Top Mobile Banking Technologies

With the popularity of online banking and the growing use of mobile web browsing, Mobile Banking is becoming an everyday task for most people. More so, because it’s convenient, easy and can be accessed on the go. But what is Mobile Banking? Simply put, Mobile Banking is the use of financial services over mobile devices such as cellular phones.

The most common method of Mobile Banking is using a cell phone or personal digital assistant's web browser to access your bank's website. Similar to using a personal computer, a cell phone browser will allow you access to a bank's login website for account maintenance.

The 2 major Mobile Banking Technologies that ensure safety of your data in the process are-

Interactive Voice Response (IVR)

IVR is utilised to call users and communicate to them in person or solve their queries. Here is how it works-

  • Banks advertise a set of numbers to their customers.
  • Customers dial an IVR number on their mobile phones.
  • They are greeted by a stored electronic message followed by a menu that has multiple options.
  • Customers select an option by pressing the corresponding number on their mobile keypads.
  • A text-to-speech program reads out the desired information.
  • IVR only allows for inquiry-based transactions and general solutions.

Text messaging

You can also track payments and receipts, receive alerts or pay utility bills via the InstaAlert system. You will also be intimidated about when you balance falls below a certain level so that you can maintain Average Quarterly Balance. For the same you have to register for mobile services with your bank. HDFC Bank offers the above-mentioned facilities through their InstaAlert service.

SMS accommodates two-way communication, allowing messages to be initiated by banks or by customers.

Concerned about secured banking apps? Read more on how safe are banking apps here.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.