Mobile banking
- 1. MOBILE BANKING AND TELE- BANKING SRIDEVI H.V 1ST YEAR MCOM 1
- 2. MOBILE BANKING: Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a Smartphone or tablet. Monitoring our bank accounts through the mobiles is known as Mobile banking. 2
- 3. MOBILE BANKING SERVICES Balance enquiry Mini statement enquiry Cheque book requests Fund transfer between accounts. credit/debit alerts Bill payment Alerts Utility bill payment Generate OTP Interbank mobile payment services. 3
- 4. HOW IT WORKS? 4 Mobile banking typically through one of three ways: SMS messaging Mobile web Applications developed for iPhone or Android.
- 5. ADVANTAGES OF MOBILE BANKING • With mobile banking, users of mobile phones can perform several financial functions conveniently and securely from their mobile. • You can check your account balance, review recent transaction, transfer funds, pay bills, locate ATMs, manage investments, etc. • Mobile banking is available round the clock 24/7/365, it is easy and convenient and an ideal choice for accessing financial services for most mobile phone owners in the rural areas. • Mobile banking is said to be even more secure than online/internet banking. 5
- 6. DISADVANTAGES OF MOBILE BANKING • Mobile banking users are at risk of receiving fake SMS messages and scams. • The loss of a person’s mobile device often means that criminals can gain access to your mobile banking PIN and other sensitive information. • Modern mobile devices like Smartphone and tablets are better suited for mobile banking than old models of mobile phones and devices. • Regular users of mobile banking over time can accumulate significant charges from their banks. 6
- 7. TELE BANKING Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform over the telephone a range of financial transactions which do not involve cash or documents (such as cheques), without the need to visit a bank branch or ATM. Telephone banking times are usually longer than branch opening times, and some financial institutions offer the service on a 24-hour basis. However, some banks impose restrictions on which accounts may be accessed through telephone banking and usually limit the amounts that can be transacted. 7
- 8. How Tele banking works? 8 • To use a financial institution's telephone banking facility, a customer must first register with the institution for the service. They would be assigned a customer number and they may be given or set up their own password for customer verification. • Customers would call the special phone number set up by the bank and would authenticate their identity through the customer number and a numeric or verbal password or through security questions asked by a live representative. • The service can be provided using an automated system, or by live customer service representatives.
- 9. • The types of financial transactions which customers may transact through telephone banking include obtaining account balances and list of latest transactions, bill payments, and funds transfers between a customer's or to another's accounts. • However, the use of telephone banking services has been declining in favor of internet banking since internet banking became available in the early 2000s, and further eroded with the advent of mobile banking in the 2010s. 9
- 10. ADVANTAGES OF TELE-BANKING • It is convenient because you can pay your bills on time and do not have to go to the utility company during the business hours. • It saves time as it eliminates waiting in line at the utility company. • It is cheaper since the transaction cost is less than transportation cost to and from the utility company. 10
- 11. DISADVANTAGES OF TELE-BANKING • First time users may find the system slightly difficult to use. • Instead of a receipt you will receive a transaction reference number as proof that the payment was made. • All banks are not offering 24 hour Tele-banking Service. 11
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