The world has witnessed revolutionary changes in the field of the internet in the recent past. With the advancements, the Internet has proved to be the new industrial revolution. Like many other industries, banking has changed a lot with the use of the internet. Now you don’t need to stand in long queues to perform simple tasks. Whether you want to transfer the funds or you just need to inquire about the account balance. With the help of digital and mobile phone banking, all these tasks can be accomplished simply by using a mobile phone. 

Before moving forward, let me first explain what mobile banking is.

What is Mobile Phone Banking?

It is a service that is provided by the banks to their customers, to perform the financial activities, by using the smartphones. You just need to install the particular bank’s app and should have access to the internet. The services of mobile banking are available 24/7, and this is the best thing about it. A standard mobile banking app offers account management, bill payment, funds transfer, loan payments, ATM locator, and security alerts, etc.  

Types of Banking Apps:

Nowadays, mobile banking becomes an essential part of banking services. Banks ensures to provide the best mobile banking services to their customers. Based on the needs of their customers, banks provide these services using different systems. 

  • Mobile Banking through smartphone apps:

This is the most widely used form of mobile banking in the present time. It refers to one of the safest ways to perform the banking activities as it uses the Wireless Application Protocol to access the app. The user must verify and register using the credentials before utilizing the services of the mobile app.

  • Mobile Banking through SMS services:

This is another form of mobile banking through which users can avail certain banking activities over SMS such as, account summary, balance inquiry, and mini-statement, etc. Sometimes the customer may have to visit the branch to sign-up for the service. 

  • Mobile Banking through USSD services:

This service is for those who don’t have a smartphone but want to avail the banking services through their mobiles. They should simply dial a predetermined code provided by the bank, which is followed by a menu, containing the different banking services. 

Future of Mobile Banking:

As we mentioned above, banks are offering different services through mobile banking but this is not the end. In the future, our young generation will experience better in terms of features and more secure mobile banking services. No one will want to use the branch banking when every access will be at your one touch. For the millennials and future generations, financial management will be closely interlinked with the technology.

One of the rising trends in mobile banking is the mobile payment. It is a service in which we can send or accept the payments through a mobile phone. This is the future of mobile banking as no one needs to carry the cash, cheque, and plastic cards through this innovation. Banks are continuously making this service more useful for their customers. In the future, people will witness more technological improvements in this service. 

Like mobile payments, mobile wallet is another emerging trend in mobile banking. A mobile wallet is a digital wallet that stores the payment card information on the mobile. Some of the famous examples of mobile wallets are Apple Pay, Samsung Pay, Android Pay, and PayPal. Mobile wallets offer safety, convenience, and speed to the users and due to which it is considered as the future of mobile payment technology. 

The security of banking activities is very critical to every payment method. With the help of mobile banking, the banks can offer users a high level of protection against breaches and fraudulent activities. Along with security, mobile banking is also a cost-effective way of availing banking services. 

The Banking industry is constantly exploring the role of new technologies like AI (Artificial Intelligence) in mobile banking. With the adoption of these technological advancements, mobile banking will come out with the new features in the future, such as Robo-Advisors, voice payments, and card control, etc. All these technological developments will enable the consumers to experience the services, which no one has ever experienced before. 


Today, where technology is reshaping the banking industry, mobile phone banking is the future of modern banking. With emerging trends, mobile banking apps are likely to become more secure and convenient in the future.