Mobile banking can be defined as a system that facilitates customers of a financial institution to carry out a number of financial transactions through their mobiles or tablets.
SMS banking was the initial mobile banking service that was offered over SMS. With the introduction of smart phones with WAP (Wireless Application Protocol) support facilitating the use of the mobile web in the year 1999, the 1st European banks started to offer mobile banking on this platform to their customers.
The scope of offered services of Mobile banking may comprise facilities to conduct stock market and bank transactions, to access customized information and to administer accounts.
Services of Mobile banking
The services of mobile banking may include:
1. Account information
• Mini-statements & checking of account history
• Alerts on account activity
• Access to loan statements
• Monitoring of term deposits
• Mutual funds/equity statements
• Access to card statements
• Management of Insurance policy
• Transfer of Funds between the linked accounts of customers
• Paying 3rd parties, including bill payments
• Check Remote Deposit
• Real time stock quotes
• Portfolio management services
• Status of requests for credit
• Cheque book & card requests
• ATM Location
5. Content services
• General information such as news and weather updates
• Service based on Location