Mobile Banking: A Financial Tool For The Digital Economy

SMS was the first online banking service to be introduced. When mobile phones became more popular in the late 1990s, SMS was the most widely used format for sending messages, and SMS banking used that format. Before 2010, the most popular mobile banking products were SMS and mobile web. And now, in 2022, only a few tasks require you to visit the bank, as all other services are now available through mobile banking solutions.

Making financial transactions using a mobile device is known as mobile banking (smartphones, tablets, laptops, etc.). Most banks now provide e banking services, allowing you to perform various essential tasks that would otherwise entail a trip to the bank. Mobile banking can range in complexity from a client paying bills or sending money overseas to something as simple as getting fraud or user activity on your phone. 

Mobile banking is very practical in the modern digital era, thanks to the many banks’ impressive apps. Banks have made the tasks so convenient that they were so daunting in the past. People prefer mobile banking because it allows them to deposit checks, make purchases, transfer money to a friend, or ATM locators. 

For what purposes can one use mobile banking apps?

Mobile banking has significant advantages, including the following: 

Mobile banking is not bound to a specific location and is accessible from anywhere at any time

The mobile banking application allows you to make payments, transfer funds, view transaction history, and add beneficiaries.

Instant account opening is easy with mobile banking apps.

You can keep track of your transactions, such as checking your bank passbook, daily transactions, and so on.

Even novice users find mobile banking simple and hassle-free to use.

You can set up customized timed alerts to ensure that payments are always made on time.

With mobile banking, you can use the UPI bank app to recharge phones, book train/flight tickets, and pay utility bills, among other things.

Mobile banking applications send push notifications to ensure users don’t miss out on beneficial financial products, sales and discounts. 

Customer service is available around the clock if you have any concerns or encounter any issues.

What about the mobile banking apps’ security?

Each bank has its own security features in place to ensure that customers have a safe, secure, and trouble-free mobile banking experience. Additional authentications such as OTP, grid-based authentication, and so on may be required to carry out mobile banking transactions. Every transaction involves sending an SMS containing an OTP (One Time Password) to the user, i.e., you, which you must then enter and confirm that the transaction is complete. Banking applications are typically tracked based on transaction volume and customer behaviour. As a result, your bank is well aware of the nature and frequency of transactions taking place on the platform and will take appropriate action if anything out of the ordinary occurs. You also receive fraud and transaction reports that make it easy to catch any suspicious activity.