What is mobile banking? What are its features

The act of making financial transactions on a mobile device like mobile phones, tablet, etc When you undertake any kind any transaction like paying your bill or transfer rent to the house owner by using bank to bank money transfer app, it is mobile banking. The biggest advantage of such banking is that you can operate it from anywhere and there is no fixed duration of time, it can be done 24x7. Here we are listing down five important features of mobile banking that you must know:

1. Ease of access

As we have seen in the introduction that mobile banking is easily accessible. You don’t need to visit the bank to carry out the financial activities. All you need is a high-speed internet and a smartphone. A person with a basic knowledge of a smartphone can operate the interface and transfer funds with few taps.

2. See balance without updating passbook

You are no longer required to visit the bank and wait to print your passbook to see the remaining balance in your account. With the online money transfer app, you can go to the website straight away and view the balance in your account. In fact, you can see the whole transaction history on your phone. This way, you save a lot of paper and time.

3. Secure banking

You need to make a login id for secure access to the mobile banking app. Secure login is one of the prime advantages of an online money transfer app because it provides security and keeps your confidential data secure. You have to create a unique user-id and password to access your account. You are provided with a safe gateway to log in securely and any mistake while entering the password will lock your account. These are the safety features of mobile banking which makes it a popular platform. 

4. Round the clock availability

The banks have fixed timings under which they operate. They are closed on weekends and public holidays. You cannot do any financial transactions early in the morning or late in the evening and worst is standing in long queues to wait for your turn. These are the things of the past after the introduction of mobile banking because you can undertake all activities 24x7. You have to no longer stand in the queue or wait for the bank to start its operations.

5.  Stay updated

The online money transfer app keeps you updated by delivering promotional notifications and alerts. It notifies you when transactions are completed or denied. These notifications help you in monitoring your financial history and give you immediate alert after each transaction.