What is mobile banking
Also known as M-banking or SMS banking, mobile banking is a term used to describe the performance of banking activities and transactions through the use of a mobile phone. Mobile banking is a popular activity that reflects our modern, technological society.
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Mobile banking explained
Much like online banking, mobile banking is a vastly popular activity that gives customers access to their bank accounts from any location that has internet connection. The percentage of people using mobile devices to bank with has risen from 19% to 30% in the past year, and therefore many onshore and offshore banks now offer mobile banking services.
When signing up to mobile banking, the customer is provided with the necessary ID/password. They will then be able to access their account through the use of the mobile phone. In order to carry out any transfers or payments, the customer will usually be required to obtain a further pass code for enhanced security purposes.
Safety is a key concern of mobile banking and many banks consider security to be the biggest obstacle, as many people still regard mobile banking as a relatively new service that does not have the same level of security as that offered through a computer or laptop.
The biggest advantage of mobile banking is the easy access to one’s account whilst ‘on the move’. It is easy to carry out a range of transactions and it reduces the necessity to visit the bank. Mobile banking is also considered to reduce the risk of fraud, as those signed up for mobile banking will receive an SMS notifying them immediately of any banking activity that has taken place from the account.
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