THE ADVANTAGES OF MOBILE BANKING
WHAT BANKS ARE DOING TODAY
· SMS banking is already used today in different manners :
o In parallel with e-banking to verify the identity of a person.
o To send alerts to customers via SMS (ex: when you reach a certain limit).
o Use apps that enable customers to do their daily banking activities anywhere anytime.
· Some banks are developing their own applications for mobile phone (Westpac, BofA …). The usual features are :
o Account alerts and reminders
o Account balance, updates and history
o Branch or ATM location information. This can be used with the GPS and Google maps.
o Bill payment
o Transfers
· It is important to develop a specific app for mobile phone and not simply use a browser to use the online platform because they are not formatted for a small screen. Usability is a key factor of success for these applications.
· Mobile banking offers great opportunities and this why third parties are entering the market. Let's see the example of MoBank.
MOBANK
· It is a free mobile banking service application that allows you to buy cinema tickets, train tickets, fast food delivery, flowers, entertainment …
· The individual only enters the information about his credit/debit card once. This ways, payment is a lot faster and easier. There is a wide range of products available, and it increases every day.
· The revenues come from commissions on each payment made or on subscription.
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