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Advantages And Disadvantages Of Mobile Banking

1229 Words5 Pages

Advantages
• Convenience: In mobile banking, a customer is able to access bank accounts and make payments regardless of the time and place. Financial transactions can be performed round-the-clock and even during holidays. Mobile banking does not require calling a bank or physically visiting it. It also eliminates the inconvenience of carrying multiple payment cards or a laptop for internet banking.
• Time saving: It eliminates the time lost in physically going to the bank. A customer can schedule and receive payments, transfer money and check account balances within minutes.
• Easy access to finance: In some far flung areas where there are no banks and the nearest bank is a good distance away, it serves as a convenient choice for accessing financial services for most mobile phone owners. A user can easily check his account balance, transfer funds, pay bills, etc.
• Fraud Avoidance: Customers who use mobile banking have a better knowledge of their financial transactions and day to-day balances and hence are more likely to catch incorrect or fraudulent transactions.
• Increased efficiency: Mobile banking is functional, competitive and efficient. It reduces the amount of paperwork and decongests the banks.

Issues and Challenges
Security
Encryption
Mobile banking has two zones, one is the handset held by the user and the other is the bank zone. For secure data transmission between the two zones, the encryption process is used. However, the problem arises as this encryption

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