You all have probably heard of what mobile banking is. Here, we will be going through the mobile banking system in Malaysia.
To start off, the meaning of mobile banking is the ability to make any financial transaction on your mobile devices such as your smartphone and your tablet. The mobile banking system has also made our lives easier with the conveniences of not having to go to the bank physically to make any financial transaction, as many things like making payments, transferring money, creating an FD account can all be done via the bank app. Additionally, the advantage that mobile banking has is that it is available to use 24/7 with the use of the internet.
For security purposes, the bank also ensures the safety of the customer’s finances by sending out confidential OTP links as a two-step authenticator so that the consumer will be the one in control of managing their bank account. Besides that, the owner of the account will be alerted if the mobile banking system has detected an unauthorized login by a hacker. The system will typically advise the owner of the account to change their password immediately, or the account will be temporarily blocked to prevent any unwanted transactions. Thus, preventing the owner of the account from having major losses.
The mobile banking system also has its very own ‘help desk’ on the app. The help desk system is where the app provides answers to the Frequently Asked Questions to help users if they seek assistance on a particular matter.
Next, the mobile banking system also provides news and promotion in the app so that users can get up-to-date on what is going on with the bank that they are using. This system can be beneficial if the user stumbles upon a promotion that the user is looking for. For example, credit cards or loans with low interest.
With the mobile banking system, it has never been this easy to manage your finances. How? Because everything now is available to check in the app, users can now easily track their spendings in the app. Not only that, users can also set a spending limit in the app to further manage their spendings in the app to avoid overspending. Depending on the bank, some banks offer users to set up a goal to save money for leisure spending or emergency funds such as Tabung that some banks provide. With all of this system, it has been really easy for users to manage their finances.
The mobile banking system has been extremely beneficial for us. Not only does it make it easier for us to make financial transactions, but it has also allowed us to manage our spendings by setting a spending limit on the app. To further clarify, with the ongoing pandemic, the mobile banking system is also helpful as it limits the number of times from having to go to the bank physically and potentially contract the virus.