What is mobile banking?
Mobile banking refers to a service provided by banks or other financial institutions that allows its customers to conduct financial transactions remotely by use of a mobile device like smartphone or a tablet.
Many people tend to confuse between mobile banking and online banking.lets now see the difference between the two.
Mobile banking mostly deals with smartphones and mobile phones and does not include the use of internet unlike in online banking whereby devices such as laptops or pcs are connected to the internet for banking business to take place.
Advantages of mobile banking.
1. Provides 24 hour banking transactions.
2.Convenient since it is available any time a client wants to transact.
3.Minimum costs since one does not need to enter the bank premises so hence its time effective too.
Disadvantages of mobile banking.
1.Not accessible in some phones since some banks operate through an app.
2.Costs charged per each transaction might be expensive compared to transacting through the counter.
3.Not accessible in areas with low network coverage.