DEFINITION
Mobile Banking
Mobile banking refers to the use of a mobile device, such as one’s phone or a tablet, in order to access banking services and perform financial transactions. Mobile banking applications typically allow the user to check their account balance, transfer funds, exchange currencies, make payments, manage their credit cards and so on.
Synonyms
Smartphone banking, wireless banking
Acronyms
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Synonyms
Smartphone banking, digital banking on the go, wireless banking
Acronyms
–
Examples
If your bank supports mobile banking, you can perform certain transactions without having to ever go to the bank. For example, you can pay for your groceries via Nier-Field Communication (NFC) or pay your bills by scanning the QR code.
However, certain processes won’t always be available via mobile banking. For example, some banks may require you to open up an account or take out a loan in person. With that being said, with the rise of neobanks, both digital and mobile banking are becoming more advanced and capable in this regard.
FAQ
What are the benefits of mobile banking?
The main benefit of mobile banking is that it’s a lot more convenient than having to go to the bank in person. Be it checking your account balance, paying for your coffee, or being notified of important developments, banking apps make the process significantly more convenient.
Is mobile banking safe?
In isolation, mobile banking is completely safe. Mobile banking apps are often equipped with modern security features such as biometric authentication, strong firewalls, and SSO logins. However, mobile banking is vulnerable in the sense that your phone can be stolen. Furthermore, it’s generally advised that you shouldn’t connect to public WiFi networks as this can lead to potential risk as well.
What’s the difference between mobile banking and digital banking?
Digital banking refers to banking that only relies on an internet connection. Therefore, digital banking portals can be accessed via your phone, computer or tablet. This makes it more convenient for those that like to use their desktop for some banking tasks and their phone for others.
Mobile banking on the other hand typically offers more functionality. This is because since mobile banking apps were specifically designed for mobile phones, they can often use the phone’s camera for processes such as online payments or even eKYC.
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worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.