Mobile banking is the latest phenomenon taking the financial world by storm. So what is mobile banking and why is it gaining prominence at such a rapid rate? These are some of the questions that this article seeks to answer.
Mobile banking or m-banking is the availability of banking services and transactions on your handheld device. With mobile technology having evolved to the use of 3G technologies, financial institutions are gearing themselves to tap in to the wide pool of mobile phone owners. Just like the internet provided the setting for the development of electronic banking and electronic commerce; the introduction of 3G technology has made it possible to transfer large data, using handheld devices like mobile phones hence this has lead to the growth of mobile banking and mobile commerce. And indeed mobile banking and mobile commerce can be viewed as next level e-banking.
Services offered by mobile banking can be generalized into three broad categories. These categories are: Mobile Brokerage, Mobile Accounting and Mobile Financial Information Services. Although mobile financial information services are not transaction-based, there are none the less very essential for carrying out transactions. Examples of the mobile financial information services include balance inquiries, alerts on account activity, and access to various statements including loan and card statements, among others.
Through the use of mobile technology and the application of mobile banking things like monitoring account information, making payments and funds transfer, stock market transactions and access to customized information will be brought right where you are within the wireless civilization.