Mobile Banking:
Mobile banking conjointly referred to as M-Banking, SMS
banking etc. Mobile banking could be a term used for acting balance
checks, account transactions, payments, etc. Mobile banking uses the same infrastructure like the ATM
solution. But it's very simple and cheap to implement. It reduces the cost of operation for bankers in comparison
to the use of ATMs.
Advantages of Mobile Banking:
- It utilizes the mobile connectivity of telecom operator and
therefore does not require an internet connection.
- With mobile banking, users of mobile phones will perform
many monetary functions handily and firmly from their mobile.
- Mobile banking is available round the clock 24/7/365, it is
easy and convenient and an ideal choice for accessing financial services for
most mobile phone owners in the rural areas.
- Mobile banking is claimed to be even safer than
online/internet banking.
- People can check their account balance, review recent
transaction, transfer funds, pay bills, locate ATMs, deposit cheques, manage
investing, etc.
Disadvantages Of Mobile Banking:
- Modern mobile devices like smart phone and tablets are
better suited for mobile banking than old models of mobile phones and devices.
- Regular users of mobile banking over time can accumulate
significant charges from their banks.
- Mobile banking users square measure in danger of receiving
faux SMS messages and scams.
- The loss of a person’s mobile device often means
that criminals can gain access to mobile banking PIN and other sensitive
information.
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