prpri Mobile Banking Services in India Mobile Banking Services in India

Saurabh Krishna

ABSTRACT

Mobile Banking is a banking service that enables its customers to carry out financial transactions remotely via a mobile device, such as a smartphone or a tablet. It is one of Green Banking’s important products and is easy and convenient to its customers. Mobile banking for 24*7 is available. It is a helpful balancing inquiry, online money transfers, SMS alerts, online bill payment. The study is in nature descriptive. Paper discussed services developed by various banks in India for mobile banking and mobile banking applications. Data are collected by secondary sources, such as articles on the website of the Banks.

INTRODUCTION

Banking is one of India’s most important financial institutions. With the rise in technology banking, the introduction of digital banking in India is also updating with new technology. Mobile banking is among the available services one of the most important innovative tools for banks. Mobile banking is nothing more than making mobile banking transactions. It’s a Green Banking bi-product. Mobile banking alone helps its customers in the convenience of various banking operations, thereby saving their customers time and money. The mobile banking app makes easy transaction between money and one bank account possible. Mobile banking has so many advantages to its customers like Balance enquiry, quick transfer of funds, online bill payments, SMS alert etc. Thus, mobile banking is adopting by customers at an increasing pace.

Literature Review

Preranaetal (2011) The author studies the customer view and the usefulness of mobile banking as a customer. The study uses an ad hoc quota sample, a descriptive study. It is concluded that customers are faced with the problem of mobile banking and also, the security problem while mobile banking operations.

Parul (2015) The study examines the new electronic mobile banking payment in India being adopted by the consumer. It is an investigative study. Data collected via a structured survey and secondary information, in the form of journals, magazines and web links, are collected. Thus, banks have yet to raise awareness of the use of mobile banking services by their customers.

Suresh (2017) The author investigates the factors that influence mobile banking adoption. It is a descriptive study that is based on secondary data. Customers of banks should use mobile banking because it is more convenient for them to conduct banking transactions on their phones. Customers must be made aware of the importance of banking.

Services of Mobile Banking

According to the Reserve Bank of India’s (RBI) annual report for 2017-18, the volume and value of mobile banking services increased by 92 percent and 13 percent, respectively. At the end of March 2018, the number of registered customers had increased by 54% to 251 million, up from 163 million at the end of March 2017.

1. Access to account information

Accessing banking information is the primary function of mobile banking. It’s also useful for money management. Customers can use this service to check the following information: – Transaction history, account e-statements, loan statements, credit card statements, and e-passbooks.

2. Regular Transactions

Mobile banking’s most basic feature is the ability to transfer money from one account to another and make online payments. Customers can transfer funds to anyone by adding them as beneficiaries via UPI (Unified Payments Interface), which also includes Bank to Bank transfers, self-transfers, payment of rent and other bills, and NEFT/IMPS/RTGS payments, among other things.

3. Investment Purpose

 Opening Fixed deposit/ recurring deposits, investment in mutual funds and portfolio management services etc.

4. Other services

Other services that a customer requires for smooth banking operations include account summary, bill payments, fund transfer, and investment. Other services, such as grievance redress, may also be available. Mobile banking is also useful for resolving banking complaints or questions. ATM locators, Branch locators, lodging complaint/tracking applications, ordering new cheque books, and cancelling/stopping an issued cheque are just a few of the services available.

  • SMS Banking

The majority of banks offer services via mobile apps, as well as SMS banking services. This service is beneficial to those who do not have access to a smartphone or the internet. To use SMS banking, customers must first register their mobile number with their bank. SMS banking services include: Balance inquiry, mini-statement, self-funding, blocking ATM or credit card, Inquiry about foreign exchange rates.

  • Mobile Banking over USSD

Unstructured Supplementary Service (USSD) is a type of unstructured supplemental service that allows you to Data is a form of communication that allows people to use banking services. This service does not necessitate the use of a smartphone or access to the internet. Balance inquiry and fund transfer are among the services available, as are balance enquiry, mini statement, fund transfer, change of MPIN, and Generate OTP.

