Mobile Banking is a service provided by the banking sector for its customers. It is the combination of the banking system, the mobile devices, and the communication types of equipment, which can be accessed by the installation of the respective mobile banking app (SBI, Axis, HDFC, ICICI Mobile Banking Apps, etc.). It facilitates the customer to do several transactions from their mobile phones.
Services of the Mobile Banking
- SMS alerts
- Balance Inquiries
- Mini Statement Enquiry
- Credit/Debit Alerts
- Minimum Balance Alerts
- Utility/Bill payment alerts
- OTP alerts, etc.
Steps to connect to Mobile Banking
- Step 1- Savings/current account holder should get a request from Mobile Banking from the bank
- Step 2 - Bank will check and send a letter with pin code
- Step 3 - Provide the code to get access to the mobile banking app of the account holder.
- Step 4 - Enjoy the benefits and features of Mobile Banking.
Mobile Banking Registration
The different banking system has a different type of registration procedure but usually, the step includes Mobile Banking App installation → activation of Mobile banking by PIN/MPIN → Log in.
How to Use Safe Mobile Banking Services
- Do not share your Secret PIN
- Use Licensed Anti-Virus
- Do not connect your mobile to an unsafe network connection
- Subscribe to SMS alerts
- Do not sign into any third-party websites.
What are the Pros and Cons of Mobile Banking?
Pros-
- Simple and easy to use
- Number of the transaction can be made with the mobile anytime anywhere
- Timesaving
- 24x7 service availability
- Safe and secure transactions
- No need for internet connection as it uses telecom connectivity
Cons-
- Risk of scams
- If the mobile is lost, it would be a risk of loss of sensitive information and the criminals can get access
- Higher Charges applicable
- Old mobile phones do not support Mobile banking
India's Top Mobile Banking Apps & their Services Offered
- State Bank of India - Freedom, SMS Banking
- Union Bank of India - SMS Banking, UMobile
- PNB - SMS Banking, App-Based
- ICICI - iMobile, SMS Banking, M-PESA mRrupee
- HDFC - SMS Banking, App-Based
- Axis Bank - Phone Banking, Internet Banking, SMS Banking.
Conclusion
Mobile Banking is one of the best facilities to do transactions with ease anytime, anywhere, but the comfort and ease come with some risk. This risk can be avoided by following careful steps by not sharing the PIN or any other security details. Also, nowadays the mobile banking has been made very secure with the banking system itself with the security or verification code for safe authentication.