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Mobile Banking on Your Fingertips
By Billy | April 30, 2010
Mobile banking basically refers to the availability of banking services on one’s mobile phones. This service may be generally classified into two unspecific categories: Mobile payments and mobile information services. Mobile payments include utility bill payments, cash transfers, payments to vendors. Mobile information services include balance updates, transaction updates. These are also at times provided to top customers as separate services, exclusive of mobile banking.
It has been observed that this banking service has been growing at a rapid pace, especially during the last few years.
It is expected to be the next big thing in the banking sector that banks would be increasing this service offered everyday. A few of the services provided by banks under that are: Mini-statements and watching of account story, alarms on account action, access to loan commands, access to card commands, mutual fund / equity statements, insurance & pension account management, status of checks, balance checking in the account, recent dealings, blocking of cards, domestic and international transfers, bill payment actioning, and withdrawal and deposit at banking broker.
Mobile banking truly represents the adage of “Anytime, Anywhere banking”. That said, even this banking is not immune to drawbacks. With an growth in number of mobile banking users, especially those making mobile payments, the expectations keep rising. Mobile banking being relatively new and working in an ever changing arena, banks need to continually updates themselves on the emerging trends and changing needs. Banks providing mobile banking increasingly face problems such as handset compatibility, security of mobile payments, transactions and information updates. With users being from all over the world, mobile banking needs a reliable server and system that’s up and running 24×7. Programs if any need to be up to date, and highly user friendly.
People across all walks of life and from different cultures make mobile payments. Though North America. and Europe are the established players in this banking, emerging markets are now Asian and South American nation. In India, surveys indicate that 43 million urban users use this service in their everyday lives. That’s a reach of 15% in the urban Indian mobile user base. Amazingly, rural areas aren’t very far behind. This service also available in different regional languages and the spread of mobile phones being far and wide, villages and towns also see a growing trend in this section especially in the banking information services.
The author is multi faceted and enjoys a variety of topics including information on Auto body hammers or Clear bowling ball or Electrician tool pouch.
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