Mobile banking has become the fastest growing segment of the banking industry. This segment is not only increasing efficiency of the banking systems, but also has made the banking experience hassle-free and more convenient for the customers. According to a survey, 12 million people were using mobile banking services in 2009. With the increasing usage of mobile banking, the number of people availing these services is expected to rise to 45 million by the end of 2014.
The main advantage of mobile banking is ease and convenience. Mobile technology has made fund transfers, investment in stock markets and many other financial tasks easier than they were ever before. It has also enabled you to receive daily updates of stock prices, information about debits and credits to your account, and a whole lot of other information on your mobile phone. High end mobile phones let you do even more banking transactions and processes.
Gamut of Services
Mobile banking offers a wide variety of services. Services range from live updates on your bank account to allowing you to make purchases through your mobile phone. You are alerted immediately about any transactions in your bank accounts, giving you an added sense of security and peace of mind. You can even make purchases through your mobile phone, which is a great convenience because you do not have to carry a lot of cash or worry about your debit and credit cards. Banks have tied up with telecom companies to even let people recharge their accounts with a simple text message.
Easy Bill Payment and Account Transfers
Mobile banking facilitates bill payments, deposits, withdrawals and transfers. With mobile banking, bill payments are just a text message away; no longer do you now have to stand in long queues to pay bills. Every household has to pay at least three bills on a monthly basis including electricity, telephone and water. Mobile banking lets you pay these bills through your mobile phone without getting out of your house, saving you commuting expenses. You can easily transfer funds from your bank account to the accounts of your friends, relatives or family members through this mode of banking.
Low transactional costs and time saving conveniences of mobile banking are the major driving factors for the technology’s adoption. Sending text messages to the network provider helps the subscriber make a transaction in just a few minutes. The messages are forwarded to the subscriber’s bank requesting the processing of the transaction. Once the transaction is complete, the customer is intimated through a message alert.