Advantages and disadvantages of mobile banking

Mobile banking is a system. Under which financial related work is done through mobile phone. Mobile banking has both advantages and disadvantages.

Benefits of Mobile Banking –

  • With mobile banking, you can operate the bank anywhere, anytime through your mobile phone.
  • You can get information about your bank account.
  • Funds can be transferred from mobile phones.
  • Can recharge mobile or DTH.
  • Through this, you can get information about ATM and bank branch location.
  • With mobile banking, you can check account balance, recent transactions, payment of bills, check status etc.
  • Using mobile banking saves your time.

Disadvantages of mobile banking –

  • To use mobile banking in a mobile phone you will need a multimedia phone.
  • Not all banks have mobile banking facilities.
  • Third party mobile banking software does not always work in mobile phones.
  • In case of loss of mobile phone, you may suffer a huge loss if the user name, password and other information is stolen from your mobile phone.

However, mobile banking is considered much safer than Internet banking and ATMs.

 

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