What is Mobile Banking?

To get know how of the Mobile Banking, one has to get educated on what it really stands for, the value based services given, it’s future and last but not the least aspect it’s prima facie challenges with advent of new technology. Let’s ponder upon the first category that is what it stands for. Well Mobile Banking as name already suggests stands out for “A type of gateway backed by applications designed by lead banking and financial institutions for the mobility and optimum use of advent of technology viz Mobiles, or any other device for the optimal use of various financial services in one go at ease”. Well this is the futuristic model which has revolutionised concept of banking with advent of smart techno gadgets like smart phones backed by operating systems like Android, Windows, WAP enabled support systems etc coming into foray for first time in 1999.

Now with  more technologically driven minds and with the concept of hacking, one has to say that future of financial banking is not only limited to mobile banking, but also to secure and store key financial information of end users, investors and firms in devices, making the application look more user friendly and provide maximum and differentiated financial aspects at one go so as to enhance profit and market share by getting optimum satisfied lot of customers. However this is just the beginning and that I’m not going deep into the features and also use of mobile banking as today it’s on the very fingertips of all. However with the futuristic technology becoming obsolete within just a week or month, even there are drastic paradigm shift towards Mobile Banking as it’s just not limited to enhance knowledge or know how of various financial services, but here comes aspect of how it can enhance value added services and what optimum use can it give to already the tech savvy minds. So here are some key innovative and qualitative statistics regard Mobile Banking:

• With the beginning of new technological era by early 90’s need of banking and storing funds at secured place arised which now even has been woven into a loop where one can not only know regard trade/business transactions, but can also get value based education on insurance, stock market conditions and investment of shares and the effect it’s having on the vested product called shares or debentures in long or short run and at a go.
• Even can enhance knowledge by direct contact of a financial advisor or mediators of any global lead banks thereby knowing the various investment plans, nurturing image of the company and also regard banking profitability and growth.
• Record and storing information about various transactions involved with just a click of button and thus avoiding wastage of time management to visit a bank to get things done.
• Globally 99 % population are connected at just touch of button with lead financial institutes and advisory boards to carry exchange of foreign transactions and trade commodities across countries at click of a button on tech savvy gadgets.

Thus there is nothing wrong in saying that the future lies in mobile banking and that there are many new and innovative features included in mobile banking, thus making it an unimpeachable and notwithstanding a must tool for everyone in near future.