The introduction of the internet has transformed the working mechanism of the financial service industry and the way it conducts its businesses. They authorize organizations with novice business models plus new ways to propose non-stop convenience to their customers. Today, the capability to provide financial transactions online has formed new players within the financial services industry, like online brokers, wealth managers, and online banks that propose personalized services although these players account for a little portion of the industry. Nowadays, smartphones have turned into a dictating force in the realm of e-banking.
The model of mobile banking business is dependent on the banking agents, i.e., postal or retail outlets which process financial transactions. The banking agent is considered a significant portion, as service quality, customer care, and cash management are highly dependent on them. The models are classed into three groups; Bank-Led model, Non-Bank led model, and Bank Focused models. The bank-led model proposes a different substitute to conservative branch-based banking via which customers conduct financial transactions. A non-bank-led model is a place where a bank doesn’t come into the picture. The bank-focused model arises when an outdatedbank makes use of non-traditional low-cost delivery channels for providing banking services to the prevailing customers.
The safety features
Banking through mobile is safe but it isn’t awfully high. Mobile banking through a tablet, laptop or a cell phone is safe similar to banking online via your PC. As the banking industry observed the trend, it invested in the levels of protection which is tough to hack. However, you can still be susceptible to scams and fraud but certainly not through a common thief. Actually, the security measures are quite robust and this is the reason, there are numerous banks that propose 100% protection if something goes wrong. But, you are needed to report on time.
The banking via mobile can utilize three forms, apps, mobile web, and SMS or short messaging service. Apps are an influential way to do mobile banking. Apps are not subject to swindles, just mobile web access or text. Mobile web is another way of mobile banking and access to the internet is safe no matter where you get online through a device or from home. SMS is recognized as texts for which acustomer could sign-up and that notifies them at a time when their account is low, whether or not a purchase or withdrawal has been made and when a deposit has been cleared.
The advantages of mobile banking are highly felt by the customers besides the banks. The first and the foremost benefit is that you can access your bank account even when you are located in the remotest areas. Through this service, you will be able to pay bills anytime and you will not be required to stand in a queue in a banking hall. Again, the cost of the transaction through a mobile phone comes cheaper in comparison to a transaction that goes inside a banking hall. This method reduces the danger of fraud as contrary to online banking. The best part is, you will receive notifications regarding every transaction via SMS, and thus, through this method, you can monitor your accounts easily.