Mobile banking applications are changing with the introduction of the mobile wallet. New mobile phone apps will enable us to trade stocks from our mobile phones. The mobile wallet will give us the ability to run our smartphone over a bar code scanner at the store to pay for purchases. IT specialists are working on new mobile apps to allow us to do this. Customers also use WAP billing as an alternative to paying for products online with a credit card, debit card or by using premium SMS for billing purposes.
The GFT Group, one of the world's largest providers of IT services, is working on new mobile apps for large financial organizations. These organizations will soon be able to use mobile banking applications, not only to manage their accounts and pay bills, but they will also be able to receive investment counseling and buy and sell stocks. The GFT group helps clients set up mobile apps by offering IT specialist's services and solutions specifically for their financial needs.
We already have the ability to use mobile banking apps to pay bills, access our bank accounts and credit card accounts, to get alerts in our email, and deposit checks in our bank accounts if the bank we use is set up to do this. The GFT AppStore is helping financial organizations develop mobile apps and platforms to specifically fit businesses needs. They are now setting up testing sites for their employees which enables them to fine tune this process.
The mobile wallet is moving to the forefront of banking solutions. Once NFC abilities (near field communications) are set in place, meaning banks, stores and other businesses, both online and off, are able to offer consumers the means to use them, we will see a change in the world of online banking. Experts say that by next year one in five cell phones will be NFC equipped to use mobile wallets.
Many banks and credit card companies enable their customers to pay bills and deposit checks over their mobile phone, although not all banks are set up for all types of mobile phones. WAP billing has become a viable method of paying for downloading music, games, wallpaper and ringtones by being billed via a mobile phone. Mobile banking applications are changing. Newer innovative apps are being designed and developed by IT specialists everyday and some companies now have the capabilities to allow consumers to use them.
For more information on WAP billing , visit our web site: http://www.wbresearch.com/emergingpayments/mobile-banking.aspx
By: Jeremy B Thompson
Sunday, May 12, 2019
Friday, April 26, 2019
Mobile Banking - Good or Bad?
According to research done by the Neilsen Company, 9 out of 10 people have a cell phone and more than half of those people have smartphones. A smartphone is basically a small hand-held computer that allows you to access email, the Internet, make a phone call, or run applications. A growing number of financial institutions now offer mobile banking so customers can use their smartphones to check their balance, find the nearest ATM, pay a bill, or even transfer funds from one account to another. With all this technology, consumers need to understand the services offered and to be careful to protect their personal and financial information.
There are many mobile banking services available. For example, some institutions offer to send customer alerts to cell phones in the event that an account becomes overdrawn or if suspicious activity is detected on their account. This is a great tool for someone who travels and may not access their account on a regular basis or for someone who uses debit cards worldwide. Some institutions have created their own "app" that is available as a smartphone download in order for people to access accounts and process transactions.
But with all of this great technology, consumers need to decide what is right for them and what are they comfortable using. Some consumers are more open to the concept of mobile banking and are willing to pay for those services while others are more reserved and concerned about security or fees associated with the technology. Here are three basic things to think about if you are considering using mobile banking:
Mobile banking certainly can help you keep better tab on your accounts if you are busy or if you travel a lot. However, you need to decide if the risk is worth the gain. Taking the time to be informed and understanding the latest and greatest product may save you a lot of money and hassle. Talk to your institution and let them explain how their mobile banking works, talk to your friends and co-workers to see how they like it and figure out what works best before you decide. Making an informed decision means taking a little time now to potentially save a lot of time and effort later.
Joanna Murphy is Certified in Bankruptcy and is a Certified Financial Counselor by the Credit Union National Association. Her company, New England Credit Consultants is the ONLY licensed and bonded credit repair agency in the State of Maine. For more information about NECC and to read other articles about Financial Fitness, please visit http://www.necreditconsultants.com.
By: Joanna Murphy
There are many mobile banking services available. For example, some institutions offer to send customer alerts to cell phones in the event that an account becomes overdrawn or if suspicious activity is detected on their account. This is a great tool for someone who travels and may not access their account on a regular basis or for someone who uses debit cards worldwide. Some institutions have created their own "app" that is available as a smartphone download in order for people to access accounts and process transactions.
But with all of this great technology, consumers need to decide what is right for them and what are they comfortable using. Some consumers are more open to the concept of mobile banking and are willing to pay for those services while others are more reserved and concerned about security or fees associated with the technology. Here are three basic things to think about if you are considering using mobile banking:
- Does your banking institution charge for mobile banking? Most do not, but don't just assume this is the case.
- What can you do to protect your information should you choose to use mobile banking? Always make sure your phone and your mobile banking application is password protected. Don't choose an obvious password like 1234 or your initials. By password protecting your mobile banking, you are protecting yourself should you lose your phone. A web or application-based mobile banking system is more secure than those that use text messaging. It may sound silly, but you may want to consider purchasing an anti-viral software for your phone or mobile device. It is only a matter of time before the very viruses that invade home computers will try to invade smartphones.
- Know the risk. Before you sign up for mobile banking, know and understand the risk if something goes wrong. Be sure to understand how the system works and if there are time lags between you making the transaction on your phone and when the funds are available. Also, understand what happens if you transfer money to the wrong place... what is your liability? Some institutions now allow you to do "P2P" transactions where you can transfer a small amount of money to a family member or friend from your phone. They are called "person to person" payments and can be very convenient. But be informed and ask what fees and liabilities might be associated with this service.
Mobile banking certainly can help you keep better tab on your accounts if you are busy or if you travel a lot. However, you need to decide if the risk is worth the gain. Taking the time to be informed and understanding the latest and greatest product may save you a lot of money and hassle. Talk to your institution and let them explain how their mobile banking works, talk to your friends and co-workers to see how they like it and figure out what works best before you decide. Making an informed decision means taking a little time now to potentially save a lot of time and effort later.
Joanna Murphy is Certified in Bankruptcy and is a Certified Financial Counselor by the Credit Union National Association. Her company, New England Credit Consultants is the ONLY licensed and bonded credit repair agency in the State of Maine. For more information about NECC and to read other articles about Financial Fitness, please visit http://www.necreditconsultants.com.
By: Joanna Murphy
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