With online banking, technology has achieved new standards of banking convenience. Instead of standing in line at the bank for hours, you have the convenience of banking from your home . With mobile banking you can access your accounts, make inquiries and use various banking services from anywhere in the world. Take this quiz to see how well informed you are about how mobile banking works.
Mobile banking is particularly popular in Brazil, the Philippines and in Africa.
Only 10 percent of Americans use mobile banking, but it is becoming more popular.
Cellular networks have been forced to provide faster data speeds in order to keep up with mobile Internet demand.
You can do mobile banking with a basic mobile phone, even if it doesn't have Internet capabilities. Of course if you want to do Internet banking specifically then you will need a phone with Internet.
Consumers are now more aware about the use and safety of mobile banking and feel more confident to use it as a banking method.
The first ATM came out in 1969 and was introduced by New York's Chemical Bank.
Though people knew of its existence, they were hesitant to start using online banking due to technical problems that took the banks a while to sort out. In addition, there was a general lack of trust in the safety of online banking.
About 35% of Americans currently do their banking online.
You can perform online banking only if you have Internet access.
Over 3.25 billion people in the world have a cell phone. In the U.S. 78% of the population own a cell phone.
A "pull transaction" is the term given to when a mobile banker requests information or a service from a bank. A "push transaction" is when the bank supplies information requested by the client, such as an automated message to let them know when their account has reached a certain amount.
The type of phone you have, the level of technology of the bank and the type of service your phone receives will affect the complexity of the services you will be able to use with mobile banking.
IVR is when you hear a message that says, "For English press 1, for Spanish press 2," and you press in the number. IVR allows the service on the other side to know what that number is by using a test-to-speech program that reads out the number on the other side.
Problems with text messaging are the limited amount of characters in a message and you don't know whether the message reached the intended destination. Also, there is no interface that lets you know whether you are receiving a message from the bank or a scam artist.
A big problem for banks are the small screens. Banks have had to redesign their sites to make them mobile-friendly. Also, the limited amount of information that can be shown on one page means you nee to do lots of clicking until you complete a task, which is off-putting for users.
Since the software is unique to every phone, it is expensive to develop. It also requires the consumer to download it and learn to use the applications. It does allow for complex banking and a customized interface.
The Bank of America uses WAP as its technology platform. This means that you can do online banking from your phone. However, before you can start you have to set up online banking from a regular PC.
Customers use their telephone access number to log in to their mobile banking with Citibank.
Citibank is tryout out a new technology together with Nokia, MasterCard and AT&T. When placing the NFC chip in certain Nokia phones and passing it by a reader, the phone becomes like a debit or credit card and charges the cost to the user's debit or credit account. This is called m-payment.
You can buy pre-paid units which you can use as payment in stores that are participating in the m-payment service.