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Mobile Banking Services



Banks offering mobile access are mostly supporting some or all of the following services:

  1. Account Balance Enquiry
  2. Account Statement Enquiries.
  3. Cheque Status Enquiry.
  4. Cheque Book Requests.
  5. Fund Transfer between Accounts.
  6. Credit/Debit Alerts.
  7. Minimum Balance Alerts.
  8. Bill Payment Alerts.
  9. Bill Payment.
  10. Recent Transaction History Requests.
  11. Information Requests like Interest Rates/Exchange Rates.

One way to classify these services depending on the originator of a service session is the ‘Push/Pull' nature. ‘Push' is when the bank sends out information based upon an agreed set of rules, for example your banks sends out an alert when your account balance goes below a threshold level. ‘Pull' is when the customer explicitly requests a service or information from the bank, so a request for your last five transactions statement is a Pull based offering. .

The other way to categorize the mobile banking services, by the nature of the service, gives us two kind of services – Transaction based and Enquiry Based. So a request for your bank statement is an enquiry based service and a request for your fund's transfer to some other account is a transaction-based service. Transaction based services are also differentiated from enquiry based services in the sense that they require additional security across the channel from the mobile phone to the banks data servers.

Based upon the above classifications, we arrive at the following taxonomy of the services listed before.

 

  Push Based Pull Based
Transaction Based  
  • Fund Transfer
  • Bill Payment
  • Other financial services like share trading.
Enquiry Based
  • Credit/Debit Alerts.
  • Minimum Balance Alerts
  • Bill Payment Alerts
  • Account Balance Enquiry
  • Account Statement Enquiry.
  • Cheque Status Enquiry.
  • Cheque Book Requests.
  • Recent Transaction History.
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