Mobile Banking refers to banking services that are performed on mobile devices. Mobile banking requires some form or internet connectivity on a mobile platform to perform banking operations. Mobile banking is most often performed with mobile phones but also cover other wireless internet enabled devices such as tablet PCs.
Mobile banking services can cover any banking service that is performed or delivered over the mobile web. Mobile banking operations or tasks may include simple text based inquiries or direct deposit transactions and financial transfers.
Mobile banking has increased in conjunction with the increase in online banking as well as the increased production of internet enabled phones and wireless computing devices. Mobile banking is the next step in online banking. With mobile banking customers don’t need access to a computer terminal to access their banks services and products.
Mobile banking access allows customers to conduct traditional in-branch and online transactions such as account balance inquiries, funds transfers between accounts, and transaction viewing. Mobile banking access can often support a variety of bank account types, including checking accounts, certificates of deposit, money market accounts, loans, and lines of credit.
Mobile banking services provides customers the flexibility and convenience to manage their finances with greater flexibility by making it easier to allow bank consumers to perform bank functions whenever and wherever they choose.
Depending in what mobile banking is offered by the financial institution, it will almost always include non-transaction based services as well as transaction related services.
Non-transaction based mobile banking services are informational services and often include; account balance inquiries, transaction history inquiries and notices of recent activity within an account.
Transaction services that can be performed with mobile banking covers a wide range of transactions which are dependent on the capabilities of the mobile banking platform. With some facilities, users can deposit checks virtually by taking a snapshot of the front and back of their check for deposit. More commonly, mobile banking platforms allow users to move money between their accounts, to pay bills from their phone and make information requests.
Additional resources regarding online banking can be found at online bank services, online checking accounts, the best online bank or the best online savings account.