- Mobile banking is a service offered by banks, NBFCs, and other financial institutions to carry out financial transactions remotely using the mobile phone. Financial institutions have their own mobile application which can be downloaded by the user and log in using the credentials. Mobile banking has become very popular among the younger generation who use digital banking predominantly over visiting the nearby branch.
- Mobile banking allows the users to transfer funds, access account information, download account statements, pay loan EMIs and credit card bills, and apply for credit offered by the respective financial institution. Recently, some of the banks allow new users to open a savings account or a fixed deposit account without having to visit the bank.
- Mobile banking is a convenient way for customers to carry out their financial activities using their mobile phones from wherever they are. Similarly, for banks, it is an opportunity to attract more customers, and also it reduces their working hours and manpower to provide banking services to the masses.
- Although the banks ensure the security of using mobile banking, the customers must be aware of the online frauds. Following all the precautionary measures will ensure safe and secure banking for the customers.
Additional Reading: All Mobile Banking Services