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Get Mobile Banking It is Quicker Easier and Convenient

The latest advantage with Informational technology has been mobile banking. Some time back, banks offered Internet banking facility for a customer to operate bank accounts on the net, with a User ID, Login Password and Transaction Password.

Now, smartphones having come to operation, with encryption of special application software, all the banks have chosen to offer the benefits of mobile banking to every customer, after one time registration formalities.

Mobile banking facility

The mobile banking is the exact anytime anywhere banking that the banks are propagating since the arrival of IT genre. The benefits of mobile banking include both for financial transactions and non-financial transactions. The typical financial transaction can be transfer of funds from one’s account in the bank to another account either within the bank or through NEFT transaction to some other bank. Likewise, the non-financial transaction may include Cheque book requisition or the Balance enquiry on an account.

Generally, the mobile banking enables a bank customer to do financial transactions such as

  • Fund transfers, both domestic and international
  • Regular bill payments  towards telephones, electricity, property tax etc
  • Buying travel tickets , Movie tickets etc
  • Teleshopping payments, Online shopping
  • Investments,  Fixed deposit opening
  • Stock trading, Quoting business tenders involving  earnest money deposits

Likewise, non-financial transactions which are related to Account information may include

  • Obtaining Mini-statements , checking of account history etc
  • Getting Alerts on debits and credits on an account
  • Monitoring maturity and reinvestment of  term deposits
  • Access to loan balances, card usage etc
  • Cheque status enquiry
  • Accessing Mutual funds and other investment status
  • Monitoring Insurance Policies
  • Obtaining any other support related information.

How mobile banking operates?

The mobile number registered with a particular account will be unique and with that Mobile number only banking transaction would be possible. However, some banks allow five or more accounts to be attached to a single Mobile number, taking Security aspects through different methods.

For one to avail the benefits of mobile banking, a bank customer must have a Mobile handset which is Compatible with special applications like Java ME etc supporting the service. The banks facilitate downloading these applications and also the Mobile banking application specific to the bank.

The customer is required to make registration of the Mobile number, subscribing one’s signature in the proper form at the branch of bank. Some banks offer the facility to the customer to use an ATM to register for Mobile banking.

In short, Mobile banking is quicker, easier and the most convenient form of doing banking transactions.

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