In this post, i will educate you on what is mobile banking, how it works, and how it started.
Right now in modern banking, Mobile banking is the fastest way to perform bank transactions like money transfer, bill payment, checking of account balance and number, requesting for a debit or credit card etc. It have really reduced the number of people that gather in the banking hall.
What is Mobile Banking
Mobile banking is the process by which a bank customer or any financial institution can conduct financial transactions on his or her mobile device or smartphone
It uses software, usually called an app, provided by the financial institution for the purpose. It is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted.
Transactions through mobile banking may include obtaining account balances and lists of latest transactions, electronic bill payments, and funds transfers between a customer’s or another’s accounts. Some apps also enable copies of statements to be downloaded and sometimes printed at the customer’s premises; and some banks charge a fee for mailing hardcopies of bank statements.
So let’s how how it started
How it Started (History of Mobile Banking)
The history of mobile banking can be dated back to the first European banks who started to offer mobile banking on this platform to their customers.
Mobile banking before 2010 was most often performed via SMS or the mobile web. Apple’s initial success with iPhone and the rapid growth of phones based on Google’s Android (operating system) have led to increasing use of special mobile apps, downloaded to the mobile device.
A number of things can happen on mobile detection such as redirecting to an app store, redirection to a mobile banking specific website or providing a menu of mobile options for the user to choose from.
How Mobile Banking Works
Right now, you can use it both on Java phone, smartphone or tablet or even any mobile device. Ussd code for mobile banking is for both mobile device or smartphone whilst the bank application is for smartphone cause it makes use of internet. Many banks offer mobile app which you can use for your financial services or transactions.
It provides lots of services to a bank customer like it enable you check your account balance and statements, as well as transfer funds within your accounts in the same bank.
Your platform can also be used to pay for services, especially services that you currently go to bank to pay for. Such services include utility bills (Electricity, Pay TV, Water, etc) and taxes. You can also buy airtime of most networks via banking platform. Services offered by this method of banking are limited compared to internet banking; this is due to the constraint posed by today’s mobile phones.
If you want to start using it today, be it chase, Wells Fargo, bank of america, ibc, Gtbank, diamond bank, first bank mobile banking etc you will first have bank account with the bank.
If it’s the sms ussd code, it is free for all as long you are a bank customer and no registration is required. But the it app requires you log in before you can use it. Every bank has its own way of handling their mobile banking through their mobile app, you can contact your bank customer service for help.
That’s all i have for you on mobile banking, if you have any questions on this topic, we are here to help you.