What Is Mobile Banking, Why and How?

At present, we all have some knowledge about what is mobile banking. However, the advantages and disadvantages of mobile banking are not very rewarding.

About a few years ago, to avail of any banking service, we had to go directly to the bank and do the work.

However, with advanced technology and the growing popularity and use of the Internet, their role in the banking sector has grown exponentially.

For example, today’s mobile banking (mobile banking) and Internet banking (internet banking) and the convenience of sitting at home can use various banking services.

All this has been made possible by advanced technology and the Internet.

Mobile banking and internet banking are both very secure and easy-to-use banking services.

You do not need to go to the bank repeatedly to waste your time because using this mobile banking service can do any transaction from any place through his mobile.

Balance inquirymoney transfer, online payment, bill payment etc., can all be made through mobile banking.

And this is the reason why more and more people have made this modern online banking technology a part of their lifestyle.

And, if you also want to know what mobile banking is (what is mobile banking in Bangla) and everything about mobile banking,

Then read this article thoroughly, you will understand everything.

What is mobile banking?

Simply put, the process of using banking services through mobile is called mobile banking.

For example, bank account balance checkfund transferbill payment, etc. This type of work can be done by mobile banking.

Again, it can be said,

Mobile banking means “the activities involved in every financial transaction made through a mobile device.”

This mobile banking service is provided to their customers by a bank or any financial institution.

With this mobile banking service, customers can manage almost all financial transactions remotely from their smartphone or tablet using their correct credentials (user ID, password etc.).

With this, it is possible to transfer money from one’s bank account to any person’s bank account while sitting at home.

Even if you are away from your hometown or country, you do not have to worry.

If you own a mobile device in the mobile banking app using any banking transaction can be completed, for which you may be thinking about going to the bank.

The full benefit of mobile banking can be taken from the smartphone, although it is also possible to use it from ordinary mobile through SMS.

So, at present, each of us needs to know about this mobile banking service and take advantage of it.

Then I hope you have fully understood what mobile banking is.

What are Mobile banking apps?

A mobile banking app is just like any other mobile app that you can download from your bank’s official website or, in most cases, from the Google play store.

You need a platform to use the services associated with your bank on mobile.

And, an application is used to create a banking platform that is directly connected to the bank’s server.

These types of official apps connected to the bank’s server are called mobile banking apps.

With the right credentials (user ID, passcode, etc.) in this application, you can securely connect directly to your bank through the app. You are given the facility to perform urgent banking transactions.

You have to use the application (apps) of the bank whose account you have.

Advantages and benefits of mobile banking

It is possible to estimate the benefits of mobile banking because many people today are using this service provided by banking.

Every modern person is using this service to do banking transactions from their mobile.

However, some people did not know much about its use, so they now want to know more about mobile banking.

Banking institutes have done a lot to protect their mobile banking services.

And so, in the coming time, more and more people will use this current banking service.

Let us know the benefits and advantages of mobile banking directly below.

Benefits of mobile banking service

Mobile banking is mainly used with the help of the Internet. However, there are still plenty of villages without internet access. Therefore, it is possible to avail of this service through SMS and phone call without the Internet in those places.

You can avail of mobile banking services 24 hours a day, 365 days a week from home or anywhere else via mobile or tablet only.

Mobile banking is considered a much more straightforward, easy and secure service than internet banking.

No one can use your banking app without permission without login credentials, passcode, transaction code etc. Only you will have all these details.

You can recharge, bill payment, online payment, fund transfer etc., through your banking app at any time. You do not have to go the bank for these urgent tasks.

You can check the bank account balance on your mobile at any time.

The process of using the service by activating mobile banking is very straightforward, which JK can do.

At present, almost every banking institute offers this mobile banking facility to their customers. This service can be launched by downloading and installing the bank’s official mobile banking app on mobile.

Some banks charge a small fee for service. And, many banks offer this service free.

Through mobile banking, you can apply directly for other services related to the bank at home. Such as personal loans, home loans, RD, fixed deposits etc.

Many banks’ mobile banking services allow you to download your bank statement to your mobile.

What can be done by mobile banking?

  • Fund transfer
  • Transaction history check 
  • RTGS, NEFT, IMPS etc.
  • Mobile and DTH recharge.
  • Online ticket booking.
  • Apply for a loan.
  • Electricity etc., bill payment.
  • Different types of online payment.
  • Check and download the bank statement.
  • Account balance checked.
  • You can invest in RD, fixed deposits, mutual funds etc.

What are the disadvantages of mobile banking?

The things that have advantages and advantages will have some disadvantages.

Above, we learned a lot about the benefits and advantages of mobile banking.

Let us now know about some of the disadvantages associated with this banking service.

Since this banking service makes it possible to make payment or money transfers from your mobile from any place anytime, there are many opportunities to increase your cost. With no hassle of going to the bank, you may be attracted to any service or product and think of buying it at that time.

Thus mobile banking is a very secure service. However, if someone knows your mPIN, passcode, etc., then you can transfer money to their account without being in front of your mobile. However, if you don’t tell someone mPIN or passcode, no one will know.

Hacking is often done by hackers where you are sent fake SMS and try to extort money from you. So, you have to be careful of these troubles.

If you do not have a smartphone, you can take advantage of many limited services from ordinary mobile.

Many banks charge some money from their customers for mobile banking services. However, the bank also deducts some charges from us for checkbook, debit card etc. services.

If your pho-ne is lost or stolen, there is a risk of your banking details falling into bad hands.

How do I activate mobile banking?

See, the process of activating mobile banking services may be different for different banks.

You can learn the process of activating by visiting the official website or branch of your bank.

  • Basically, after downloading most banks’ official mobile banking app, there will be an option to register the account directly.
  • When creating a account, you may need to provide your ATM card password, the mobile number registered with the bank and ATM/debit card details for account verification.
  • In addition, you have to activate mobile banking in many banks through the bank’s ATM service.

So, you go to your bank’s branch or website and see which process you need to activate mobile banking.

What is the difference between internet banking vs mobile banking?

See, almost the same type of banking transactions can be done through mobile banking and internet banking.

In addition, a device is required to use both of these banking services.

However, the main difference between them is,

  • When we say the word mobile banking, we understand that we need a mobile device, tablet or smartphone in this type of banking.
  • Because, in most cases, for mobile banking, we need to install an official app of the bank on our mobile through which banking transactions can be done.
  • However, online banking or internet banking refers to those banking transactions that have been done directly using the Internet.
  • In internet banking, you have to log in to the bank’s official website now through the Internet and do the transactions.
  • Internet banking You can do mobile or desktop computer from any device. However, a mobile device is essential for mobile banking.

What did we learn today?

So friends, through today’s article, we learned what mobile banking? and some other important information related to it.

If you liked today’s article about what mobile banking means and its advantages and disadvantages, then you must share this article.

Also, if you have questions or suggestions related to the article, please let us know in the comments below.

Hopefully, I have been able to answer your every question well.

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