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What is Mobile Banking and How it works

Mobile Banking refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring balances, transferring funds between accounts, bill payment and locating an ATM.it’s is very convenient in today’s digital age with many banks offering impressive apps. The ability to deposit a check, to pay for merchandise, to transfer money to a friend or to find an ATM instantly are reasons why people choose to use mobile banking. However, establishing a secure connection before logging into a mobile banking app is important or else a client might risk his personal information being compromised.

Mobile banking services

Account information

  1. Mini-statements and checking of account history.
  2. Alerts on account activity or passing of set thresholds.
  3. Monitoring of term deposits.
  4. Access to loan statements.
  5. Access to card statements.
  6. equity statements.
  7. Insurance policy management.

Transaction

  1. Funds transfers between the customer’s linked accounts
  2. Paying third parties, including bill payments and third party fund transfers.
  3. Check remote deposit.

Investments

  1. Portfolio management services
  2. Real-time stock

Support

  1. Status of requests for credit, including mortgage approval, and insurance coverage.
  2. Checkbook and card requests.
  3. Exchange of data messages and email, including complaint submission and tracking.
  4. ATM Location.

Content services

  1. General information such as weather updates, news.
  2. Loyalty related offers.
  3. Location-based services.

How Mobile banking works

Mobile banking typically operates across all major mobile providers in the U.S. through one of three ways: SMS messaging; mobile web; or Android, IOS Applications. By using RDC (remote deposit capture), a customer takes pictures of both sides of a check and forwards the photos to the bank, which then deposits the funds in the same way as if the deposit was made through a teller.

Consumers should also be aware that mobile banking poses certain theft concerns. While the transmission of data is encrypted across a secure network, hackers are always on the lookout for ways of accessing this information. to satisfy a legal requirement should be employed when relying on mobile banking, including close monitoring of your bank accounts along with ensuring proper protection in the event that the mobile phone is lost or stolen.

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