Mobile phones are no longer a communication device, but can be used for several other purposes including executing business operations. After internet banking, it has added another dimension to banking by enabling any kind of banking transactions like payments, balance inquiry and transfer of funds, just by using your mobile phone. Banking transactions over the mobile phone are usually performed either by sending a SMS to the bank or by using mobile internet. When you send a SMS requesting a financial transaction, it travels to the SMS center of your cellular service provider and from there it goes to the bank's system. Then, you receive the response that is sent by the bank via the service provider, all within a few seconds.Mobile Banking Services
Nowadays, banks have come up with a range of mobile banking services for reducing their cost of operation and providing more easily accessible and faster services to you. You can use your mobile banking facilities to inquire about the updates of your balance, statement request, details of the last few transactions and management of pension and insurance policy. In addition to these, you can request the bank to activate alerts, if a threshold limit is crossed, or to set a minimum balance alert. Mobile banking has also made fund transfer, both national and international, quite simple and fast.
You can order or request a check book and card, and pay bills with the help of mobile banking. It can also give you the facility of carrying out cash deposition and withdrawals. Some other services of mobile banking include portfolio management services, personalized alerts, notifications on security prices, mobile recharging, monitoring of term deposits, etc. You can also receive online updates of stock prices and even perform stock trading.
