You can do your banking on the go by using a mobile device. This may involve something as basic as a bank sending a fraud or usage activity notice to a customer’s cellphone, or it may involve something more involved, like a customer paying an invoice to a vendor or sending money to family members living abroad.
Banks and other financial institutions now provide consumers the option to manage their money remotely by means of mobile devices like smartphones and tablets through a service known as “mobile banking.” How to use mobile banking in Malaysia then? If you want to bank on the go, rather than online, you’ll probably need to download an app developed by your bank.
Generally speaking, the availability of a mobile device and an active internet or data connection determines the hours of operation for mobile banking services.
A Brief Overview of Mobile Banking’s History
Mobile banking, also famously known as SMS banking, was conducted primarily through text or SMS prior to the launch and enablement of mobile web services in 1999. When mobile phone use took off in the late ’90s, short messaging service (SMS) became the de facto standard for sending and receiving messages. Prior to 2010, the most widely used mobile banking services were SMS banking and mobile web.
Since WAP (Wireless Application Protocol) enabled many new mobile phones to connect to the internet, this ushered in exciting new opportunities for financial institutions. WAP banking services were initially introduced in 1999 in Norway. Since the release of smartphones running Apple’s iOS or Google’s Android, there has been a rise in the availability of banking apps optimized for use on mobile devices.
How Do Mobile Banking Services Work?
As a result of technological advancements, more and more people are using their mobile devices to complete the majority of their daily tasks. Banks have made it convenient for us to use their mobile banking app instead of stepping into a branch or waiting in line at an ATM.
Many individuals have these apps on their phones, but only a fraction of them actually know how to use them effectively. Mobile banking is the use of a mobile device, such as a smartphone or tablet, to execute financial transactions normally done online.
The Value of Mobile Banking in Today’s Society
People are learning to realize and appreciate the various advantages of mobile banking as a result of the present pandemic. It’s no secret that the pandemic has put a damper on our ability to go about our daily lives, which is why the vast majority of individuals now use a mobile banking app to access their funds.
Mobile banking’s constant availability is arguably its most valuable feature. Equally, you may do just about any monetary transaction via your smartphone.
Transferring funds between accounts is possible, as is international currency transfer. In addition, you won’t have to worry about the safety of your funds. Thanks to MFA, banks may now set you up with a smartphone alert whenever your account is being accessed from a different device.
It is clear that mobile banking is a safe and convenient option, given the aforementioned advantages. In addition to being able to access your account from anywhere, you may also do so at any time by logging in from your mobile device.