Whoever introduced the mobile banking has saved people from a whole lot of stress, the features and advantages are worthwhile that it can save from stress and unnecessary inconvenience. The situation of the covid-19 also made people explore the mobile so much more than before.
Electronic banking which also means making e-payments online has been a thing for a while now where people do not have to be physically in touch to make payments for whatever good or services they purchase, rather it is a system whereby it involves using the internet and passing through authorized websites where you can pay for those good and services electronically. These could be by using transfers, the automated Teller Machine (atm) or scan qr code.
HAS MOBILE BANKING BEEN BENEFICIAL TO PEOPLE?
The answer is yes. Using my country as an example, where you practically have to be on a very long que to get everything done. When I say long queue, we queue to get passports,in the bank, to pay fees, to use the atm, to get ID cards, to vote, to buy stuffs and so on. This mobile banking as reduced this issue except for some people who believe that using the app is a scam and prefer to stand under the sun to get things done.
Recently, I went out to buy recharge card with my cash money at hand, because it's been a while I did that. On getting to the store, a #500 card that use to go for either the same 500 or #510 had become #570. I had no choice but to get it at that point but never again as I would stick to getting my mobile top up and datea purchase directly from my bank.
There are a lot of activities that can be done via mobile banking that people still stress themselves out by going to the banks. Surfing through my mobile banking, these activities can be done:
TRANSFERS: fund transfer can be be carried out either internally or externally. By internally, it could within the same bank and be externally it could be between different banks. Hence, one can carry out the transaction anytime and any day, also anywhere one finds his or herself. Although there can be limits to a transaction an individual can make daily or weekly. Like in My country, there are limits people can do daily, all in a means to cut corruption.
DATA PURCHASE : while we can say this is one of the cool features of mobile banking, it takes a disciplined person to stay accountable to how he or she manages funds. Because we consume more network data than the actual allocation. What I mean is it does not last.
MOBILE TOP UP: Another cool feature is that you can top up you mobile phone with any network of your choice at anytime and anywhere. People have been stranded in time past concerning the issue of no recharge card to call relatives or friends when they get to a particular destination or otherwise. The interesting part is you just need a code to process this if you don't have data to access the app.
BILL PAYMENTS: Subscription have been made easier using the mobile banking system. At the comfort of your home or office, you get to pay bills such as cable TV subscriptions, education, e-commerce, insurance, jamb collections, electricity, lottery and betting, religious payments, taxes,, levies, transport, toll payment and so on. All these can be cover from the comfort of your space.
LOANS: you can also get loans from a bank app if you are eligible and meet the necessary requirements offered by the bank.i also come with interest payment and With terms and conditions involved.
STATEMENT OF ACCOUNT: ONE time I was ignorant of the app and I had to spend my whole day at the banking hall just to get a bank statement for my account considering an application I was filling at that time. If I had knew that I could do that on my own using the app I wouldn't have wasted such time. The produces the statement from the date you registered.
In conclusion, the internet space has brought about a lot of technological developments that are beneficial to human kind. While the mobile banking reduces the work loads of bankers, it also saves stress for individuals by not spend more to get to the bank to solve virtually all issues. Although some people are still ignorant of it or they are scared of scammers but one way or another, we must embrace the modern day technology and use them to our advantage.
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