Mobile Banking - Definition and advantages

  In today world Mobile Banking is a popular term. Mobile Banking means a financial transaction conducted by logging on to a bank's website using a cell phone, such as viewing account balances, making transfers between accounts, or paying bills. It is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. In recent time Mobile banking is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device. Mobile Banking concept In general term we can categorized the mobile banking below - * Mobile Accounting * Mobile Brokerage * Mobile Financial Information Services Most services in the categories designated Accounting and Brokerage are transaction-based. The non-transaction-based services of an informational nature are however essential for conducting transactions - for instance, balance inquiries might be needed before committing a money remittance. Mobile Banking Services Mobile banking can offer services such as the following: * Mini-statements and checking of account history * Alerts on account activity or passing of set thresholds * Monitoring of term deposits * Access to loan statements * Access to card statements * Mutual funds / equity statements * Insurance policy management * Pension plan management * Status on cheque, stop payment on cheque * Ordering check books * Balance checking in the account * Recent transactions * Due date of payment (functionality for stop, change and deleting of payments) * PIN provision, Change of PIN and reminder over the Internet * Blocking of (lost, stolen) cards * Domestic and international fund transfers * Micro-payment handling * Mobile recharging * Commercial payment processing * Bill payment processing * Peer to Peer payments * Withdrawal at banking agent * Deposit at banking agent

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