In today’s world, technology has proven itself to be one of the industrious way for many transactions. Not only it has made communication a lot faster but, efficient and a hassle free method for doing business. The beginning of the internet has transformed the methods of the financial services industry for different types of businesses, sanctioning organizations with new business models and sophisticated ways in offering 24/7 convenience for their clients.
Mobile banking is considered as one of the offspring’s of the internet. Mobile banking is a term used in performing balance inquiries, transaction of accounts and payments by using a mobile device. It also refers as a stipulation and availment of banking and financial services through means of mobile telecommunication devices. The extent of offered services may include amenities to perform bank and stock market transactions, to manage accounts and access modified data.
Designated financial services such as accounting and brokerage are transaction based. However, non-transaction based services contains essentials for conducting balance inquiries that is needed before consigning money remittance. The ability to proffer financial transactions online creates new players for the financial services industry such as online banks, online brokers and wealth managers who proffer personalized services. Mobile banking infrastructure allows clients performing banking transactions anytime, anywhere therefore banks make sure that the systems are up and running smoothly 24/7.
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2 comments:
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Harry
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