Site Loader
Rock Street, San Francisco

Banking is a service provided by financial institution or a bank which enables
the customers to conduct financial transactions by using a mobile phone or a
tablet. It allows the customers to virtually access all the services which a
bank provides. By downloading the mobile banking application provided by your
bank, you can perform all banking transactions.


            India has the third largest smartphone
user base. The smartphones  and tablets
have become an integral part of the daily life of upper class and middle class
sections of the society. Recognizing the trend, different service providers now
offer their services which the customers  can use on their  smartphones.  These days, every bank provides mobile banking
services so that the customers can avail the services of bank through an
application on the phone. Therefore, mobile banking is a smart way of banking
for customers  who use smartphones

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!

order now


            Mobile banking is usually available
on a 24-hour basis. Transactions through mobile banking may include obtaining
account balances and lists of latest transactions, electronic bill payments,
fund transfers  between a customer’s or
another’s accounts. Some apps also enable copies of statements to be downloaded
and printed at customer’s place while some banks charge fee for sending hard
copies of bank statements. For withdrawal and deposits of cash, the customer
has to visit a bank or ATM.


Banking Application


Mobile Banking
application is an instrument which enables us to carry a number of banking
transactions and avail banking services on a smartphone. Checking account
statements, transferring funds or making payments can be performed on a mobile

The facilities
available on mobile banking are:

account balance




book request

on mobile


In addition,  if a customer opts  for SMS alerts,  he will be updated instantly about his
balance, upcoming bill payments and any other transaction so that he is
constantly aware of what is happening in his account.


of Mobile Banking


·       Less Cost: Mobile Banking is less expensive as
compared to other modes of banking. There are various types of charges imposed
by banks when we use other modes like ATM facilty, but through mobile banking
there are very less or no charges levied by the banks.


·       Easy Accessibility: Mobile Banking
provides the customers anytime and anywhere banking with the help of mobile
telecommunication services. This facility is easy accessible by the internet
users. It also saves a lot of time.

·       Security: Mobile banking is very safe and secure
with the help of mobile pin. The users of mobile banking are secured by pin
number which was firstly issued by bank but it can be changed many numbers of
times as per the needs of customers. The transactions through mobile banking
can be easily operated by the customers and the records are safe in the account


·       Speed: The customers can perform their banking
transactions in fractions of seconds by using 3G and 4G services. The mobile
banking is done at a very high speed as compared to the other modes of banking.


·       Universally Accepted: Mobile Banking
is universally accepted by each bank. The customers can operate their bank
account anywhere in the country with mobile internet.


·       Account statement: 
get the account details immediately, we use online and mobile banking. Mobile
banking provides us immediate effect of banking transactions on our mobiles
with SMS and mini statements.


·       Increasing customers: Mobile banking
helps the banks to increase their customers. The frequency of mobile users is
increasing day by day but the frequency of bank account holders is very less.
So, mobile banking is a new technological platform to the banks to increase the


·       Economic Development: The mobile
banking brings awareness among the people to perform banking transactions at a
very high speed. So, the people open their accounts in banks to avail these
services, which leads to economic development of the country.



of Mobile Banking


·       Mobile Banking Over WAP: Mobile banking
over Wireless Application Protocol is a service which allows us to access our
bank account details and transact over the internet through a mobile banking


·       Mobile Banking Over SMS: With mobile
banking via SMS we donot require to download any application. SMS services are
available on all phones whether java or non-java, with or without GPRS connectivity.
To get updates on our account we are required to send a text message to a
specified number and receive instant replies as per request.


·       Mobile Banking over USSD: As majority of
mobile users in rural India do not have same access to banking facilities as
their counterparts in urbanized pockets, a convenient form of mobile banking
based on unstructured supplementary service data(USSD) was introduced targeting
the rural areas. The services of mobile banking via USSD can be enjoyed by any
individual with any mobile phone, with or without a GPRS connection. Mobile
banking over USSD is based on real time interaction between customer and the



the Mobile Banking Service Free of Cost?


Mobile Banking services
 are generally provided free of cost to
the customers. While the app itself does not cost you anything, but the
respective telecom partners may charge for the data services. There are
attractive low monthly plans to choose from the different telecom mobile
service providers. SMS alerts on our mobile may also be chargeable.


of Mobile Banking


·       Access your bank
accounts and the associated services anytime anywhere around the globe.

·       Transfer funds
between multiple accounts via mobile banking easily. Authenticate a transaction
and transfer funds with no time.

·       Pay your utility
bills using your mobile banking app. You need not wait in queues to pay your

·       Purchase goods
over the mobile phones and pay with simple electronic payments via mobile
banking application.

·       View your
accounts and credit/debit card details and statements  via the mobile banking application

·       Request for
loans, cheque books, demand drafts using mobile banking

·       Get instant SMS
alert on every transaction made via your bank account.


in Mobile Banking


·       Customer Awareness: Due to lack of
knowledge and awareness about mobile banking, there leads to distrust in mobile
banking services and further leads to risk and security problems.

·       Security issues and privacy: The security of
mobile banking services is a big challenge. For security purpose PIN or
PASSWORD is used which may be stolen by the attacker or unauthorized user if
the mobile is lost or stolen.

·       Authentication issues: In mobile
banking , there is authentication risk at the login time or when  we access our account through mobile system
because in mobile banking for the authentication PINS numbers  are used but this is an old method and have
many security issues such as passwords and id theft.




As mobile phone
technology is a growing technology in banking, finance and commerce sector by
which we can save our time and can access our account and information of our
account anywhere and anytime and it also keeps us alert with our account
transactions and other necessary information. The security issues are being
solved by providing OTP ( one time password) method by the service providers to
the customers.

Post Author: admin


I'm Eunice!

Would you like to get a custom essay? How about receiving a customized one?

Check it out