April 26, 2023

What is Mobile Banking in India: Meaning, Features, Login, and Registration

What is Mobile Banking?

Mobile Banking is the way through which financial transactions are made by using mobile phones. It includes a range of services from sending fraud alerts, transaction messages and usage activity to online payment of bills and fund transfer services. These services are provided by most financial institutions such as banks for the convenience of their customers. One of the greatest benefits of Mobile Banking is that customers can access banking services anywhere and everywhere. However, there are a few concerns associated with mobile banking such as security issues and limitations due to the differences between in-person banking and online banking.

Features of Mobile Banking

  • Better Security than Telephone Banking: It is a much better option than simple telephone banking as mobile banking provides enhanced security features such as face recognition, fingerprint scanning and so on. This way banks can ensure that data is accessed by an actual customer or not, by comparing it with biometric data available on their servers. It reduces the instances of fraud drastically.
  • Accessibility: Mobile Banking helps provide bank services to customers who live far from the nearest branch or in rural areas. They can easily access all banking services from the comfort of their home. Some banks even have facilities through which Disabled individuals can communicate through sign language with an interpreter over a video call to access the banking services.
  • Decrease Infrastructure costs: For Banks, Online banking means less need to develop physical branches. It also means overhead expenses reduce as customers do not have to go to the bank for every minor transaction that can be done online.
  • Effective Use of Human Resources: With the help of Mobile Banking, Customers can easily access experts from any corner of the world. For banks, it means they can make efficient use of human resources whereas, for customers, they get access to the best experts and financial services.
  • Efficient Document Sharing: Document sharing and Screen sharing are one of the features of Mobile Banking. It allows the customer to share the documents with the bank through a mobile banking application on phone. Bank representatives will have real-time access to it and can review the document for any complicated transaction through the mobile banking app.

Types of Mobile Banking Services

Mobile banking features include:
  • Online Transactions: Customers can access account details as well as account balance any time and anywhere. With the help of mobile banking, account holders can view their e-statements, Loan statements, card statements, account balance, and transaction history and even have access to e-passbooks.
  • Access to Account Information: Account holders can make payments and do online transactions from one account to another in a few seconds. Funds transfer can easily be done through NEFT, IMPS and so on by adding them as beneficiaries or through Unified Payment services (UPI). Customers can do bank-to-bank transfers, transfer funds to their own accounts, pay rent and electricity bills online, do periodic payments by scheduling them beforehand, and do payments via NEFT, UPI, RTGS or IMPS. NEFT is the quickest and takes up to 30 minutes to transfer funds to another account. It is used for small fund transfers. RTGS is used for transactions above Rs 2 Lakhs. In case, you have to transfer funds above Rs 5 Lakhs, then IMPS is used.
  • Support Services: Banks provide customer care services to enhance their banking experience. Account holders can use customer care services provided by the Mobile banking application to file complaints and queries. Services such as Bank locator, ATM locator, file complaint and track application, ordering new chequebooks and passbooks, cancelling or stopping cheques and so on are provided by banks on their online app.
  • Investments: Account Holders with Demat accounts can invest in the stock market using Bank’s Mobile application. Customers can invest in mutual funds, and stocks, access portfolio management services, and open fixed and recurring deposits through mobile banking.

Cybersecurity Concerns

With rising rates of online phishing scams, unsafe mobile banking can put you at the risk by revealing highly sensitive information such as bank account details to scammers. Therefore, it is always recommended not to store password details on any electronic gadgets such as mobile phones, laptops and so on. Cybersecurity includes a wide range of measures put in place to keep sensitive information secure and avoid cyber theft. It ensures that data is not misused and prevents the information from being compromised.
Three main types of cyberattacks that
Back Door Attacks are attacked through which someone can access the system by skipping normal security measures. Most systems have Backdoors by design or some result from the error, which hackers can utilise to gain unauthorised access to the system.
Denial of Service Attacks means denying the right access to the rightful account holder. The online hacker may enter the wrong password multiple times to get the account locked.
Direct Access Attack uses viruses and bugs to attack and gain access to accounts to steal information and modify it.

How Banks can protect their customer from Online scams?

  • By Educating customers about the importance of strong, unique passwords that can’t be easily cracked by hackers.
    • Inform customers not to use the same passwords everywhere.
    • Using Password Managers like Lass Pass adds an extra layer of security towards password protection.
    • They can avoid online cyber-attacks by ensuring that their connection is private and secure. It is recommended not to use public networks while using banking services.

