Future of Mobile Banking admin Apr,30 2021 What is Mobile banking? Mobile banking refers to an act as a financial transaction from a mobile device, tablet,s, and laptop etc. Using the internet worldwide over the last decade, the banking industry becomes more advanced and secure. Earlier mobile banking was completed primarily through text or SMS, it was known as SMS banking. But with the development of cell phones with iOS or Android operating systems customers were able to download the banking applications on their smartphones. Nowadays online transactions have become so popular and simple, as you can do it from anywhere at any time. You have no need to go bank personally, all you need is a good internet connection and a mobile. Mobile banking service is provided by some financial institutes, especially banks. It has many categorize like: account information access, transactions, investments, and support services. To date banks are using SMS services and apps to keep their customers informed of their account activities and send alerts to their related updates, frauds, and maintenance of services. It allows transactions between different accounts and the payment of bills also. It saves your time, now you have no need to stand in a queue. Mobile Banking Services To date mobile banking becomes an important part of banking services. Banks ensure that they are providing the best mobile banking services to their customers. It is based on the needs of its customers; it provides these services using different systems. Account Balance Enquiry Account Statement Enquiries. Credit/Debit Alerts Bill Payment Alerts. Minimum Balance Alerts. Branch locators. ATM locators. Cheque Status Enquiry. Cheque Book Requests. Fund Transfer between Accounts. Credit/Debit Alerts. Minimum Balance Alerts. Bill Payment Alerts. Bill Payment. Recent Transaction History Requests. Information Requests like Interest Rates/Exchange Rates. Lodging complaint/ tracking applications. Benefits of mobile banking It accessing the bank 24/7 It’s completely paperless Mobile banking helps you to track your finances It provide more security to their customers It is convenient for everyone Pay your bills online Transfer money between accounts View your transaction FUTURE OF MOBILE BANKING As we discussed above, banks are offering various services through mobile banking but this is not the end. In the future, our next generation will experience better in terms of features, benefits, and more secure mobile banking services. No one will use branch banking and will not waste their time to go bank for their queries and services. You can easily access your account via your smartphones. The rising trends in mobile banking are mobile wallets and mobile payments. These services are secure, fast, and convenient with this you can send or accept payments through smartphones. In the future, no one needs to carry cash, cheque, and plastic cards because of this innovation. Apple Pay, Samsung Pay, Android Pay, and PayPal are some examples of mobile wallets. It is considered the future of mobile banking because it offers safety, security, and provides speed to the customers. The security of banking activities is very critical to every payment method. With the help of mobile banking, banks can offer customers a high level of protection against breaches and fraudulent activities. Along with security, mobile banking is also cost-effective. The Banking industry is continuously inspecting new technologies like AI (Artificial Intelligence) in mobile banking. Mobile banking is adapting new features for the future such as Robo-Advisors, voice payments, and card control, etc. It will more helpful for you in the future.
