Mobile banking, one of the best forms of banking services that every bank customer should enroll or be using, especially this year in 2020. Right now, we have hundreds of thousands of banks in the world, and they all have mobile banking.
You don’t have to say that your bank doesn’t have it, but rather you are not informed about it.
You’re one of the reasons why I came up with this post, to help you to know and understand the benefits and the reason why mobile banking is important to our lives.
Before going to the benefits or features plus others, is good to know the mobile banking definition or its meaning.
Mobile Banking Definition
This is a financial service, offered by banks and other financial institutions to their customers, which allows the customers to conduct financial transactions through their mobile phones.
When you hear m banking, know that it can be used Java, android, or an ios smartphone, with or without the need for the internet.
M-banking as you may also call it can be done online and offline. To do this online, it will require your bank mobile app, while offline is just your mobile and no internet connection needed.
Mobile banking is usually available on a 24-hour basis.
Some financial institutions have restrictions on which accounts may be accessed through this type of banking, as well as a limit on the amount that can be transacted.
Being 24/7 available to bank customer is what makes m banking to be more enjoyable. Seriously, you can call it to bank on the go and that is what it is.
So having known the mobile banking definition, let’s see the features and benefits.
Mobile Banking Features/Benefits
This may differ from bank to bank, that is banks have their own different features and benefits of the banking, but below are the general features and the benefits.
Easy Checking of Account
Easy checking of account information is one major feature of this type of banking, as it is a bank on the go.
You can’t imagine going to the bank, atm, or calling the bank customer care representative just to inquire about your account balance or request for a statement of account.
This can be really stressful especially if there’s a crowd in the bank customer service care at that time.
All these are made easy through the use of mobile banking. Below are some of the things it can help you with based on account information.
- Request for statements and checking of account history
- Checking of account balances and number in the case you forgot it
- Alerts on account activity or the passing of set thresholds
- Monitoring of term deposits
- Ability to access to loan statements
- Access to card statements
- Mutual funds/equity statements
- Insurance policy management
Another huge mobile banking feature and benefit is the ability to transfer money from your bank account to another account anywhere anytime.
Before, is all about going to the bank, queuing up just to deposit money to another bank customer.
With the m banking, you can transfer the money from your account to the receivers account in your house, office, school, work shop, etc.
This feature is really helping the businessmen and women for easy money transactions and also for their business.
For example, here in Nigeria, you can transfer up to 3000000 nairas from your account to another account right inside your house or office. But you must have a token ID to able to transfer such amount of money.
Another feature is that you can pay your bills on your mobile phone offline, be it an electricity bill or any other utility bill payment. The money transactions features include the below:
- Funds transfers between the customer’s linked accounts
- Paying third parties, including bill payments and third-party fund transfers
- Check Remote Deposit
Other mobile banking features include;
- Status of requests for credit, including mortgage approval, and insurance coverage
- Create a new bank account on your mobile phone
- Buy airtime or internet data bundle from your bank account any day and any time(24/7 available)
- Request for a credit or debit card
- Check (cheque) book and card requests
- Exchange of data messages and email, including complaint submission and tracking
- Find the nearest ATM Location
- Real-time stock
- 24/7 available for your bank services
With the features and benefits, I don’t see the reason why you are not using them banking today.
So how can you start, you can do that by going to Google search and type the name of your bank and mobile banking.
For example Guaranty Trust Bank mobile banking, Nedbank mobile banking, etc.
You will see your bank official page for it, open the page, and read the content. Check if they offer the online or offline type of m banking or maybe both of them.
Note that the online type requires a mobile app that you have to register before using it, and the offline type is a user code.
For example, you will type *737# for gtbank, *966# for zenith, *426# diamond Bank, *894# the first bank, etc.
This is a typical offline type of mobile banking, no internet required at all. Only have a mobile network connection and you’re good to go.
We also have the advantages and the disadvantages of mobile banking, I’ve listed some below.
Mobile Banking Advantages
1. 24/7 available to use.
2. Can be used on any type of mobile device, be it Java, android, ios or windows mobile.
3. It Allows bank customers to have their financial accounts on their fingertips.
Mobile banking Disadvantages
1. It can be assessed by a third party who knows your pin number(password)
2. Will not work if there’s no internet connection(mobile app)
3. Will not work if there’s no network connection on your mobile phone(Offline type)
4. Frequent bank charges if you use it more often especially checking of account balances, money transfer, etc.
Though this differs from country to country and bank to bank. Some banks pegged a fee on money transfer, account checking, etc, while some banks don’t.
It is recommended that you read your bank FAQs before using their mobile banking, it will help you to understand how to use it.
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And that is all I’ve to say on mobile banking, so what are you waiting for, start using it today for your easy banking service.