Mobile Banking Technology and its Types

Justin Smith, CIOReview APAC | Wednesday, May 19, 2021

Justin Smith, CIOReview APAC

The advancement of smartphone banking applications is one of the most exciting aspects of mobile banking technology. These provide users with one-click access to a variety of account functionality.

FREMONT, CA: The various forms of mobile banking technology can be categorized according to how a financial institution communicates with customers and provides them with access to its services. The majority of the technology applications used by banks are compatible with smartphones. E-mail messaging, web browsers, and smartphone apps are the three most commonly used forms of mobile banking technology.

Text messaging could be the primary choice for consumers who want to use mobile banking but do not have access to smartphones. Banks use text messages to deliver customer warnings. Account balances, sent payments, direct deposits, and various other account activities can all be monitored with these warnings. Some banks provide these warnings for free through their online banking services, while others charge a fee in addition to the text message fees charged by customers' cell phone carriers.

In place of e-mail or sending a message via an online website's contact center, some text messaging can be used to communicate with bank staff. Bank customers may be able to submit donations from their savings accounts by texting specific codes or instructions. These funds are donated to charitable organizations or causes with which the bank has a long-standing relationship.

The mobile web browser is the second form of mobile banking technology. Individuals with web-enabled mobile phones can access an updated version of the bank's online site. The site provides full account access, enabling users to track activity, request account transfers, and make payments. Accessing the bank's website from a cell phone normally would not result in a fee from the bank, although the user's cellular provider would almost certainly charge him for data usage.

The advancement of smartphone banking applications is one of the most exciting aspects of mobile banking technology. These provide users with one-click access to a variety of account functionality. Customers have complete access to their accounts through a cell phone application, which works similarly to web browser technology. Some banks and payment systems enable customers to take a photo of a check and deposit it using their phones as a virtual ATM.

Account transfers, bill payments, and activity tracking are some of the more popular services. Customers may use these systems to conduct banking transactions even though they are not in front of a computer. They will keep an eye out for fraudulent activities and alert bank staff immediately if there is a problem.

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