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The number of mobile phone users has been steadily increasing with a large percentage among them using smartphones with advanced features and applications. The players within the Indian banking industry are trying to keep up with such technological advancements to offer improved service and convenience to customers.

After the tremendous success that was seen with online banking, institutions are striving to further revolutionize banking, using the advanced mobile technologies. Banks are not only using mobile-based technology to appeal to their urban clients, but also with a focus on adopting the technology to reach the under-serviced clientele in the hinterlands of the country.

About Mobile Banking

Mobile banking makes it easier for users to perform financial transactions from any place, at any time, which means customers do not have to depend on the working hours of physical branches. There are several features offered by this technology, which have made everyday banking convenient, quick, and more accessible. The leading banks in the country use secure servers to ensure complete safety to users. The mobile banking services are a step forward from online banking, because you can now execute transactions from your smartphone, without the need for a laptop or desktop.

Applying for M Banking

Most banks allow customers to download their apps on smartphones. A unique customer relationship number (CRN) is assigned to clients and this is used to login to the app. Users will have to authenticate through their active debit or credit card or the net banking password. Every user must set up a six-digit Mobile Personal Identification Number (MPIN) and register the device. The registration process needs to be completed by entering the activation code sent to the device.

Mobile Banking Features

With this service, users can execute almost every kind of bank transaction through their mobile handsets. Simple features like checking the balance in your savings or current accounts, opening various kinds of recurring or term deposits, requesting account statements, and more, are available through this service. Some banking apps like Kotak Bank’s App even allow users to pay mobile, direct-to-home bills and utility bills by accessing their bank accounts from their mobile phones. Credit card summary and payments, balance transfers, investing or redemption of mutual funds and tracking investment portfolios are some other features offered by this technology. Users can also request checque books, activate debit cards, stop checque requests and modify the international use of cards through their smartphones.

Security of transactions

Many users are concerned about the security of banking transactions executed through their mobile phones. However, most reputed banks use secure protocols for communicating between clients and mobile servers. The Kotak Bank app even uses 2-level authentication for making mobile transactions safer. The MPIN (used as login password) and the activation code (sent on the registered mobile number) are necessary for authentication.

The Indian banking industry is witnessing a huge transition, as the convenience offered by mobile technology not only improves customer service, but also expands banking services, making them more accessible to all. Mobile banking presents banks with a win-win situation, as both customers and banks stand to gain.

Author Bio:

Tejas Kunder is an independent blogger and writing has been his passion for a long time. A journalism grad, he loves exploring the world of sports, health, lifestyle and travel. When he’s not writing, he’s out on his bike discovering new places, apart from that he loves listening to music and catching up on the latest flick.

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