The use of a smartphone or any other cellular device, to perform financial tasks through the internet like monitoring the account balance, transferring funds, bill payments, etc. refers to mobile banking. This is available across mobiles – Androids, iPhones, Windows phones and Blackberry. It is the simplest way to allow users to transfer their funds from one account to another or from one bank to another, in a hassle-free way. E-banking apps are an easy way to connect users directly to the server for completing all banking tasks without using the web browser.
Some of the important features of mobile banking include:
1. Create accounts easily
Previously, opening a new account was only possible at banks. Today, thanks to banking applications, one can complete the entire process at home or anywhere else. Depending on which bank it is, the enrollment process can take 10 or fewer minutes to fill. All one needs is have necessary details and to be able to send photocopies of these documents, as a means of identification.
Once the account has been created, creating a new account will be even more straightforward as all of the information has already been stored in the database. Therefore having and switching from multiple bank accounts is simple, with the help of mobile banking.
2. Electronic bank statements
Bill statements can be annoying as it not only clogs up the mail but also is a waste of paper and end up lying around, becoming incredibly inconvenient. Switching to email statements saves time and space as the emails can be quickly deleted and if a hard copy is required, the bill can be printed out.
3. Automatic bill payments
Most people pay multiple bills every month – telephone, mortgage, loans, utilities, etc. Most mobile banking apps allow all bills to be paid directly, at once, through the app. All that needs to be done, is the accounts need to be synced with your bank account, so there is one less thing to worry about and juggle with every month.
4. Security alerts
One of the best reasons for using e-banking apps is how safe they are. The app sends notifications to the registered phone number, that can be of utmost use when transactions are denied or incomplete, bill payment date is nearing, the bank balance is at a low, account details are changed or if there have been failed attempts to log into your account.
Some of the important features of mobile banking include:
1. Create accounts easily
Previously, opening a new account was only possible at banks. Today, thanks to banking applications, one can complete the entire process at home or anywhere else. Depending on which bank it is, the enrollment process can take 10 or fewer minutes to fill. All one needs is have necessary details and to be able to send photocopies of these documents, as a means of identification.
Once the account has been created, creating a new account will be even more straightforward as all of the information has already been stored in the database. Therefore having and switching from multiple bank accounts is simple, with the help of mobile banking.
2. Electronic bank statements
Bill statements can be annoying as it not only clogs up the mail but also is a waste of paper and end up lying around, becoming incredibly inconvenient. Switching to email statements saves time and space as the emails can be quickly deleted and if a hard copy is required, the bill can be printed out.
3. Automatic bill payments
Most people pay multiple bills every month – telephone, mortgage, loans, utilities, etc. Most mobile banking apps allow all bills to be paid directly, at once, through the app. All that needs to be done, is the accounts need to be synced with your bank account, so there is one less thing to worry about and juggle with every month.
4. Security alerts
One of the best reasons for using e-banking apps is how safe they are. The app sends notifications to the registered phone number, that can be of utmost use when transactions are denied or incomplete, bill payment date is nearing, the bank balance is at a low, account details are changed or if there have been failed attempts to log into your account.
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