Mobile Banking Services
Nowadays, banks have come up with a variety of mobile banking services for reducing their cost of operation and providing easier accessible and faster services to you. You can use your mobile banking facilities to ask about the updates of your balance, statement request, details of the previous few transactions and management of pension and insurance policy. Along with these, you can request the bank to activate notifications, if a threshold limit is crossed, or to set the absolute minimum balance alert. Mobile banking has also made fund move, both national and international, quite simple and fast.
You are able to order or request a check book and card, and pay bills by using mobile banking. It can also give you the facility of undertaking cash deposition and withdrawals. Some other services of cellular banking include portfolio management services, personalized alerts, notifications upon security prices, mobile recharging, monitoring of term deposits, and so on. You can also receive online updates of stock prices as well as perform stock trading.
Classification of the Services
There are usually two ways to classify mobile banking services. The very first method classifies the banking services as 'Push' or 'Pull', with respect to the originator of a service session. If the bank sends information according to the already agreed rules, then it is categorized because 'Push'. An example of 'Push' is a minimum stability alert, when your balance goes below a particular quantity. On the other hand, when the bank sends information like a response to the request sent by the customers, it's termed as 'Pull'. So, if you request the bank to send a statement going back few, say 3 or 5 transactions, then it is really a Pull based service.
The second classification of mobile banking services depends upon the nature of transactions. So, if you request the financial institution to send a bank statement, then it is the inquiry-based service, while a request for fund transfer is really a transaction-based service.
Benefits of Mobile Banking
Mobile banking services aren't only beneficial for the customers but for the financial institutions as well. These services can significantly lower the operating cost of financial institutions by reducing the dependence on costly call centers. They are able to also lower the frequency of errors that are generally committed in paper based payments. As mobile banking is really a cost-effective innovation, it can considerably reduce the financial risk related to starting a new business initiative. It can also enable financial institutions to closely monitor their new campaigns. Besides this, it may provide a new avenue for selling their products like insurance packages along with other banking services.
On the other hand, mobile banking helps customers by ensuring the fast processing of the banking transactions. As any kind of financial transaction is immediately reported towards the customers, they can easily monitor and detect any mistake in transactions, or any unauthorized transactions.
Today, the mobile and wireless market is among the fastest growing markets. However, a lack of trust and general awareness have been observed among the people with regards to mobile banking services. Therefore, it is essential to address issues like security from the banking transactions that are executed from a distant place and transmitted within the air. Besides this, it is also important to make sure the security of financial transactions, if the device is actually stolen by hackers. If these concerns are properly tackled, then it would help increase the popularity of mobile banking by instilling a feeling of trust among the customers.