Mobile Banking Services India: An Overview

By Author: Vijay K Shetty
Total Articles: 2541
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Mobile Banking is one of the methods for accessing bank accounts and related financial services with the help of mobile telecommunications. Certain bank account related activities and e-transactions related to stock markets can be done by using mobile banking services. Along with this, mobile banking services are used to manage accounts, make utility bill payments, check account balances, make investments, etc.

Since the last few years, due to the increased usage of the Internet, banking methods are drastically changing. Net banking has already earned huge popularity due to its hassle free secure method of carrying out bank transactions. However, with the help of mobile banking and the evolution of wireless networking technology, access to bank has become easier, smarter and ubiquitous.

One of the great advantages of mobile banking is the flexibility that it offers. The user can access his/her bank account even while on travel and can make the payments even while driving. The process has dynamically changed the concept of banking and has added seamless flexibility to the approach. With the advent of 3G connectivity ...
... and the popularity of smart phones, coupled with the ease of operation it offers, mobile banking is soon becoming an important pillar in the Indian banking scenario.

Mobile banking services can offer some wonderful services which can add comfort and convenience as well as it can make banking simple, easy and absolutely hassle-free. The important services offered by mobile banking are easy and instant account information, information on banking transactions, information on investment options, support services in case of availing a retail product of the bank and various value added services.

The account access facility incorporates all account related activities for the mobile banking users such as:
Availing a mini statement of account
Getting instant alerts from the bank
Monitoring term deposits
Accessing statements for loans and mortgage related ongoing transactions
Accessing to card statements
Checking account balance
Availing Third party payment and fund transfer options
Sending e-request for cheque books
Checking recent transactions
Changing PIN numbers
Lodging alert for blocking or stolen card

Apart from this, Investment portfolio management, getting stock quotes, setting up personalised alert, mobile recharge, mobile bill payment, etc are some of the other services available under the mobile banking platform.

Further, loyalty based offers, specially approved loans, bonus points, availing information for ATM locations, etc are some of the newer facilities introduced on mobile banking platform. These services are called value-added services and information for such services is relayed to the user almost instantly via the mobile banking platform. Insta-service is widely appreciated by many young Indians and is soon being adopted by many others. Thanks to this acceptance, mobile banking is becoming popular each day.

Vijay K Shetty,
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