Programs for handheld devices developed at the behest of banks have a very extensive set of functions. The list of available options usually repeats the capabilities of the Internet banking site. Customers can make transfers, receive notifications of receipts, exchange currencies, collect information about completed transactions, and communicate with the organization’s technical support representatives.
Mobile banking services include:
- Providing account information.
- Generating mini-statements.
- Checking history of completed transactions.
- Alerts on incoming and outgoing funds.
- Making transfers between accounts.
- Paying for various services and products.
- Submitting applications for connecting services.
- Contacting technical support.
- Finding the nearest ATMs and bank offices.
- Monitoring deposits, cards, accounts and loans.
Mobile banking allows numerous financial transactions remotely through a portable device connected to the internet. The user needs to download and install a utility developed by the bank. To use all the features of the app, authorization may be required, followed by a subscription to notifications by setting up an individual software configuration.
Unlike Internet banking, the application for portable devices has a simplified interface. Modern mobile banking is as functional as the official sites of financial institutions in terms of usability. The app can be used 24 hours a day, but some financial institutions impose time limits on access to accounts and use limits on customer transactions, including currency exchange and wire money.