SMS banking can be regarded as a mobile bank. It is a specific office where major banks and monetary foundations utilize SMS notification strategies to send messages (SMS) to specific mobile phones of customers. These messages can also be warnings or warnings. With Banking, customers can easily perform different types of currency exchange by leveraging SMS innovations.
The Concept of Push & Pull Messages
Administration related to Banking can be done as one or the other push or pull messages. Regarding push messages, these are messages that a bank or financial institution transmits to a customer’s mobile phone without the customer initiating any kind of data requirement.
Under the general premise, push messages can serve as portable display warnings or messages. Also, it may be similar to a warning of certain situations that occur in the customer’s separate ledger, including withdrawing some cash from the customer’s financial balance, storing cash in the financial balance, some credit card exchanges, etc. Push messages can also address alerts implying some due installments or downloading electronic bulletins of financial balances.
Then again, the lottery message in the SMS banking case alludes to OTP (One Time Password). OTP is being used as the latest tool used by banks and monetary foundations to combat all kinds of digital misconduct or counterfeiting. In the given lottery message frame, instead of relying on regular passwords, OTP uses the method of SMS to send to the client’s mobile phone. At that point, customers are expected to enter the OTP to complete currency exchange using portable or online banking strategies. The OTP passed to the client is only material for a limited time frame and expires when used to make the exchange valid.
Push & Pull Services in SMS Banking
Depending on the level of accommodation, customers can choose the type of SMS banking service they may want to profit from. The determination of SMS banking management should be possible using telephone or multifunctional banking.
Some of the normal push management in Banking includes:
- Intermittent transfer of recorded balances
- Detail credits such as compensation and different cash receipts in the ledger
- Insufficient assets on record
- Some due instalment warnings
- Withdraw cash from records
- Effective installment payment
- Authentication and age for OTP (one-time password)
Some of the normal withdrawal management in Banking includes:
- E-Bill Installment Payment
- Request to record balance
- Demand for smaller than normal announcements
- Asset transfer
- Request for FD (Fixed Deposit) Interest Rate
Benefits of SMS Banking
SMS Banking has several advantages. Here are some:
- SMS Banking allows you to make requests and obtain important financial data using the phone.
- You can use the concept of SMS banking to check account balances, process records, pay bills, and do a lot of currency exchange.
- Provides greater comfort as there is no need to go to the bank like clockwork.
- Easily access your ledger data when you really need it.
Is SMS banking safe?
SMS Banking allies assure that while SMS Banking is generally not as secure as other conventional financial channels, such as ATMs and online banking, SMS Banking channels are not expected to be used for unusually high-risk transactions.
Can I transfer money through SMS?
Shipment Record: Compose an SMS and type IMPS (Interbank Mobile Payment Service) followed by the payee’s record number, Indian Financial System Code (IFSC) and the amount you need to send. When you confirm this, you will receive a message where you will need to enter your mPIN.