Performing money transfers on a mobile device is known as mobile banking. This activity can range from a bank transmitting fraud or usage activities to a client’s cell phone to a client paying bills or moving money internationally. The ability to bank from anywhere and at any time is one of the benefits of mobile banking. In comparison to banking in person or on a computer, security issues and a limited range of capabilities are disadvantages.
The many kinds of mobile banking can be classified according to how a financial institution communicates with consumers and provides them with access to its services. The majority of bank technology applications work with smartphones such as the iPhone and Blackberry. Text messaging, web browsers and smartphone applications are the three most extensively used kinds of mobile banking technologies.
Texting may be the primary choice for customers who want to use mobile banking but don’t have access to a smartphone. Text messages are used by banks to provide consumer alerts. Financial statements, sent payments, direct transfers, and a variety of other account activities can all be monitored using these alerts. Some banks offer these notifications for free via their online banking services, while others charge a fee in addition to the texting fees levied by customers’ cell phone carriers.
In place of e-mail or sending the message via a website’s contact centre, certain texting may be used to connect with bank officials. Bank users will be able to contribute payments from their bank deposits by texting specific codes or instructions. These funds are donated to charitable organisations or causes by which the bank has a long-standing relationship.
The mobile web browser is the second form of mobile banking technology. Individuals using web-enabled cell phones can view a modified form of the bank’s online website. The portal provides full account access, allowing users to monitor activities, request account transfers, and make payments. Accessing online banking from a mobile phone normally does not result in a penalty from the bank, however, the user’s wireless carrier will almost certainly charge him for data usage.
The emergence of smartphone banking apps is one of the most intriguing aspects of mobile banking technology. These provide users with one-click access to a variety of account functions. Customers have complete access to their accounts via a mobile phone application, which works similarly to web browser technology. Some banks and payment systems allow customers to snap a photograph of a check and deposit it using their phones as a virtual ATM.
Account transfers, bill payments, and activity tracking are some of the more common services. Customers can use these services to make financial transactions regardless if they are not in front of a computer. They can keep an eye out for fraudulent activities and alert bank workers immediately if there is a problem.
For more information on mobile internet banking in Malaysia, click here.