Mobile banking can offer services such as the following:
- Mini-statements and checking of account history
- Alerts on account activity or passing of set thresholds
- Monitoring of term deposits
- Access to loan statements
- Access to card statements
- Mutual funds / equity statements
- Insurance policy management
- Pension plan management
- Status on check, stop payment on check
- Ordering check books
- Balance checking in the account
- Recent transactions
- Due date of payment (functionality for stop, change and deleting of payments)
- PIN provision, Change of PIN and reminder over the Internet
- Blocking of (lost, stolen) cards
- Domestic and international fund transfers
- Micro-payment handling
- Mobile recharging
- Commercial payment processing
- Bill payment processing
- Peer to Peer payments
- Withdrawal at banking agent
- Deposit at banking agent
With the help online and mobile banking, explains Carlos Hank Rhon, the banks have the power to attract new customers by giving them an opportunity to eradicate time consuming teller interactions and has therefore become a significant competitive weapon in an increasingly over supplied banking environment. This technology allows day to day transactions over the Internet through a secure bank website. With the help of online banking, businesses and individuals can have access to money and banking functions anytime and anywhere, where there is internet access. The primary advantage of online banks is that they remain available all the times, unlike traditional banks, which are open only during established office hours. If the consumer is out of town and needs money, notes Carlos Hank Rhon, then he can log on quickly to his banks website and take care of the required business, such as paying a pressing utility bill. The individual or business can manage and access all of the aspects of bank accounts like CDs, IRA's securities from one protected website. Increasingly banks are using online access to bundle access to stock brokerage and other financial services such as business loans to improve cash flow.
Click here to read more helpful banking tips.
Other various features are also included with online banking services such as stock quotes, account aggregation, programs for managing portfolio and rate alerts assist the customers in organizing all their assets easily and efficiently. This technology has seen a tremendous increment in usage, as more and more big national banks and various other banks in smaller regions, have started some form of online banking to provide convenience to their customers. In fact, it is rare today to find an established banking institution without a comprehensive online presence.
