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Banking and Finance (Group 5)
Name of members:
| ABMF 3023 Commercial Banking Service | | Mobile Banking |
What is mobile banking?
Mobile banking is a system or a range of services that allows customers of a financial institution to conduct a number of financial transactions through a mobile device. Some of them may ask is there any different from mobile banking and the mobile payment? Actually they are different, because the mobile payment is involving the use of mobile device to pay for goods or services and the use of a debit or credit card to effect an EFTPOS payment.
Especially when we are living in this technology modern era, human being started to use the technology well to make their life better and easier and so mobile banking is just one of the technology services or tools to convenience and making the easier way for the customers or the users of the bank. There are few types of mobile banking, the most basic and the earliest way is through SMS, or also known as SMS banking. SMS banking is just that the bank will send a text alert for any transactions or withdrawal of money from the customers bank account to the mobile of the users.
After the new generation of smart phone is introduced, the SMS banking is already outdated and so now the mobile banking service is allowing the customers to access their account through smart phone with just an internet connection, anytime, anywhere and mostly anything they want to do with their banking account. With the mobile banking, now the customers can make payments, check balances, transfer money between accounts, stop payment on a cheque, view a monthly statement, without queue-ing up in the branch of the bank that will waste time of the customers.
Mobile Banking Operation
There are four fundamental approaches to mobile banking. The first two rely on technologies that are standard features on almost all cell phones.
( I ) Interactive Voice Response (IVR)
IVR is the least
Name of members:
| ABMF 3023 Commercial Banking Service | | Mobile Banking |
What is mobile banking?
Mobile banking is a system or a range of services that allows customers of a financial institution to conduct a number of financial transactions through a mobile device. Some of them may ask is there any different from mobile banking and the mobile payment? Actually they are different, because the mobile payment is involving the use of mobile device to pay for goods or services and the use of a debit or credit card to effect an EFTPOS payment.
Especially when we are living in this technology modern era, human being started to use the technology well to make their life better and easier and so mobile banking is just one of the technology services or tools to convenience and making the easier way for the customers or the users of the bank. There are few types of mobile banking, the most basic and the earliest way is through SMS, or also known as SMS banking. SMS banking is just that the bank will send a text alert for any transactions or withdrawal of money from the customers bank account to the mobile of the users.
After the new generation of smart phone is introduced, the SMS banking is already outdated and so now the mobile banking service is allowing the customers to access their account through smart phone with just an internet connection, anytime, anywhere and mostly anything they want to do with their banking account. With the mobile banking, now the customers can make payments, check balances, transfer money between accounts, stop payment on a cheque, view a monthly statement, without queue-ing up in the branch of the bank that will waste time of the customers.
Mobile Banking Operation
There are four fundamental approaches to mobile banking. The first two rely on technologies that are standard features on almost all cell phones.
( I ) Interactive Voice Response (IVR)
IVR is the least