Mobile banking is a service provided by a bank or financial institution that allows its customers to conduct financial transactions. Unlike the related internet banking it uses software, usually called an app. It is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts accessed through this. As well as a limit on the amount that transacted. It is dependent on the availability of an internet or data connection to the mobile device.
Transactions through this depend on the features of the this app. And provided and typically includes obtaining account balances and lists of latest transactions. Such as electronic bill payments, remote check deposits, P2P payments, and funds transfers between a customer’s or another accounts. Some apps also enable copies of statements to be downloaded and sometimes printed at the customer’s premises. Using a this app increases ease of use, speed, flexibility. And Also also improves security because it integrates with the user built-in mobile device security mechanisms. It too helps in e-commerce.
From the bank’s point of view, mobile banking reduces the cost of handling transactions. Hence, by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions. Mobile banking does not handle transactions involving cash.Therefore, a customer needs to visit an ATM or bank branch for cash withdrawals or deposit. Many apps now have a remote deposit option; using the device’s camera to digitally transmit cheques to their financial institution.
Mobile Banking Services
Typical mobile banking services may include:
Account Information
- Mini-statements and checking of account history
- Alerts on account activity or passing of set thresholds
- Monitoring of term deposits
- Similarly,Access to loan and card statements
- Also, Insurance policy management
Transaction
- Fund transfer
- Bill payment
Investments
- Portfolio management services
- In addition,real-time stock
A report by the US Federal Reserve (March 2012) found that 21 percent of mobile phone owners had used mobile banking. In past 12 months. Now, it’s rate is increasing day by day in Nepal too. Due to its easy facilities.
