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Pros and Cons of Mobile Banking

ArticleID 148  
Writer Isaac Thuku
Category Personal Article

Mobile banking or popularly known as M-Banking is a system that allows customers of a financial institution to conduct a number of financial transactions through mobile devices. These devices include mobile phones and Personal digital assistants (PDAs).

There are many different mobile banking services depending on the financial institution and bank account type. They are mini-statements and checking of Account history, alerts on account activity or passing of set thresholds, monitoring of term deposits, access to loan statements, access to card statements, pay bills, locate ATMs, mutual funds equity statements and insurance policy management.

Mobile banking needs the mobiles phones and devices to have certain requirements. They should be Web enabled, WAP (Wireless Application Protocol) 2.0 or higher, have the browse secure SSL sites enabled, CSS turned on and JavaScript.

Many people prefer using mobile banking rather than Internet Banking because of many different reasons. Mobile banking is known to be convenient. You can do financial transactions on your phone 24/7 365 days a year be it checking your balance, sending money to another account or withdrawing money from your account. This helps in dealing with emergency situations where money is needed as quickly as possible. You only need to send the money to your phone from your bank account with just a click. Withdrawing the money can be done in any mobile money Agents which are almost everywhere. It is very ideal for mobile phone owners in the rural areas.

Mobile banking saves time because it is quick and easy. Nowadays people don’t like to travel all the way to the bank and make long queues before doing their transactions. Going to the bank and waiting consumes a lot of time. Mobile banking provides all financial services with the press of few buttons and a transaction is complete in less than five minutes. It is one of the fastest banking services up to date.

Financial transactions need to be safe and secure for them to provide guarantee to customers. Mobile banking is secure as it uses latest security measures. Coded and Encrypted instructions which can’t be hacked are used to program the financial transactions. The most important thing is to keep the Personal Identification Numbers (PIN) and other confidential information safe.

Every banking service needs to be easy to use. Mobile banking mobile applications and services are designed to be used with even a non technical customer. This makes it user friendly to both the old and the unlearned customers. Instructions are simple and easy to follow. Every thing that has a positive side must also have a negative one. Mobile phone users are always at risk of receiving fake SMS messages and scams. Scammers may decide to fraud unsuspecting customers through enticing texts posing as banks.

When a customer happens to lose his or her mobile phone, all confidential information may fall on the hands of a criminal. This is dangerous as the criminal can access your mobile banking PIN and other sensitive information.

Mobile banking is very suitable for Smartphone’s and Tablets. They are better suited for M-Banking than old model mobile phones and devices. Mobile banking can be choosy on certain old phones, mainly because it uses the latest technology.

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