Smartphones and other mobile devices have chiseled the world so small that people carry them in their pockets all the time. The Internet has ruled out the barriers of space and time and made it possible for us to gain access to anything and everything from the comforts of our homes.
In recent years, the mobile banking has picked up pace and thus, the facility of mobile banking is provided by almost all major banks. Mobile banking solutions refer to all the services related to banking and finance accessible from mobile devices so that the user can access all information he requires anytime and anywhere.
Mobile Banking Solutions
Mobile banking solutions help with a number of account-related services such as access to all account-related information including checking account history and deriving mini-statements, monitoring term deposits, notifications on account activity, providing access to loan and card statements and mutual fund-related information.
One may also choose to transfer funds without having to go to the nearest bank branch or ATM with the help of mobile banking. Bill payments and other deposits can also be managed using mobile banking solutions. Mobile banking applications feature real-time stock and have an option for portfolio management services of the investor as well. Other key points for mobile banking services include content services such as loyalty-related offers, general information and weather updates and location-based services.
The limitations faced by mobile banking cannot be overlooked. First of all, there is a lack of availability of smartphones, and internet penetration is poor in rural areas. People are not educated about the benefits of mobile banking and how it might help them and thus, they fail to realize its importance and opt for the traditional method of banking. Security is another concern as the applications are vulnerable to hacking and other cyber risks.
Open banking is a component of financial technology that enables developers to build web applications for financial institutions through the use of API. The technology source is open and unlimited which allows the organization to make use of the same to ensure greater transparency for the customers. It makes business more scalable by creating such processes. It also backs up data intelligence, automated application delivery, algorithmic capabilities and more.
