Today advanced and innovative technology has made it possible for everyone to access all banking activities over our mobile phones. So, yes, we can say that the banking sector has become mobile-friendly. Anyone can perform banking activities using their mobile phones, such as transferring funds, receiving funds, bill or EMI payments, taking a loan, checking your transaction history, applying for credit or debit cards, paying mobile recharge bill, etc.
Various banks and financial institutions provide mobile banking services and allow customers to conduct banking activities using a mobile device, such as a tablet, a smartphone, etc. There are different types of mobile banking services provided by banks or other financial institutions, which are as follows;
- Mobile banking over mobile applications: Various mobile banking apps are available for customers to use mobile banking services.
- Mobile banking over SMS (Short Message Service) or SMS banking: Where some banks and financial institutions send banking-related messages to customers. Also, banks allow customers to get access to some banking activities via SMS.
- Mobile banking over USSD (Unstructured Supplementary Service Data): It allows customers to use mobile banking without an internet connection. You can use USSD mobile banking to transfer funds, check your account balance, get your bank account statement, etc.
So, these are the primary features of mobile banking that allow customers to conduct banking activities using their mobile phones.
Today, everyone is aware of mobile banking services, and the maximum number of banking customers are using these services because of their benefits, which are as follows;
24/7 access –
One of the significant benefits of mobile banking is that the services are available 24/7 hours. So, customers can transfer funds, check their balance, get an emergency loan, or conduct other banking activities anytime. If you need an emergency fund, you do not need to wait for the next day. You can request your known ones for money and receive funds. Also, you can apply for an emergency loan anytime using a mobile banking app.
Quick transfer of money –
Do you remember when we used to visit banks to transfer funds or withdraw money? Then, the whole process took around an entire day. But today, we can transfer money from one bank to another within a few seconds with the option of mobile banking. We can quickly transfer money from one bank account to another by simply installing the online mobile banking app, which will allow you to transfer funds when you successfully register yourself officially with the app.
Mobile banking services are convenient for every customer. You can perform all banking activities over your mobile phone from the comfort of your home.
Generate your banking statement –
Mobile banking services allow customers to request banking statements using an online mobile banking app. You will get your banking statement via your registered mail id within a few minutes of making a request.