Using their mobile phones, customers can initiate and/or perform banking tasks. Most UAE and foreign banks offer this service. Using mobile banking, customers can check their account balances, make instant fund transfers, pay bills, etc.
As soon as you’ve opened a bank account, you’ll want to make sure you’re tracking your hard-earned money.
For even the busiest individual on the go, downloading your bank’s app to your smartphone is the simplest solution. It’s free and gives you instant access to your financial information.
Mobile Banking Working
Once you open the mobile banking account, downloading apps from your bank onto your smartphone or tablet lets you access your bank account with just a few clicks, and many banks offer this service.
The app allows you to keep track of your spending as well as pay your bills and verify that any deposits you were expecting have been received.
Despite the fact that the app does not allow for cash transactions, you can deposit checks using your phone’s camera to deposit them. That’s a trip to the ATM that was saved!
Advantages of Mobile Banking
With mobile banking, you may access your account at any time of the day or night, seven days a week. The fact that your money is accessible from your smartphone is also convenient because you won’t always be near a computer.
You can also have your bank send you alerts by text, phone call, or email if you suspect fraud, such as someone using your account without your permission. You may also set up notifications to notify you if your account falls below a certain threshold.
Because of our smartphones’ and the banks’ security procedures, the apps for banks are quite safe. As a result of this, however, mobile banking is not 100 percent secure.
Mobile banking, whether through mobile banking apps, online banking, USSD, or SMS, is safeguarded from unauthorized users.
Types of Mobile Banking
Smartphone banking comes in several forms, including SMS, USSD, and mobile apps. Services including loan approval and insurance policy linkage have been implemented into the mobile banking apps of some banks, like Mashreq. Why and how does mobile banking work? Let’s find out.
Mobile banking brings us one step closer to a fully digitalized world. As a result, there is fewer paperwork and less waiting time.
- Mobile banking over SMS
- Mobile banking over Email
- Mobile banking App
Mobile Banking V. Online Banking
The beauty of technology is that we can use it in a variety of ways. When it comes to your bank account, you can log in by computer or smartphone. While your PC account will typically have more features and settings, the app might be just as good with all the capabilities you need. In addition, the bank may limit the amount of money you can deposit on the app in a single day.
Mashreq has become the first digital bank in UAE to provide the same services to the foreign clients as they are serving to locals. This improves the quality of banking for the customers.