Going to the banks for some simple transactions are time consuming and sometimes exhausting. Balance inquiry and payment of bills are example of these. But because of mobile banking one doesn’t need to go to the bank anymore.
Through mobile banking, subscribers are able to pay bills using mobile phones. As bills come one after the other, at least 3 bills (electric, telephone, water) per month are being paid. A subscriber having an account in a bank linked to the subscriber’s mobile provider can enroll for mobile banking. From there, the subscriber can enjoy the convenience of paying without the hassle of going to the bank or to the payment center. Though the network may charge a minimum payment for using the services, it is still far more expedient than manually paying in the bank.
Balance Inquiry
Losing track of account balances is usual to the depositor. It is not practical to go to the bank and wait for your turn when what you only need to know is your account balance. Although it is also important for a depositor to exactly know how much money he has in the bank. With the modern way of inquiry, the subscriber can easily know his account balances anytime he pleases. The subscriber doesn’t have to wait for bank statements through snail mail, too.
Transfer of funds
Transfer of funds through mobile phones is also offered by mobile networks. This is possible by enrolling the subscriber’s number to the network’s services. The subscriber would go to the network’s service center and deposit the amount they want to transfer. The network would facilitate the money transfer virtually.
There can be two ways:
1. The subscriber would deposit to their “mobile account” and have the option to transfer it to other subscriber.
2. The subscriber can immediately deposit to the recipients “mobile account” making it possible for non subscriber of the said network to transfer money.
The transfer of money is in real time. The recipient can immediately get the money upon transfer. It is accessible any day and any hour of the day.
Purchases
Purchases can also be done through mobile phones. This mechanism was designed for the convenience of the subscriber so he/she will no longer carry big amount of cash. The subscriber’s number would serve as the account comparable to the bank account number. Like in the bank, the subscriber needs to maintain funds in their account in order to purchase. Purchases is performed by sending keywords to other subscriber which is the seller’s number. Both subscribers would receive a confirmation that would act as a receipt. Upon confirmation, the buyer will be debited with the amount he entered.
Alternative to Phone Banking
Earlier, phone banking is more favorable than going to the bank. But now mobile banking can be a better alternative. In mobile banking you will send coded messages in order to engage in a transaction. The subscriber doesn’t have to call and hold on to the telephone until the transaction is completed. Sometimes staying on the phone and just hearing the messages can be tedious. It can be more prone to errors if the subscribers failed to listen carefully to the instructions.
Mobile banking innovation serves the subscriber’s basic needs to transact at their own ease. It may sound complicated for some but it gives a real relief to the majority. Furthermore, enjoying the convenience of the mobile technology saves a lot of money and time. By just sending text messages to the network provider the subscriber can already make a transaction in less than a minute. These messages are forwarded to the bank’s system and the transaction will be processed. The subscriber then will receive a message alert confirming that a transaction is successfully processed.
These are just the basic mobile transaction to name a few among other mobile banking transactions. Aside from these, there are more banking activities that can be performed with the use of your mobile phones.
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