Mobile banking - Financial definition
Concise definition of the term mobile banking
Mobile banking refers to the use of a mobile device, such as a smartphone or tablet, to conduct financial transactions and access banking services.
Comprehensive definition of the term mobile banking
Mobile banking enables users to perform a variety of banking tasks, including checking account balances, transferring funds, paying bills, and depositing checks, all through a mobile application or a bank's mobile website. This technology has transformed the banking industry by providing convenience and accessibility, allowing customers to manage their finances from virtually anywhere at any time.
Mobile banking is a key component of the broader trend towards digital banking, which includes innovations like online banking and fintech solutions. Practical examples include using a bank's app to pay for groceries or to receive real-time alerts about account activity. In markets with limited physical banking infrastructure, mobile banking has significantly increased financial inclusion by giving more people access to banking services.