bank branch and ATM. You can get your bank account balance in a few clicks from the comfort of your home through your mobile phone.

E-Passbook: Currently, some banks have launched E-Passbook mobile apps through which customers can access their bank accounts. I can download the transactions that happen or the old transactions through the Digital Passbook mobile app.

Account Statement: No one needs to visit any bank branch or Paytm to check their bank account statement anymore. You can now download your bank’s mobile application on your phone to view your bank’s balance or account statement and download the account statement. But some banks have given the facility to download only 90 days of bank transaction statements at a time.

Fund Transfer: Internet Banking or Mobile Banking has made this life so easy for people that now they can transfer funds in a few clicks to their own or any of their relative’s accounts through mobile phones sitting at their home. They no longer need to visit any bank branch to transfer funds.

Almost all banks do not charge any fee for interbank fund transfer, whereas a nominal fee is charged for interbank fund transfer. IMPS, NEFT, or RTGS methods can be used to transfer funds through mobile banking.

Bill Payments: Mobile Banking and Net Banking have made paying mobile, credit card, or utility bills a lot easier. Through Mobile Banking, you can schedule the payment of utility bills on a specific day. Once the bill payment is scheduled, the utility bill will be automatically paid from your bank account on the specified date. 

All the problems of paying bills have been solved with mobile banking. Now you don’t need to stand in long queues at bank branches or ATMs to pay your phone bill, credit card bill, etc.

Branch Locator: If you are in an unknown city and need to visit your branch, you can download the mobile application of that bank on your phone and find the nearest bank branch. A branchThe bank in the mobile application provides a branch locator facility. 

Some bank branches also provide the facility to search the branch through Google Maps. By availing of this facility, you can easily reach the respective branch with the help of Google Map.

ATM Locator: If you are in a new city and want to withdraw money through an ATM, then you can locate your nearest bank ATM through your bank’s mobile application. 

To locate the ATM, open your bank’s application on your mobile phone and navigate to “ATM Locator” with the help of navigation there. Enter the address of the place you are from and search. The list of ATMs related to your bank in your locality will open on the screen.

Requests: Before the internet or mobile banking, requesting a cheque book, new debit card, credit card, duplicate debit card, etc., required visiting a bank branch, but now you can avail all these services using the mobile app. Most banks also offer a blocking service for debit or credit card theft or loss.  

By requesting through Mobile Banking, you can make an online request for a cheque book, new debit card, credit card, duplicate debit card, etc., and check the request’s status.

SMS Based Mobile Banking Service

Most of the banks are also providing SMS-based mobile banking services to their customers. In this type of mobile banking, the customer does not need any registration. That is, the customer can get the benefit of banking services without logging in. This service is also known as the SMS Banking service. But to avail of this service, your mobile number must be linked with the bank account.  

That is, you can avail of SMS Mobile Banking service only through the registered mobile number. Through this service, a Text SMS is sent to the mobile number provided by the bank from the registered mobile number to the customer to know the account balance amount, to know the mini statement, and to avail of other types of services. In response to which the bank receives the relevant information through SMS on the registered mobile.

Customers do not even need to have a smartphone or internet connection to avail SMS banking services. The bank has prepared different SMS formats for different information. Send the predetermined SMS format of the service related to the registered mobile number to the SMS service number.

For example, if you want to know your account balance, then type AVAIL BAL XXXX in the message box of your registered mobile phone, where XXXX will be the last 4 digits of the account number. Send this text message to the SMS service number of the concerned bank. As soon as the concerned bank receives the SMS, you will get the current balance available in your account through SMS.

It is important to note that to send SMS, use the same phone registered with your bank account.

USSD based mobile banking service

Generally, the benefit of USSD based mobile banking service is provided by various banks only to those who do not have smartphone or internet access. Such people can only use the USSD code provided by the bank to avail themselves of banking services. Under this service, customers dial a special code in their mobile phone and send it to the respective bank.  

A menu is sent to them by the Bank through SMS. Banking services are provided in this menu like balance enquiry, mini account statement, etc. Dial the number on which the service you want to avail the service comes from. Information related to that service will be received on your mobile through SMS. The mobile banking system is quite popular in rural areas, where most people do not have access to smartphones and the internet.

Read Also : – How to apply for SBI Green Remit Card?

Mobile Banking Features and Benefits

As internet services have become cheaper in India, mobile banking has also become popular. Mobile banking has the following features.

  • Mobile Banking has all the banking services at your fingertips.
  • Account balance, fund transfer, bill payment, account statement, etc., facilities are available online in some clicks.
  • Apart from withdrawing cash, there is no need to stand in long lines at ATMs again and again.
  • You can transfer funds anytime from anywhere through mobile banking. Of course, there is no time restriction.
  • Access your account statement at any time of the day or night using Mobile Banking.
  • Mobile banking can be availed without the internet by SMS and USSD codes.
  • One can download and use the mobile app, while others can use the mobile banking SMS and USSD services.
  • Your bank account and your personal information are completely photo protected in Mobile Banking.
  • Banking services can be availed through login credentials.
  • Along with login credentials in the banking system, a one-time password is also used for two-stage verification.
  • Most banks send a one-time password (OTP) to your registered mobile number by adopting a two-step security system using which you can avail of the service.

Conclusion

Internet provider companies have made the internet package cheap, due to which the use of mobile internet is increasing day by day. Along with the use of mobile internet, mobile banking is also being used. Most of the time, it gives rise to getting mobile banking services. At the same time, this is not true, as mobile banking services are provided free of cost by most banks.

The banks charge no additional fee for registering for the Mobile Banking service. At an ATM, you get the transaction facility in unity limit, whereas, through mobile banking, you can get free unlimited transactions and services.

Through Mobile Banking, you can check your account statement, check your bill balance payment information online. Ever since GST has come into force, you only have to pay a nominal fee for transferring funds. Apart from this, all types of services are provided free of cost by the bank.

Also, ReadHow to get SBI Statement on Mobile? 

Guru
Guruhttps://paisaproblem.com/
I am student and part time blogger. I am interest to share my views on financial issues.
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