What benefits does mobile banking provide to consumers? | Summary and Q&A

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September 16, 2016
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Elearnmarkets by StockEdge
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What benefits does mobile banking provide to consumers?

TL;DR

Mobile banking has revolutionized the banking sector, offering services such as easy recharge, fund transfers, bill payments, checkbook and statement requests, credit card management, and savings options.

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Questions & Answers

Q: How does mobile banking make it easy to recharge our phones?

With mobile banking apps like the Access Bank app, users can simply log in, select the recharge option, enter the necessary details like the mobile number and network, confirm, and the recharge is done quickly.

Q: What are the fund transfer options available through mobile banking?

Mobile banking allows funds to be transferred quickly through NEFT or IMPS. Users can select the payee, enter the required details, and the amount is transferred instantly.

Q: Can I pay various utility bills through mobile banking?

Yes, mobile banking enables users to pay bills for telephones, credit cards, electricity, gas, insurance, and other utilities. It offers a convenient way to manage and make payments for these services.

Q: How does mobile banking help with credit card management?

Mobile banking provides information about credit card balances, available limits, previous payments, minimum payment due dates, and overall credit card statements. It also allows users to schedule payments, convert outstanding amounts into EMIs, and obtain a summary of credit card statements.

Summary & Key Takeaways

  • Mobile banking has expedited the banking sector's technological advancements and is leading us towards a digitized future.

  • The video discusses six services provided by mobile banking, including easy recharge, fund transfer, bill payments, checkbook and statement requests, credit card management, and savings options.

  • These services can be accessed through various banking apps, making banking more convenient and easily accessible.

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