Mobile Banking

A mobile bank is a range of banking services, such as SMS informing and Internet service that makes access to a client’s bank account convenient via mobile communications (smartphone, tablet, desktop computer). At any time and anywhere, the client can carry out various operations with the account, as well as receive additional information on it.

Mobile Banking

How does mobile banking work?

Basically, to use mobile banking, you need to connect to a global network, less often operations are carried out through SMS command codes. Access to operations is made possible through separate telephone notifications or special mobile applications. Also, in some cases, an Internet browser is required.

Modern banking institutions even have their own mobile service applications. They are designed for various mobile platforms: Android, Windows Phone, etc. Mobile banking applications for smartphones are, in fact, a simplified version of Internet banking.

You can activate mobile banking at any branch of your bank. Often, mobile banking is included in the package of “free” services to your card account.

What can you do using mobile banking?

Connecting to mobile banking gives you the following options:

  • to receive real-time SMS about card transactions in real-time;
  • to check the balance;
  • to replenish the account of your mobile phone, as well as the account of your family;
  • to block the card;
  • to transfer funds from one account to another within your bank (including to another person’s card);
  • to make payments in favor of organizations that have concluded an agreement with the bank;
  • to receive SMS about operations, passwords in Internet banking;
  • to transfer money to a charity fund;
  • to repay loans;
  • to connect “Auto payment”;
  • to receive promotional offers from the bank.

Advantages of mobile banking

The main advantages of this service include the following:

  1. Control of the funds movement. When making any operations with a bank card, you receive a message on your mobile phone. Also, at any time of the day, you can send a request for the remainder of the money on the card or order a statement containing information about the last operations;
  2. The ability to quickly block the card if the client noticed its loss. To do this, it is enough to send the word “block” to a specific number, and the card instantly ceases to function;
  3. By connecting a mobile bank, you can create a personal account for free on the official website of a financial organization. In this case, the mobile phone acts as an intermediary: during operations, SMS messages with action confirmation codes are sent to its number.

A mobile bank is a small but good assistant that will work regardless of your location. The main thing is that the phone receives a cellular signal.

Disadvantages of mobile banking

The main disadvantage of this service is the low level of security of the client account. That is, there is a threat of loss of information confidentiality through a browser without anti-virus protection or through password-protected servers. Another threat to the security of your account may be theft or loss of a mobile device. In the event of a loss, first of all, block your SIM card in the representative office of your service provider and suspend the mobile bank.

The good news is that when displaying data in mobile banking, part of the information is not shown completely (full customer account number, his or her account). This enhances user protection.