Article Directory

Mobile Banking: Features and Benefits

Posted on May 24th, 2019

With the digital revolution, banking has completely transformed from being branch based to transitioning online. After the introduction of internet banking, several transactions can now be done easily online without any need to visit the bank branch.

But with the explosion of smartphones in the country and the development of mobile applications, banking has evolved to mobile banking. This has brought a whole range of banking transactions at the fingertips of smartphone users.

Mobile banking can be defined as banking using a smartphone application. Most banks have fully functional and optimized mobile banking applications that provide a whole range of services to their customers.

Some of the common facilities and services available in Indian mobile banking are:

  • Account summary
  • Account statement
  • Fund transfers using NEFT, RTGS, IMPS, UPI
  • Bill payments
  • Opening or liquidating fixed and recurring deposits
  • Making investments in products offered by the banks
  • Requesting cheque books
  • Cancelling or hotlisting debit or credit cards
  • E-passbook

Features of mobile banking:

  1. Mobile banking provides services and facilities provided in the bank branch. It is a condensed version of internet banking.
  1. Transactions are done using the official mobile app offered by the bank. In android smartphones, these apps are available on the Google Play Store and on iPhones, they are available on the App Store.
  1. Accessing your account requires a login and authentication which makes transactions secure.
  1. This app can be accessed 24x7 providing convenience to the users. Having a bank at their fingertips is changing the way Indians bank.
  2. Mobile banking also includes SMS banking where alerts about deposits and debits from the account are sent on the registered mobile number of the customer.
  1. Another type of mobile banking is that over USSD where a number has to be dialed to find out the account balance. However, with the proliferation of smartphone applications, USSD based banking is slowly seeing a decline.

Benefits of mobile banking:

  1. Mobile banking is extremely convenient. Internet banking presupposes the availability of a laptop or personal computing system along with a stable working internet connection. Mobile banking has made banking completely mobile, allowing customers to use their apps from remote locations.
  1. Indian mobile banking is secure. This app requires a login to use the services. In addition, banks often prompt users to change their login every few months. Some banks require an OTP based authentication when transactions not usual to the account are done, such as fund transfers or online payments.
  1. Using a mobile banking app is extremely simple. These apps have simple layouts with user friendly interfaces. Some banks have guides and tutorial videos on how to use these apps. That provides additional support to their customers.
  1. When you use any of the services on mobile banking, they are instantly reflected in the bank account. For example, if a fixed deposit is opened, then it is immediately booked and reflected in the accounts. Fund transfers operate just like internet banking i.e NEFT transactions are settled in batches and RTGS happens instantly. Even IMPS and UPI are instantly debited from the mobile banking account.f

Trending Articles

Most Popular Wireless Hacking Tools

Posted on December 12th, 2018Introduction of Wireless Hacking ToolsInternet is now the fundamental need of our daily life. With the increasing use of smartphones, most of the matters at the moment are on line.Every time we ought to do something, we just use our cellphone or computer. This is the cause wireless hotspots may be discovered anywhere.People also use WiFi of their home community to attach all gadgets. Every character can see the neighborhood WiFI Networks inside the machine, and they... Read More

The Coronavirus spreads across the United States, killing over 100

The Coronavirus is spreading rapidly in the United States, which has been engulfed by all states and the total number of cases has exceeded 6,000. The outbreak of the Coronavirus from China has engulfed 166 countries around the world, bringing the total number of victims to 98,543, out of which more than 82,000 have been cured and 7988 have been killed. According to US media, the Coronavirus has spread to all states and the number has risen to 6,515 after 104 new cases... Read More

Great news for Mobile Customers

In this Emergency Solutions, the telecom companies operating in the country have taken various steps to ensure that the users of these services will not face any problem but can be facilitated. Learn about some of the services these companies are providing to mobile phone users during this difficult time. Telenor The company is providing a free WhatsApp facility for locals in the provinces to connect with their loved ones due to lockdown in the provinces. It... Read More

What is Hantavirus Pulmonary Syndrome?

Hantavirus infection was noted in Japan in the mid-1970s when a series of patients with unknown fever occurred among rat handlers at medical animal experimental facilities in various locations, and the etiology was unknown at that time. (The outbreak continued until 1984, a total of 127 cases, one of which died). Earlier, in the 1960s, an unknown fever was reported in a poorly lived area in Umeda, Osaka (two of 119 cases died). Before the war, there was an epidemic in the Amur River... Read More


Far from the warm heat and glorious light of our sun, there is a dark and distant area inhabited by a frozen icy body well hidden from the curious observer’s pr cordy eyes. Indeed, astronomers have just begun exploring this strange area of ​​everlasting dusk, far away and not easily accessible to its many fascinating and bewitching secrets. This distant area at the outer limits of our solar system is called the Kuiper Belt, and the icy dwarf planet Pl and its... Read More