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Broadly speaking, there are three ways to access mobile banking:
Mobile application, also known as Mobile App
Through USSD (Unstructured Supplementary Service Data)
Presently, mobile apps are among the most popular ways to take full advantage of mobile banking. In this case, the bank provides a dedicated mobile app to its customers with all the necessary features and services already embedded on the platform. Using the bank’s mobile apps, you can:
Check your balances
Make payments and transfer funds between/from linked accounts
Block your debit/credit cards immediately in case of thefts
Get mini statements, loan statements, and card statements
Set alerts on account activity
Make requests for checkbooks and debit/credit cards
You can also check your investment portfolio, if applicable, and monitor your fixed deposits, mutual funds, and access to other investment services. So, needless to say, mobile apps are highly versatile when it comes to mobile banking.
With SMS banking, the services are far more restricted. The idea here is to register your number with the bank for SMS banking. Post this, you inquire about your account information by sending an SMS to the bank’s designated number and, in turn, you will receive a reply from the bank answering your query.
SMS banking is suitable for those customers who do not own a smartphone or have access to the internet.
You can use SMS banking to check your account balance, obtain mini-statement, and perform other similar activities. You cannot transfer funds or carry out any financial transactions here; it simply serves as a mean for you to check your account details.
USSD banking is quite similar to SMS banking. Once again, it can be used by customers without a smartphone or an internet connection. Instead of sending an SMS to the bank, you make use of USSD codes provided by the bank to access the services. Once you enter the code and hit the dial button, you will receive a menu where you can check your account information, mini-statement, etc.
Pros of Mobile Banking
Banking at your fingertips: You can access your account details and perform basic transactions from your mobile phone, anytime, any day. No matter where you are in the world, as long as you have a smartphone and internet, you can monitor your finances with ease.
Dedicated Customer Service: You can get in touch with your bank easily, thanks to mobile banking. Whether you are facing problems related to funds transfer or need to block your card immediately, you can approach the bank’s customer support team in seconds and they will address your issue.
Cons of Mobile Banking
Mobile banking is limited in its functionality. It allows the user to transfer funds, pay bills, check account details, set PIN code, block your card, and all the other basic functions. In other words, it serves as a convenient option to perform day to day transactions without any hassles. To do so, all you need is the bank’s mobile application or the mobile version of the bank’s website on your smartphone.
Mobile banking has truly transformed the way we perform bank transactions online. To make the most of it, all you need is a new-age smartphone, a strong password, and a reliable internet connection. Of course, make sure to work with a reputed bank known for its customer service and financial services.
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