Understanding Mobile Banking: Types of Services Provided

Mobile banking

Mobile banking, or mBanking, involves financial transactions on your bank account via mobile devices. With the appropriate mobile app on your smartphone, you can transfer and receive payments, obtain and liquidate loans, apply for debit or credit cards, make UPI payments, and pay utility bills – all from the comfort of your home or office. That is mobile banking in its full essence.

You can do mobile banking using a mobile banking app or your financial institution's website. You can access your bank's services via smartphone or laptop without entering the banking hall. You can even conduct financial transactions while in your car commuting to work. Mentioned below are some mobile banking services you can access on the go:

· Internet banking

Internet or online banking activity requires logging into your account via your bank's website. If you use ICICI Bank, you can log into the bank’s website to access your account for online banking. You can make payments, invest your funds, track your transactions, and do virtually everything possible with your finances online.

· Mobile banking apps

All banks have mobile apps you can download to your smartphone or tablet. Log in to the mobile app and conduct your financial business with ease. Internet banking on your bank’s mobile apps lets you achieve almost everything.

· USSD

Unstructured Supplementary Service Data (USSD) enables people to conduct basic banking operations. You do not need an internet-enabled smartphone to access some banking services with USSD by entering some codes programmed for certain banking services. For instance, you may have to press *341# to obtain your account balance and display it on your phone’s screen or 598 to transfer money to another beneficiary.

· SMS Banking

Like USSD, SMS banking requires sending a short message or code to a given number to enjoy specified bank services. The IVR may ask you to 907 as a message to 122 to change your PIN or view your transactions for the day.

Mobile banking is available to people with smartphones and those with basic phones, designed to encourage banking and bring banking services to everyone everywhere, including those in villages without internet connections.

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