MOBILE BANKING Meaning and
Definition
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Mobile banking is a technology-driven financial service that enables individuals to conduct various banking transactions and manage their finances using mobile devices such as smartphones or tablets. It offers customers the convenience of accessing their bank accounts, performing transactions, and obtaining financial services anytime, anywhere, without the need for physical interaction at a bank branch.
This innovative banking method provides users with a range of features including checking account balances, viewing transaction history, transferring funds between accounts, paying bills, depositing checks through mobile check deposit, and making mobile payments. Mobile banking apps or web-based platforms are typically used to access these services. Additionally, users can also receive alerts, notifications, and updates from their banking institution via their mobile devices.
Security is a vital aspect of mobile banking, as it involves sensitive personal and financial data. Robust security measures such as multi-factor authentication, encryption, and biometric authentication are implemented to protect customer information and ensure secure transactions.
Mobile banking has revolutionized the banking experience by eliminating the constraints of time and physical location. It provides customers with unparalleled convenience, flexibility, and control over their finances. Mobile banking has become increasingly popular due to its user-friendly interfaces, efficiency, and time-saving capabilities, contributing to the digitization and evolution of the banking industry.
Etymology of MOBILE BANKING
The word "mobile banking" is a combination of two terms: "mobile" and "banking".
The term "mobile" comes from the Latin word "mobilis", meaning "movable" or "loose". It started to be used in English in the late 15th century and referred to anything that could be moved or easily carried. In the context of technology, "mobile" specifically refers to devices that are portable and can be used while on the move, such as smartphones, tablets, or other wireless devices.
The term "banking" originates from the Italian word "banca" or the French word "banque", meaning "bench" or "table". In medieval Europe, moneylenders conducted their transactions sitting on benches. The term evolved to represent the business of accepting, storing, and lending money.
