Mobile banking is a mode of banking using mobile devices such as mobile phones or personal digital assistant (PDA). Mobile devices can be used for actions such as balance checks, account transactions, payments, credit applications and other banking transactions.
Initially, mobile banking services were performed using SMS services. With the upsurge of smart phones and incorporation of WAP support into mobile devices in 1999, mobile banking attained a new height. One of the European banks was the first to offer services from the mobile web. The application developers are burning the midnight oil to develop easy access point from mobile devices to enjoy banking easily and safely. Apple application developers and Android developers have successfully developed apps for different banks. Users can download apps and keep track on their bank account on-the-go.
Mobile banking has become a fairly accepted method of banking among technically oriented masses that are packed in tight schedule. It may be surprising data but a fact that 43 million urban Indians found accessing banking services through their mobile devices during 2009, which is 15% of urban Indian mobile phone user. The trend indicates that mobile banking will create a bang in India. Checking account balance status is most popular banking service used by e-populations.
Banking Services that can be availed on mobile devices:
Customers can avail below mentioned account information if the bank has activated the services
Checking Mini-statements and account history
Alerts on account activity
Term deposits monitoring
Access to loan statements
Access to card statements
Mutual funds/ equity statements
Insurance policy management
Pension plan management
Cheque books order
Due date of payment
Blocking of lost/ stolen cards
Following payments, deposits, withdrawals, and transfers can be done with Mobile Banking:
Transfers of domestic and international fund
Handling of micro-payment
Withdrawal at banking agent
Deposit at banking agent