Mobile Banking (also known as M-Banking or mBanking) is a term used for performing transactions, payments etc. via a mobile device such as a mobile phone. Mobile Banking is normally accessed via SMS or the Mobile Internet.
Mobile Banking consists of three inter-related applications:Mobile Accounting Mobile Brokerage Mobile Financial Information Services Most services in
Accounting and Brokerage are transaction based. The non-transaction based services of informational nature are however imperative for conducting transactions. For instance, balance inquiries might be needed before committing a money remittance.
The accounting and brokerage services are therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module.
Mobile Banking Services
Mobile banking can offer the following services:Account InformationMini-statements and Checking account history Term deposits Loans statement Cards statement Mutual Funds / Equity statement Insurance policy Pension planPayments & TransfersDomestic and international fund transfers Micro-payments Mobile re-charge Commercial payments Bill payment
InvestmentsPortfolio Management Services Real-time stock quotes Personalized alerts and notifications on security prices
SupportStatus of origination of Mortgage, Insurance Check book request Exchange data message and email / Complaints
Content ServicesGeneral information such as Weather updates, News Loyalty related offers Location dependent services Based on survey conducted by Forrester, mobile banking will be attractive mainly to the younger, more tech-savvy customer segment.
A third of mobile phone users say that they may consider performing some kind of financial transaction through their mobile phone. But most of the users are interested in performing basic transactions such as querying for account balance and making bill payment.
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