More banks provide m-banking services

Today's banking transactions have become much easier and more convenient, for, subsequent to phone and Internet banking, sophisticated telecommunications technology has made mobile banking one of the latest services available from most major banks. Since 2002, the number of banks providing this service has grown further.

Just as the name indicates, mobile banking -- now often abbreviated to m-banking -- means banking transactions via your cell phone.

Some of the banks that provide this facility are: BCA (m-BCA), Bank Niaga (Niaga Ponsel Access), HSBC (HSBC PonselBanking) and Bank Mandiri (SMS Banking Mandiri).

Several years ago, some of the banks required their customers to use different Subscriber Identification Module (SIM) cards for m-banking services and the banks cooperated only with certain cell phone operators.

For example, for m-banking with HSBC and BCA you have to use a special SIM card that contains the mobile banking transaction menu.

Recently however, some other banks, such as Bank Mandiri and Bank Niaga, have changed the prerequisite. In close cooperation with all operators in the country -- Exelcomindo, Telkomsel, Satelindo and Indosat M3 -- these banks do not require their customers to change SIM cards for m-banking.

Most customers feel that m-banking is quite safe, because the user's identity is the cell phone number and one does not have to reveal the account number while sending the text message. On top of that, the customer has his or her own Personal Identification Number (PIN), which can be changed at any time.

For further security, each transaction with BCA is encrypted, while at HSBC the latest multi-layer technology is used.

Most of the transactions that can be conducted through m- banking are more or less similar at most banks: information on current balance and some of the most recent transactions, money transfers, payment of various bills (telephone, electricity, water, insurance, school fees, credit cards etc.) and change of PIN. Some m-banking services allow customers to purchase prepaid, cell phone talk time or even shares on the stock market.

Almost all of the banks that provide m-banking services only allow transfers between their own customers. The amount that can be transferred is also limited. At BCA, for example, a holder of BCA Silver ATM is allowed to transfer a maximum of Rp 7.5 million per day, while for BCA Gold ATM holders the maximum transfer is Rp 15 million per day. The greatest transfer amount allowed -- Rp 50 million per day -- is the privilege of BCA Platinum ATM cardholders.

While some banks require their customers to make a personal visit to one of their offices to complete the necessary forms, Bank Niaga has recently made it more convenient, as its customers can register at its own ATMs for m-banking services.

So, in today's hectic world, where most of us are busy doing one thing or another, banking transactions via m-banking are becoming much more convenient, simpler and safer. With ongoing developments in telecommunications technology, the transmission of messages is also getting faster as it takes only a couple of seconds. And remember, for the security of your money, the text messages are automatically recorded and stored, under maximum security, on servers on both sides -- your cell phone operator's as well as the bank's.

-- Ari Darmawan