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Mobile Banking

Mobile Banking has recently been introduced and has been successful due to the ease of use and convenience. Mobile Banking is when a person can use his/her mobile phone to perform financial transactions.

The branchless banking network is based on banking agents. The banking agents are generally shops and postal outlets. The quality of service, cash management, and customer care will all be dependent upon the agents and the bank.

Making banking transactions is an easy task which does not require any special device. All one needs is a regular cell phone which is able to receive and send texts. Consumers can easily make transactions through their phones and can use the various mobile services provided by the financial institutions.

All mobile banking services are perfectly secure. The financial institutions have protected networks, where the transactions are kept safe and are handled meticulously. However, all consumers are required to take care of their passwords at all times, just as they would with their banking accounts.

Benefits of Mobile Banking

Mobile banking has many advantages. Some benefits of mobile banking include:

  • Easy to use
  • SMS is a common messaging tool amongst clients
  • Relatively affordable for its consumers
  • Allows the clients to get real-time information about their accounts and transactions
  • 24 hour service
  • Physical visit to the bank is not required
  • Mobile banking is especially beneficial to the rural populace since it provides them with the
  • ease of banking without traveling to branches and it also provides services at a lesser rate.

Mobile Banking Services

Types of transactions vary from one service provider to the other. These transactions can involve anything from:

  • Text alerts
  • Checking your account balance
  • Bills payment
  • Transfer of money
  • Buy prepaid mobile vouchers
  • Make donations