MOBILE BANKING

Mobile Banking…

• Mobile banking is a technology which helps to operate our account through the help of a mobile.

• It is easy and efficient for a customer to transfer funds from his account to other, pay utility bills , and many more such services through mobile banking.

Mobile Banking refers to provision and availing of banking and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customized information.

Need for mobile banking

With the growing needs and expectations of the customers, the banks started providing services which could ease the operational process for the customer as well as for the bankers, one of them is mobile banking service provided by the bank.

From customer point

The following are the factors which promoted mobile banking:

Increasing number of online customers. Specific need of transferring funds at odd hours. Multiple transactions. Facilitate the customer to use his account

wherever and whenever required as per his convenience .

From the bank point of view..

With the increasing number of customers the banks needed to open more and more branches which required more capital, more bankers and infrastructure. The banks were in favor of mobile banking because:

Less number of people would turn to the branch. No need for heavy capital investments. Use of mobile banking as a marketing platform. A step ahead in the modern banking technology.

Ways of mobile banking

MOBILE PHONE BANKING

SMS MOBILE BANKING METHOD

THE INTRODUCTION OF SMARTPHONES WITH WAP

Phone banking

Mobile phone banking is the use of a cellular device to accomplish tasks such as blocking the lost debit card, know special offers , registering complains and finding an ATM while away from a computer.

In short a Help line number or can be termed as customer care.

Axis bank helpline number is 1-800-233-5577 For foreign customers -+91 22 27648000

(charges applicable)

SMS banking

SMS banking is a type of mobile banking, which is a technology-enabled service offering from banks to its customers, allowing them to operate selected banking services over their mobile phones using SMS messaging.

SMS banking services are operated using push and pull messages.

The introduction of smart-phone’s app

Wireless Application Protocol (WAP) is a technical standard for accessing information over a mobile wireless network.

The app allows services like fund transfers, balance enquiry, searching ATM’s and branches around, and many more.

MOBILE BANKING SERVICES OFFERED BY SOME OF THE BANKS IN INDIA

State Bank of India FreedoM, SMS Banking, Union Bank of India SMS Banking, UMobile PNB SMS Banking ,App based ICICI iMobile, SMS Banking, M-PESA,

mRupee HDFC SMS Banking, App BasedAXIS Bank Phone Banking, Internet Banking on

Mobile, SMS banking.

Axis bank mobile app

Registration process

Some guidelines provided by RBI for mobile banking.

Banks which are licensed, supervised and having physical presence in India, are permitted to offer mobile banking services. Only banks who have implemented core banking solutions are permitted to provide mobile banking services.

Only Indian Rupee based domestic services shall be provided. Use of mobile banking services for cross border inward and outward transfers is strictly prohibited.

The guidelines issued by Reserve Bank on “Know Your Customer (KYC)”, “Anti Money Laundering (AML)” and “Combating the Financing of Terrorism (CFT)” from time to time would be applicable to mobile based banking services also.

Banks shall file Suspicious Transaction Report (STR) to Financial Intelligence Unit – India (FIU-IND) for mobile banking transactions as in the case of normal banking transactions.

Issues… Security. Handset operability. Scalability and reliability. No stop payment facility available. International Journal of Emerging Technology and Advanced Engineering

conducted a survey on mobile banking.(Group of 65 respondents)

USER FRIENDLY

COMFORTABLE WITHOUT MOBILE BANKING

SECURITY ISSUES

Thank you

Submitted by-

Ajeetesh Srivastava