Mobile banking
Mobile banking is a term used to refer to systems that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or tablet.
Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at thepoint of sale or remotely, analogously to the use of a debit or credit card to effect an EFTPOS payment.
The earliest mobile banking services were offered over SMS, a service known as SMS banking. With the introduction of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers.
Mobile banking has until recently (2010) most often been performed via SMS or the mobile web. Apple's initial success with iPhoneand the rapid growth of phones based on Google's Android (operating system) have led to increasing use of special client programs, called apps, downloaded to the mobile device. With that said, advancements in web technologies such as HTML5, CSS3 andJavaScript have seen more banks launching mobile web based services to complement native applications. A recent study (May 2012) by Mapa Research suggests that over a third of banks have mobile device detection upon visiting the banks' main website.
Mobile banking is a term used to refer to systems that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or tablet.
Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at thepoint of sale or remotely, analogously to the use of a debit or credit card to effect an EFTPOS payment.
The earliest mobile banking services were offered over SMS, a service known as SMS banking. With the introduction of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers.
Mobile banking has until recently (2010) most often been performed via SMS or the mobile web. Apple's initial success with iPhoneand the rapid growth of phones based on Google's Android (operating system) have led to increasing use of special client programs, called apps, downloaded to the mobile device. With that said, advancements in web technologies such as HTML5, CSS3 andJavaScript have seen more banks launching mobile web based services to complement native applications. A recent study (May 2012) by Mapa Research suggests that over a third of banks have mobile device detection upon visiting the banks' main website.
Mobile banking services
Typical mobile banking services may include:
Typical mobile banking services may include:
Account information
- Mini-statements and checking of account history
- Alerts on account activity or passing of set thresholds
- Monitoring of term deposits
- Access to loan statements
- Access to card statements
- Mutual funds / equity statements
- Insurance policy management
- Mini-statements and checking of account history
- Alerts on account activity or passing of set thresholds
- Monitoring of term deposits
- Access to loan statements
- Access to card statements
- Mutual funds / equity statements
- Insurance policy management
Transaction
- Funds transfers between the customer's linked accounts
- Paying third parties, including bill payments and third party fund transfers(see, e.g., FAST)
- Check Remote Deposit
- Funds transfers between the customer's linked accounts
- Paying third parties, including bill payments and third party fund transfers(see, e.g., FAST)
- Check Remote Deposit
Investments
- Portfolio management services
- Real-time stock quotes
- Personalized alerts and notifications on security prices
- Portfolio management services
- Real-time stock quotes
- Personalized alerts and notifications on security prices
Support
- Status of requests for credit, including mortgage approval, and insurance coverage
- Check (cheque) book and card requests
- Exchange of data messages and email, including complaint submission and tracking
- ATM Location
- Status of requests for credit, including mortgage approval, and insurance coverage
- Check (cheque) book and card requests
- Exchange of data messages and email, including complaint submission and tracking
- ATM Location
Content services
- General information such as weather updates, news
- Loyalty-related offers
- Location-based services
- General information such as weather updates, news
- Loyalty-related offers
- Location-based services
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