Challenges associated with Mobile Banking

Limitation in Technical Knowledge: Customers may not have the necessary knowledge required to use online mobile banking services. Therefore, they won’t be able to utilise the benefits of mobile banking to its full extent.
Technical Issues and Fixes: Technical glitches can occur anytime while making online payments or using any other banking services. However, they are resolved quickly by the bank as soon as possible, when brought to notice.
Online Scams: Bank account details are at risk of getting into the wrong hands if stored on the phone or any other electronic device.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

What is Net Banking?

Technology is the game changer, the disruptive and transformational force to reckon with across all industries. Pushing the envelope of traditional banking channels, internet or net banking is increasingly becoming popular among retail and domestic customers who have been swept by the swift, seamless, secure, flexible and adaptable digital product and service offerings through faceless, paperless transaction (cheques, demand drafts, passbook, pay-in-slips) and cashless transactions ( ATM, debit card, IMPS, NEFT, RTGS etc)by banks across India. Infact, when against the backdrop of Covid-19 pandemic it had become chaĺlenging to step out of home even to visit an ATM or bank branch. One had this unsettling fear of stepping into the crowds. Consequently, the pace of adoption of netbanking services has been on the rise in recent times. As the scale and pace of netbanking adoption gathers momentum, Banks across India continue to invest in enhancing their digital foundation architecture which is in synchronisation with the latest technology, risk profile, and within the regulatory ambit. Consequently, trustworthiness has and always will be the single most valued USP of the bank, besides its ability to provide personalised offerings to its customers. Just to give you a perspective, digital banking was introduced in India in the mid-1990s with ICICI Bank being the foremost player to adopt digital technology. Over the years, the Indian digital banking landscape evolved with all banks offering digital solutions. The major impetus came in 2016, with the launch of UPI ( Unified Payment Interface) system which further democratised the digital banking landscape. Today, you can make digital payments in a variety of ways such as:

UCO Bank Balance Enquiry & How to Check by SMS, Phone, Whatsapp, & Toll Free Number

UCO Bank is a government-owned bank, known for its customer-friendly financial services. You can avail multiple financial products and services from this financial institution. This bank has launched hassle-free banking facilities for its customers' convenience. From UCO Bank balance enquiry to fund transfers, you can perform any banking operation digitally with the help of a smart device. Moreover, you can avail of their online services 24 hours a day throughout the week. Here’s more on UCO Bank account balance enquiry procedure!

PNB Net Banking - Login & Registration

- Did you just order your weekly dose of medicines online - Did you catch up with the now trending web series? - Did you also do a surprise check on your child's online learning activity? Thanks to your preference, India’s consumer digital economy is expected to witness a 10 fold rise over 2020-2030 to become a US$800 billion juggernaut. India's banking sector too is witnessing a rising trend towards cashless transaction, adoption of netbanking services even by the not so tech savvy customers who find it 'user friendly' to execute their transactions online. It's all about convenience right? You can operate your netbanking account 247365 anytime / anywhere in a safe and secure manner. Let us say you have a traditional /physical account with Punjab National Bank ( PNB), the second largest government-owned bank in India with an asset base of ₹1,339,301 crore ( FY2022). Headquartered in New Delhi, the bank was established in 1895, infact, PNB was India's first Swadeshi Bank, run by Indians with Indian capital.

Union Bank of India Net Banking - Login, Registration, & Online Banking

Whether you wish to simply view your account statement and transaction details or you want to transfer funds to your own or third party bank account or you want to transfer funds through [RTGS](https://upstox.com/banking/what-is-rtgs-meaning-full-form-timings-charges-and-transfer-limit/)/[NEFT](https://upstox.com/banking/what-is-neft-meaning-timings-full-form-charges-and-how-to-transfer-money/) or you want to make your tax payments, utility bill payments, book your air and railway ticket, pay your insurance premiums or make your mutual fund and credit card payments, Union Bank of India's net banking services makes all of the above transaction a breeze. You can execute all of the above transactions 247365 from a location of your convenience. Ranked among the top five Public Sector Banks ( PSB), Union Bank of India has wide geographical reach across India especially after the amalgamation of Andhra Bank and Corporation Bank into Union Bank ( which has been effective since 2000). As a nationalised bank, the Government holds a majority stake in Union Bank pegged at 83.5% (as on June 30, 2021). Founded in 1919, headquartered in Mumbai, the bank has a strong domestic footprints with 8850+ domestic branches and also has three branches overseas, Hongkong, UAE and Australia. The bank has an asset base of ₹1064937 crore ( FY2021) backed by a comprehensive solutions portfolio. Hope by now you are eager to open a netbanking account with Union Bank of India.