What is Mobile Banking?
Currently, smartphones have become a common essential item in our daily lives. We use smartphones for various reasons such as making phone calls, chatting on social media, getting news updates and carrying out mobile banking malaysia. What is mobile banking? Some might ask. In simple terms, mobile banking is the action of using a mobile device to carry out financial transactions. Most banks provide specific apps and websites for their bank holders to carry out their transactions wherever they may be, be it at home or in a public setting.
What is the Importance of Mobile Banking?
24/7 Accessibility to Bank Accounts
As compared to traditional banking services, mobile banking applications have changed the way individuals get access to their financial services. Using mobile banking saves people’s time and energy spent standing in the long crowded queue of a physical bank branch near your home. The mobile banking apps and websites are to be accessible for customers to do simple tasks like money transfers even after work hours since it is an automated system.
Secure and Fast transactions
Since all transactions done through mobile banking do not require signatures but get verifications through OTPs sent through an SMS or email, this ensures that only the customer can carry out the transaction after logging into the account using their own username and password. If any breach of the account or any unknown transaction or accounts are entered, the customer will be informed and the customer is able to freeze the account using the mobile app.
Instant Account Opening
This is a unique feature of a banking application on smartphones that lets new users open a bank account online from the native application without visiting the physical branch by themselves. This feature is truly helpful during the COVID-19 pandemic when lockdowns were in place and minimal movement was placed. For new customers to open their new bank accounts, they could scan and upload necessary documents for verifications and successfully open their bank accounts.
Keep Track of the Expenditure
Since online banking is automated, customers are able to get monthly reports on their expenditures and savings. This way, customers are able to get a full picture of their habits on spending and learn the importance and ways to save their money in the long term run. With the help of the analysis carried out by the banking application, individuals will be able to set monthly budgets to avoid overspending. People who want to be aware of their financial activities love this feature that helps them to meet their capital goals in the most efficient way.
Pay All of Your Bills in One Place
Online banking and mobile banking provide the most efficient solution paying all of your bills, like monthly water and electricity bills. You could use mobile banking to carry out transactions to pay for credit cards, subscriptions and even payments at restaurants. This saves a lot of time and effort in paying the necessary utilities and shopping bills without any effort. To add on, all of these transactions can be reviewed later on through your mobile banking apps.