What are the Pros & Cons of Mobile Banking?

Introduction to Mobile banking:

Mobile banking is very popular nowadays and is expected to grow in the upcoming years. It has become an essential part in everyday lives of the individuals and makes banking easier for the people. Individuals can access banking and financial information and various services on their fingertips without queuing in-front of the banks and waiting for appointments. Mobile banking helps you pay bills, transfer money, check balance, make international transfers, etc., which helps the users to manage their tasks in a feasible manner.

There has been an increase in the usage of mobile banking services and people are also becoming aware about it increasingly. Automation has changed the world and it is still changing in the upcoming years, mobile banking is one of the biggest revolution financial industry has witnessed as it has changed the banking scenario. This conduct can range from a bank transmitting fraud or user activity to a client’s mobile phone to a user settling bills or transferring funds internationally. There are many apps also launched which supports mobile banking such as Google Pay, PhonePe, Paytm, etc., which makes it more convenient for the users.

Services available in Mobile banking:

There are various services available in Mobile banking such as:

  1. Information of the account:

Individuals can access the bank account digitally which helps in managing the funds and carry out their spending easily. The mobile banking is offered by the bank and it makes it easier for the users to track their money as it keeps their accounts of the funds, review their loans, investments, etc.

  1. Transactions:

Mobile banking also offers security which makes it users hassle-free and helps them in trusting their software for all sorts of baking transactions. There are even two-factor authentication which helps in eliminating the frauds and helping the users to carry out the transactions properly. Mobile banking allows the users to send or receive money both domestically and internationally. Individuals can even pay bills like electricity bill, telephone bill, internet bill, etc., which makes it easier for the people to pay anywhere with just a click.



  1. Status of the cards or other documents:

Mobile banking allows you to check the status of your investments made, your transactions, loans, etc., which will help in understanding the duration of the process and makes it easy for people to invest their time in mobile banking because its fast, secure and hassle-free. It also helps in tracking ATMs and also any other requests placed by the users.

Advantages of Mobile banking:

  1. Banking can be accessed anytime and from anywhere. An individual only needs a device like a mobile phone, laptop or a computer.
  2. You can send or receive money both domestically and internationally without any troubles.
  3. An individual can apply for loans, blocking and re-issuing of debit or credit cards, and other investments, and they can track it as well.
  4. Individuals can check their account balance, their status of the issued documents, transactions made by them, nearby ATMs, management of investments, etc.
  5. Internet banking offered by the banks also is not as secure as mobile banking.
  6. It saves a lot of time of the bank users because they do not need to queue in the banks anymore for anything.
  7. There is an easy access to all your financial details which also helps in increasing the efficiency of the banks as their work-load is reduced making their processes competitive and effective.

Disadvantages of Mobile banking:

  1. Irrespective of the security measures granted by the banks, individuals are still concerned about the security and their funds as the possibility of frauds are increasing.
  2. As frauds and scams are increasing, users need to be aware of the fraud texts and OTPs which they receive so that they do not loose money.
  3. The individuals need to keep their banking applications safe in the mobile so that in case they lose their phone it does not get in wrong hands.
  4. Many mobile banking applications require an internet connection to function, so if you live in a remote area or have issues with your internet connection, you will be unable to confirm your identity. The same is true if your phone’s battery dies.
  5. An individual needs to be technically aware and updated to access mobile banking efficiently.


To conclude, mobile banking has brought in major changes in the banking industry and it is still making revolutions. It is necessary for the people to be technologically aware as it makes their work easy and time-saving.

By admin

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