Mobile Banking
Mobile banking is a system that allows customers of a financial
institution to conduct a number of financial transactions through a
mobile device such as a mobile
phone or personal
digital assistant.
Mobile
banking differs from mobile
payments, which involve the use of a mobile device to pay for goods
or services either at the point
of sale or remotely,[1] analogously
to the use of a debit or credit card to effect an EFTPOS payment.
The
earliest mobile banking services were offered over SMS, a service known as SMS banking. With the
introduction of smart
phones with WAP
support enabling the use of the mobile web in 1999,
the first European banks started to offer mobile banking on this platform to
their customers.
In
today world Mobile Banking is a popular term. Mobile Banking means a financial
transaction conducted by logging on to a bank's website using a cell phone,
such as viewing account balances, making transfers between accounts, or paying
bills. It is a term used for performing balance checks, account transactions,
payments etc. via a mobile device such as a mobile phone. In recent time Mobile
banking is most often performed via SMS or the Mobile Internet but can also use
special programs called clients downloaded to the mobile device.
Mobile
Banking concept
In general term we
can categorized the mobile banking below –
* Mobile Accounting
* Mobile Brokerage
* Mobile Financial
Information Services
Mobile banking can offer services such as the following:
* Mini-statements and
checking of account history
* Alerts on account
activity or passing of set thresholds
* Monitoring of term
deposits
* Access to loan
statements
* Mutual funds /
equity statements
* Insurance policy
management
* Pension plan
management
* Status on cheque,
stop payment on cheque
* Ordering check
books
* Balance checking in
the account
* Recent transactions
* Due date of payment
(functionality for stop, change and deleting of payments)
* PIN provision,
Change of PIN and reminder over the Internet
* Domestic and
international fund transfers
* Mobile recharging
* Commercial payment
processing
* Bill
payment processing
* Peer to Peer
payments
Online banking
Computerized service
that allows a bank's
customers
to get online
with the bank via
telephone
lines to view the status of
their account(s) and transaction
history. It is system
allowing individuals to perform banking activities at home,
via the internet.
It usually also allows them to transfer funds, pay bills,
request check The performance of banking activities via the Internet. Online
banking is also known as "Internet banking" or "Web banking."
A good online bank will offer customers just about every service traditionally
available through a local branch, including accepting deposits (which is done
online or through the mail), paying interest on savings and providing an online
bill payment system.
Online banking is
a service offered by banks that allows account holders to
access their account data via the Internet. In order to take advantage of
online banking, an account holder would need to meet several technological
requirements, such as having a personal computer with Internet access and web
browser. If those conditions are satisfied, online banking can be performed
from anywhere in the world. To minimize the risk of fraud, online banking is
enabled through a secure server, which grants the individual a private access
to his or her bank account. Online banking
is designed to streamline banking chores that otherwise require considerable
time and effort. Thus, online banking facilitates direct access to account
details, enables transfer of funds, allows for multiple bills payments, and
performs an array other transactions. Online banking is available twenty four
hours, seven days a week, regardless of the bank's working hours. Today, most
banks offer online banking services.
The common features fall broadly into several categories
- A bank customer
can perform some non-transactional tasks through online banking, including
-
- viewing
account balances
- viewing
recent transactions
- downloading
bank
statements, for example in PDF format
- viewing
images of paid cheques
- ordering
cheque books
- download
periodic account statements
- Downloading
applications for M-banking, E-banking etc.
- Bank
customers can transact banking tasks through online banking, including -
- Funds transfers
between the customer's linked accounts
- Paying
third parties, including bill
payments (see, e.g., BPAY) and
telegraphic/wire transfers
- Investment
purchase or sale
- Loan
applications and transactions, such as repayments of enrollments
- Register
utility billers and make bill payments
- Financial
institution administration
- Management
of multiple users having varying levels of authority
- Transaction
approval process