Mobile Banking over SMS (SMS Banking)

The customer can sign up for SMS Banking service by just visiting the branch once. In this facility, customers can send SMS to the bank by their registered number to inquire about their account balance, mini account statement, etc. The bank then replies with an SMS with the information required by the customer.

In India, various banks now provide mobile banking services over SMS, also called as SMS Banking. This service is for those who do not possess smartphones and/or internet connection. To avail this facility, the user has to register their mobile number with their bank.

The Facilities Offered by SMS Banking are:
• Balance Enquiry
• Obtain mini-statement
• Transfer funds to/from self-accounts (e.g. savings A/c to current A/c)
• Block ATM card or a credit card
• Enquiry for forex rates
• Enquiring about current interest rates (e.g. FD rates and savings rates)

All the above services are done by push/pull messages. Push messages are when the bank initiates a communication, such as reminding about payment or notification of a withdrawal. For example, the One-Time Password (OTP) is a type of push message which falls within the periphery of mobile banking. On the other hand, pull messages are messages initiated by the customer, and these can be for enquiring account balance and for cancelling an issued cheque, etc.

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