Remember the olden days when we had to stand in a very long queue just to cash out or make a payment at the bank? That’s all a history these days. With a mobile banking system, everything can be done in less than a minute. Technology is something that we all should be grateful for, there are many benefits that we have obtained from it. Without technology, we might not be as advanced and modern as we are right now. So, in this post, we will unveil the benefits of a mobile banking system that was brought by technology. 

Mobile Banking

Mobile banking is the process of making transactions using any kind of gadget such as smartphones, tablets, iPad and laptops. All you need is one of these gadgets and a secure internet connection. But make sure to use your own internet connection as using a public connection can be risky for your safety. Certain banks have their own applications that you can simply download from the Play Store or App Store, while some will require you to browse their website for any kind of banking process. 

3 Types of Mobile Banking Services

There are actually more than three types of mobile banking services, but we will be focusing on the main three for today. These are among the prominent services that you probably have used before: 

1. Transactions

The most commonly used out of them all is transaction services. This service allows the banks’ clients to perform transactions such as fund transfers, third parties payments and self-account transfers. This is probably the most essential service as people are prone to use this service more often than other services. 

2. Account Information Access

This too is one of the reasons why people use mobile banking applications. Mobile banking applications allow the users to view the status of their account and to check on their account balance. Other than that, they are able to see the history of transactions they have made up until three months before. 

3. Customer Support Service

If you take a closer look at your bank application, there is a menu special for you to send requests for loan applications, debit and credit cards and more services that you need. You can check your status for these processes using the related mobile banking application. 

Benefits of Mobile Banking System

We cannot deny that we have obtained more advantages from the mobile banking system than the disadvantages. Everything has its own pros and cons, but for today we are going to focus on the good things. These are among the main benefits of a mobile banking system:

Accessibility

This is our favourite benefit that we acquire from mobile banking systems. Let’s say that you want to go online shopping in the middle of the night, you can just pay right away after checking out the products you want. Unlike the traditional ways, this is way much easier than having to pay using the ATM.

Safe and Secure

You can make your transactions or any banking processes by sitting on your couch without having to worry about your safety. We have heard cases like bank robbery and theft at the banks before which are very dangerous and could risk lives. By utilising this technology, you would not have to worry about such things happening. But do bear in mind that cyber security threat does exist, so do make sure that you are practising all the necessary precautions.