Types of mobile banking services you should know about

Mobile banking is a big market comprising various financial institutions and customers looking towards their mobile devices for all things banking.

Today’s digitalised era demands personalised mobile banking services that can be completed in a few clicks. Doing routine transactions such as fund transfer, bill payment, checking of account balances, etc. are some common mbanking activities that can be performed on any mobile device. 

Let’s explore mobile banking services and how can one avail of them.

Mobile banking through smartphone apps

One of the most used and common ways to access mobile banking is through a bank’s mobile application, which you can download on your smartphone. Register on the app and create your login credentials. Once this is done, you can enjoy various mobile banking services at your fingertips, such as:

• Account access: Login to your bank’s mobile application, and you can access your account in a few seconds. Scan through your transactions at a glance and look at important information without physically visiting your branch.
• Balance inquiry: Visiting the bank to figure out one’s account balance used to be a common activity that wasted a lot of time. As ATMs became popular, the practice all but vanished. With the help of mobile banking, today, it has become easy to check your account balance multiple times a day on your smartphone.
• Account statement: Imagine standing in long queues to obtain your account statement! Mobile applications have saved us a lot of trouble and time by making account statements available on our phones. You can also download and save them in PDF format for later reference.
• Bill payment: Schedule your recurring monthly bill payments such as utility bills, credit card payments, mobile recharges etc., through your bank’s mobile application.
• Branch/ATM locator: If you ever need to visit the nearest bank branch or ATM for cash withdrawal, you can simply open your bank’s mobile application and quickly locate the nearest branch and ATM kiosk without hassle. 
• Fund transfer: Transferring funds into another bank account has never been easier, thanks to mobile applications that allow intra-bank as well as inter-bank transfers. 

This is not an exhaustive list; you can do many other banking services on your bank’s mobile app and with ease. For instance, IDFC FIRST Bank’s customers can download the mobile app on their phone in seconds and use it to explore different types of mobile banking services.

Mobile banking through SMS

All of us would want to avail of mobile banking services, but not everyone has a smartphone. This is why most banks offer SMS mobile banking, which you can access even through a basic phone model. A customer needs to simply register their mobile number with the bank to avail of this service. Then they can send an SMS to their bank in the prescribed format, after which the bank will send an SMS to the customer containing the required information.

The key is to follow the specific SMS format given by the bank and to send your SMS only from the mobile number registered with the bank. 

Mobile banking through unstructured supplementary service sata (USSD)

USSD services can be availed of by customers who do not have a smartphone and internet connection but require basic banking services through their normal mobile devices. There are bank-specific USSD codes that the customer can dial, and upon clicking ‘send’ they gain access to a menu of services such as account statement, balance inquiry etc. 

Services offered by mobile banking have entirely revolutionised the way customers approach banks today. It wouldn’t be wrong to say that mbanking is not only the present but also the future of the banking industry.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.