Questions and Answers
What is Mobile Banking?
The act of making financial transactions using a mobile device
What does Bank Account Management (BAM) involve?
Negotiating and managing account services and fees
What is included in Bank Account Management (BAM)?
Managing the interrelationships among bank accounts and regulatory reporting
What are the security concerns associated with Mobile Banking?
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What do most banks offer to facilitate account management from a mobile device?
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Study Notes
Mobile Banking
- Mobile banking refers to the use of a mobile device to perform financial transactions and manage one's bank account.
Bank Account Management (BAM)
- Bank Account Management (BAM) involves managing one's bank account using a mobile device to perform various banking activities.
- BAM includes activities such as checking account balances, transaction history, and paying bills.
Security Concerns
- Security concerns associated with mobile banking include the risk of unauthorized access to account information and fraudulent activities.
- Risks are heightened due to the use of public networks and devices that may be vulnerable to hacking.
Mobile Banking Services
- Most banks offer mobile banking services that enable customers to manage their accounts from their mobile devices.
- These services typically include features such as account balance inquiry, transaction history, bill payment, and funds transfer.