INDIA’S TOP MOBILE BANKING APP’S IN INDIA

Mobile banking was first introduced in India in 2002. Transactions were also carried out via SMS. Almost all banking transactions, such as checking account statements, paying credit bills, utility bills, and transferring funds, can now be completed using a computer, laptop, or smartphone. Almost all banks have a mobile phone application in 2018. It allows customers to transfer funds by simply downloading the mobile banking app to their Android or smartphone, after which they can begin online banking transactions at their leisure. In the year 2008, ICICI Bank was the first bank in India to launch mobile banking. Almost every bank has since followed suit.

  • THE HDFC BANK MOBILE APP

The HDFC Bank is one of India’s largest private sector banks. Its mobile banking app allows customers to view account transactions, transfer funds quickly, and make credit card payments quickly. HDFC Bank’s mobile banking app has a 4-star rating on Google Play and has been downloaded 1 million times. HDFC Bank’s mobile banking app is also available in Hindi and has a “LITE” version that works with slower internet connections. While the LITE version lacks some of the features found in the regular version, it still provides access to the most commonly used services.

  • ICICI BANK’S IMOBILE APPLICATION

The iMobile app by ICICI Bank is one of the highest rated mobile banking applications in India. The app has 4.5-star rating on the Google play store and has over 10 million installs. The app allows customers for transfer funds, to pay credit card bills, to pay utility bills online, also or open fixed deposit and recurring deposit account, and manages Life Insurance Policies. The iMobile app also allows its users to make use of ICICI Bank ATMs, transfer of funds quickly via UPI payments, and transfer of funds to a mobile number. The app will be updated to reflect new services that the bank offers with the app. In addition to this, ICICI Bank has also launched iWear-ICICI Bank’s smartwatch app. iWear allows its users to access their Bank account information through their smartwatches, which includes information about their last 3 bank transactions, available balance and credit card accounts.

  • AXIS BANK’S AXIS MOBILE APPLICATION

The Axis Mobile app is one of the most popular app. With over 5 million downloads and 4-star rating on the Google play store, the app allows its customers to make use of different services and functions. In addition to this transfer of funds and checking account statements, the app allows users to make creditcard payments for a date that suits them better, to convert card payments to Equated Monthly Instalments, to block cards and to replace them and temporarily deactivate debit cards and set limits on debit card purchases. App users can also set standing instructions and auto-play bills for over 200 utility services.

  • SBI,S ANYWHERE PERSONAL APPLICATION

SBI has a number of banking apps for a variety of services, but anywhere personal is the app that provides the fundamental banking services. The app is called the State Bank Freedom app and it is available in both Hindi and English. The app allows its users access to deposits, withdrawals, and a minibalance sheet. The app has the mCash feature that allows users to transfer funds to a mobile number or email id. Customers can also make payments for utility bills, instantly open and close fixed and recurring deposits and scheduled transactions. The app also allows its users the ability to make payments to the SBI Life Premium and make ad-hoc payments to billers that are not registered on the app. SBI has also launched a wear app which allows its users to access their account through their smart watches.

IMPORTANCE OF MOBILE BANKING

Mobile Banking allows its consumers to be able to access banking services from anywhere. Business and business owners are now able to save time by making use of mobile applications to process their payments or even receive funds from clients directly to their phone numbers. It is particularly popular among small to medium-sized enterprises (SMEs). With mobile technology, banks are able to cut down on operational costs while still maintaining client satisfaction. The fact that any client of a bank can make use of their app to request a service, such as opening an account or even the ability to schedule debit orders or other payments from an application, allows for larger transactions volumes, eventually driving business growth.

FINDINGS OF THE STUDY

1. Mobile banking is an easy and convenient service for its customer to operate their banking transactions as per their convenience.

2. It is found that Mobile banking is a developing app for all types online banking transactions.

3. The bank’s which adopted mobile banking service has developed it as an app with specialised features

4. Most of the banks are adopting and implementing mobile based apps for mobile banking transactions.

5. Mobile banking is not only meant for banking transactions but also useful for investment in mutual funds and also helpful for portfolio management.

CONCLUSION

Mobile Banking is one of the important and convenient service for the banking customers. Mobile banking is one of the bi-product of Green Banking, where it is known for its easy, convenient and key point is mobile banking is meant for paper less transactions. Many banks in India is developing it in the form of an app in mobile phones. Mobile banking is providing many services with different features. Services of mobile banking are available 24*7 and also help to make any bill payments. Paper discussed about mobile banking status in India and also about importance and challenges of mobile banking. It is showing that mobile banking is helpful for the customers for their easy banking transactions.

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