What Are The Features Of Mobile Banking?

With the world moving so fast, everybody is always on the move. But, the urgency of conducting financial transactions can come up at any point which may completely disrupt an individual’s plan for the day, as they will have to visit the bank for conducting the financial transactions. However, this is a story of the past, with the advancement and latest in technologies, an individual can conduct all of their financial transactions through mobile banking. Mobile banking is a convenient way of conducting financial transactions without any problems.

 There are some features of mobile banking apps that make the process of banking through mobile phones easy and convenient for customers. Some of the features of mobile banking are listed below:

1. One of the most significant benefits of mobile banking is that an individual can access the features of mobile banking at any time. There is no need for an individual to go to a bank or an ATM and wait for the bank to open to check their account balance, transfer money, pay the bills or even see the account statement. An individual can conduct all of their banking transactions through mobile banking. Fund transfer transactions may complete when the bank is open, but an individual can check the account balance or get account statement irrespective of time or day. 

2. A financial institution understands that all of their customers do not have access to the internet, and this is why they offer mobile banking services to their customers over SMS and USSD. An individual who owns smartphones and has access to the internet can download and use the financial institutions mobile banking app, and others can use the mobile banking SMS and USSD services. A customer should use the right SMS format for availing the SMS banking service and the right prefix for USSD services. 

3. A customer’s bank account and the set of personal information that they have provided will remain totally safe if they use mobile banking. A bank provides the individual with a set of login credentials that they can use for signing into their account and carrying out the transactions. The login credentials are provided to the individuals securely and since they are the only one who knows the login ID and password, their account is always safe. A lot of banks allow an individual to enable two-step verification, where they can only carry out the banking transactions. If an individual enters the One-time passwords sent to their registered mobile number. 

A common misconception that individuals have is that if they want to avail the mobile banking services, it will cost them a lot. However, it is the contrary, mobile banking services are provided for free by the financial institutions. An individual will not need to pay any type of extra charges for registering to mobile banking, unlike ATM transactions where they will get a limited number of free transactions, an individual can check the account statements, balance or pay their bills as many times as they want.