Tired of standing in queues in your bank? Try mobile banking through the cell phone or M-banking. This new age technology has already started in US and soon other countries will follow suit.What Is Mobile Banking Through Cell Phone? Simply put, this is another way of transforming your cell phone into ‘pocket banking’. With mobile banking, there is no more need of visiting your bank repeatedly for small things such as balance checking, viewing statements, tracking debit and credit transactions, depositing money and withdrawing funds too. Isn’t it amazing?
Benefits Of Mobile Banking
The advantages are manifold.
- The rates are cheaper. The banks tend to lower the rates in order to make it more appealing and hence, usable.
- It is highly convenient. It is easy to use, that is, user friendly. This factor enables you to do multiple transactions at a time without any glitches.
- Most importantly, it has lesser risks of fraud. This is what we fear about the most. Isn’t it? Mobile banking is considerably more secure because you get the detail of every transaction that takes place- knowingly or unknowingly. For instance, if any amount is withdrawn or your credit card is used, you will be notified instantly. And if you sense some discrepancy in the transaction, you can intimate the concerned bank immediately.
- Very useful in an emergency. At least you do not have to wait for the bank to open so as to withdraw money.
- It helps in paying your bills.
Mobile banking through a cell phone is better than internet banking. This is like “anywhere banking”. You do not need to have a PC or a laptop for banking transactions. It is better than tele-banking too where the companies have to appoint hundreds of employees to tackle customer calls. However, mobile banking depends upon the banking regulation of different countries. As it is still in the development stage, banks have to evaluate the pros and cons before giving their nod to mobile banking. Making the banking experience secure is their utmost priority.
Then, this service can be categorized in two ways- enquiry based (such as account balance enquiry, check book requisitions etc) and transaction based (such as transferring funds or making payments of any sort).
Mobile banking has the potential of becoming more popular with the increased availability of PDA phones (also known as smart phones) because it has larger screens and bigger memory.
In mobile banking through cell phone, your bank travels with you anywhere and anytime!