The generation might have seen many changes but one thing that remained common was the need of people to buy new things. All around the world, everyone is out there waiting to buy something. And what better way to shop than staying at home in all comfort and in pajamas, under the covers and ordering whatever we please to. Online shopping has been a boon to most of us and mobile banking is one of the few options through which we can pay.

But is that all Mobile Banking does?

Let me share the light of knowledge about all that must be known about Mobile Banking.

Let’s start from the very basics...

DEFINITION

Mobile Banking refers to the use of a smartphone or other cellular device to perform online transactions. The service is provided by the bank and unlike internet banking, it uses the software, called an application. Mobile banking, unlike physical banks, is open for the entire 24 hours. It is dependent on the availability of an internet or data connection to the mobile device.

REQUIREMENTS

Mobile banking requires very basic stuff such as a smartphone, the availability of internet, an app that is meant for mobile banking, a platform to perform the transaction, linking the bank with the app and obviously having money in the bank.

HISTORY

The earliest mobile banking service used SMS which was then known as SMS banking. After smartphones were introduced with WAP (Wireless application protocol) support allowing the use of the mobile web in 1999, the first European banks started offering mobile banking on this very platform to their customers.

Any mobile banking is done before 2010 was mostly SMS banking or done via mobile web. In 2009, RBS launched two free services, a quick statement through a text on demand and a mobile iPhone banking app that was available on the app store. The app allowed the users to check their account balances and recent transactions while on the go.

Although it was in May 2011, when the first fully functional banking app was launched by RBS but was only available for Apple devices. It soon became available for Blackberry and Android users as well. It is said that in its first six months more than a million users signed up and more than one billion pounds were transferred using this very app and since then, mobile banking has only traveled upwards.

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WHAT ALL CAN IT DO?

What all features that are provided depend on what is provided by the mobile banking app.  Like any other app, it has an intelligent chatbot for customer support that provides both professional consultations on demand or advice anytime they need. It even acts as an ATM locator and provides the customer with the nearest ATM. It usually also allows payments by scanning QR codes, which makes it an easier, faster and more convenient way for paying for goods and services. It tracks spending habits, customized reports based on the individual’s habits. This feature allows the individual in tracking where they have spent so much or where they can cut the amount. And the next feature, which might just be the most important feature of any mobile banking app, is scheduled bills and payments. This reminds the user of the upcoming bill payments and keeps the individual up to date with any payments that are to be made and thus never have to pay penalty payments for paying late.

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