Mobile banking is defined as:
Mobile Banking can be said to consist of Three inter-related concepts:
* Mobile Accounting
* Mobile Brokerage
* Mobile Financial Information Services
Most services in the categories designated Accounting and Brokerage are transaction-based. The non-transaction-based services of an informational nature are however essential for conducting transactions – for instance, balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are therefore offered invariably in combination with information services.
Mobile phone banking may also be used to help in business situations
Mobile Banking Services
1. Balance checking in the account
2. Monitoring of term deposits
3. Mini-statements and checking of account history
4. Mutual funds / equity statements
5. Insurance policy management
6. Pension plan management
7. Status on cheque, stop payment on cheque
8. Ordering check books
9. Access to card statements
10. Access to loan statements
11. Recent transactions
12. Blocking of (lost, stolen) cards
13. Due date of payment (functionality for stop, change and deleting of payments)
14. Alerts on account activity or passing of set thresholds
15. PIN provision, Change of PIN and reminder over the Internet
