Mobile banking is strictly defined as any banking done on your mobile phone. Even though conventional mobile phones were previously used for mobile banking, since the introduction of smartphones, mobile banking has taken off to a larger level.
What is offered?
Mobile banking offers a wide variety of services. It includes services that allow you to pay bills, transfer funds and check your account balance just through your mobile phone. Mobile banking not only helps you do your work but also helps keep it safe. This is done by giving you notifications of transactions as well as giving you the ability to turn card accounts on or off. It also helps you keep track of all your transactions whenever required.
Where might this go?
Many ask where might this go? Technology has progressed so much that so many major inventions have now become obsolete right from the typewriter to the telephone. However, is this the fate of the automatic teller machine as well? One major thing that a mobile phone cannot do is print cash. Therefore, it seems very likely that automatic teller machines will be around for the time being as well. However, credit cards may not be as lucky because nearly all the functions of a credit card can be served by a mobile phone.
What are its advantages?
Firstly, it is easier to access. This is the best solution and alternative for any payments through physical cash. You do not have to stop on the road and find an ATM nor go to a bank. You most certainly do not have to wait in a queue. It is cheaper as you do not have a transaction fee like in ATMs. Finally, it is probably safer as well because you do not have to carry your credit card everywhere. Additionally, you do not have to put up with the risk of losing a lot of money if you lose your credit or debit card.
What are the disadvantages?
Identity theft is perhaps the biggest reason why people do not want to do mobile banking. Through this feature, individuals are scared that someone will steal their identity and use their account. This may seem like a possibility, especially since mobile hacking is not becoming very rampant. However, as the progression of technology is increasing, so is the protective measures for this feature. Therefore, while there will be a possibility for a hacker to access your information, safety features are being made to reduce the chances of doing so.
Whatever your perspective, there has been a huge boom in this field and you should probably try it out before you decide if it is for you or not.