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Mobile Banking-Advantage and Disadvantage.



Mobile Banking-Advantage and Disadvantage.

What Is Mobile Banking?Mobile Banking can be described as a mechanism which allows customer of a financial institution to carry out various financial transaction with the help of their mobile phones.
With the increasing use of smartphone Mobile Banking is catching up with the common customer.Mobile connectivity is vast and this make Mobile Banking very successful.

Mobile Banking Service include:-

1:- Mini statement.
2:-Monitoring of Term deposits.
3:-Ordering Cheque books.
4:-Balance checking in the account.
5:-Change of Pin.
6:-Blocking the lost ATM card.
7:-Fund Transfer.
8:-DTH recharging.
9:-Purchasing ticket for a movie or travelling

Advantage of Mobile Banking

1:-Mobile Banking uses the network of service provider and it doesn't need internet connection.In a developing countries like India where their is no internet connection in the interiors their is the presence of mobile connectivity.
2:-Mobile Banking is available round the clock 24/7/365 and is easy and Convenient mode for many Mobile users in the rural areas.
3:-Mobile Banking is said to be more secured and risk free than online/internet Banking.
4:-With the help of Mobile Banking you can pay you bills,transfer funds,check account balance,review your recent transaction,block your ATM card etc.
5:-Mobile Banking is cost effective and Banks offer this service at very low cost to the customers.

Disadvantage of Mobile Banking.

1:-Though the security threat is less than Internet Banking, Mobile Banking has to security issues.One of the great threat to Mobile Banking is "Smishing" which is similar to "phishing"..In "Smishing" users receives fake message asking for their Bank details.Many users have fallen to this trap.
2:-Mobile Banking is not available on all mobile phone.Some time it requires you to install apps on your phone to use the Mobile Banking feature which is available on high end smartphone.If you don't have a smartphone than the use of Mobile Banking becomes limited. Transaction like transfer of funds are only available on high end phones.
3:-Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the services.
4:-Mobile phones are limited in processing speeds,screen size and battery life.This act as a barrier in Mobile Banking.
Like all other technology Mobile Banking has got it advantage and disadvantage and its up to you how you use the technology.But their is no doubt that Mobile Banking is the future of banking.
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