What is mobile banking? Advantages & disadvantages of mobile banking

  • ERemit
  • 14 December, 2020
  • 2 minutes read
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Mobile banking can be literally translated as the use of mobile devices or tablets to conduct money transactions. But how? In general, and most original definition, the following terms and conditions come under mobile banking:

  • Logging into the remittance or banks mobile website
  • Using customized mobile apps for money transactions
  • Getting transfer details as SMS (text messages) on respective mobile numbers.

But with the rising popularity of mobile apps, which are compatible with Android and iOS mobile phones, the new definition of mobile banking usually refers to the use of mobile applications.

If you are making online money transfers with mobile apps, here are some of the advantages and disadvantages you should know.

Advantages

  • Convenience: With the introduction of mobile apps for money transactions, physical stores are brought to your home, to your own pocket. Now you don’t have to go to the banks or any other money transfer agency to make the transactions. Instead, do it anytime, anywhere, it’s a just a finger touch away.
  • Enhanced Security: Security on mobile transactions is the prime and prominent responsibility of the remittance providers. Thus, most of them usually facilitate multi-factor authentication like mobile number, password, biometric authentication etc. to double-check on the user making money transactions.
  • All information is just a swipe away: In conventional ways, for every minute information about the account balance or transaction details or anything, one was forced to come down to the bank. But mobile apps provide all necessary data like account balance, review the recent transaction, transfer funds, tracking transactions etc. on your mobile.
  • Push Notifications: With mobile apps, even if you forget to open it, they send Push notifications informing you of various updates in the exchange rates, offers and promotions provided by the remittance provider etc. to lure your attention.

Disadvantages

Mobile app users are prone to certain demerits of mobile banking, such as:

  • Receiving fake SMS messages and scams, that might look exactly similar to the authentic ones send from remittance providers. Don’t fall for that trap.
  • Opening unknown links through your official email address gives fraudsters access to your sensitive information.
  • Accessing or making money transactions using public Wi-Fi are extremely dangerous. Thus, only use mobile data or personal Wi-Fi connection at home to perform money transactions.
  • Creating easy passwords make your accounts very vulnerable and easy to hack. Thus, make a strong password by including numerals, special characters, upper and lower case letters etc.

Mobile banking is highly secure as long as you follow the guidelines and be extra-careful not to commit silly mistakes. Almost all remittance providers offer customized mobile apps for their valuable customers.

Send money online for the ease and convenience of mobile banking. It simplifies the long-stretching procedures and physical efforts to a few simple and effortless swipes.