There are things we can do with our smartphones now that we couldn’t have dreamed a decade ago! Some of these inventions have proven to be very valuable, although others have proven to be pointless and useless. Mobile Banking is an example of a function that I believe belongs in the latter group. Banks have been unsure if they want to actively sell it or not, and as a result, we’ve had a lot of half-hearted efforts where some of them promote it for a few weeks and then totally forget about it!
But, first and foremost, let’s define Mobile Banking. For almost two years, I have been using Mobile Banking. Simply placed, the bank provides you with a smartphone application that you can download from their website and update on your computer (if it is supported). The next step is to create a user id and password for your mobile device and connect it to your bank account – often this requires assistance from your bank, at other times it can be as easy as accessing it at one of their ATMs. After that, the app simply gives you access to the most common aspects of your bank account. In general, you’ll be able to get your bank balance, a summary of recent transactions, and other details. Though this might sound exciting, I’m never sure why you’d want to check your bank balance on your phone in the first place.
In any case, a stronger (supposedly) function that might be useful is the ability to pay bills with your phone for licenced operators. This may include payments for the home phone, cell phone, satellite television, and other services. Yes, this feature succeeded for me, but it comes with its own set of issues. Many of us who use Internet banking now have the option of paying our bills online, and the best part is that it is immediately added to our accounts. The same question arises once more: why is it necessary to use a cell phone? I paid my phone bill using the mobile banking software a few months ago, maybe just to see what will happen! And then there’s this! What I discovered was that my next month’s bill had a Rs75 late payment charge for the previous month, owing to the fact that the bill I charged via mobile took more than a week to credit to my account:( After struggling to justify the entire rigmarole to customer service, I had to chase them down to get those late fees waived!!
This leads us to the conclusion that Mobile Banking was a technology that sounded exciting from the start. However, I highly doubt its validity in today’s world. As we’ve noticed, the fundamental question remains: why would you try to do it on your phone’s tiny screen when it’s all so readily available through the internet? How much does one fail to pay a bill, is in the middle of a trip, and therefore, Indeed, he makes full use of mobile banking? Another point is that not everyone has access to a computer or the internet; but, how many of these people would you imagine to be tech-savvy enough to use mobile banking on their phones?
I’ll leave it up to you to determine whether or not this is something you’d like to do!