Mobile Banking – Ease of banking

Mobile Banking – Ease of banking

A mobile phone means a lot of things in today’s times. There is no other device which is so highly multi-functional and is involved in so many aspects of our life. It is of great service to its owner in ways more than one but none of them is more beneficial than the mobile banking function provided by almost all mobile carriers today. Credit unions the world over have taken to change in a very positive way and have started preparations in earnest for the digital form of banking. They have given more power to their customers so that banking becomes easier, quicker and foolproof through the mobile phone.

Mobile banking is known by various other names. The media calls it M-Banking or SMS Banking. Basically it is a term that describes a whole lot of activities. Through mobile banking, one can balance checks, complete his account transactions, make payments on time etc. via a mobile device such as a mobile phone. Most customers use mobile banking through SMS or the mobile internet. Some financial institutions take up another method to provide mobile banking to their customers. They make customers download a special software on their mobile phones which acts as client for the mobile banking services.

For any country’s retail finance situation to prosper, its credit unions must be completely healthy financial units. Basically, a credit union is a non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending. Large organizations and companies may organize credit unions for their members and employees, respectively. To join a credit union, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union. When a person deposits money in a credit union, he/she becomes a member of the union because the deposit is considered partial ownership in the credit union. The sole purpose of the creation of many credit unions is to take up the cause of community development or sustainable international development at smaller scale. There are some huge credit unions which have more than a million members and their coffers have several billion dollars of money.
Technology is a pervading concept today and one could trust credit unions to not go far behind in the rush to adopt latest technology. The number of credit unions that provide mobile banking facility to their customers so that they can perform important financial transactions on the run is on the increase. This implies fantastic news for the members of those unions who are often caught up in precarious positions as they have to do important transactions urgently and they cannot go to a bank or credit union in the vicinity because there is none. Still there are credit unions who have not taken up the case of mobile banking but they too have elaborate plans to do it within a time frame of two years.

Mobile Banking – Ease of banking