By: Javed Iqbal

Hailey College of Banking & Finance

Five financial institutions i.e. Habib Bank, Citi Bank, KASB Bank, Atlas Bank and Adamjee Insurance Company have signed an agreement with Mobilink, a well known cellular company in Pakistan to launch mobile phone banking very soon. In first step, customers will be able to know their existing bank balance in their accounts while in next step; they will be facilitated to transfer their funds through a telephone call.

Mobilink has already experienced such practices in past with other leading banks like MCB, Standard Chartered Bank etc. Basically, mobile banking (M-Banking) is a “time saving activity” enables someone to inquire about his bank account through mobile phone by sending messages. Benefit of mobile phone banking is that if someone is in hurry and unable to reach bank branch or an ATM, mobile phone banking is the best option to know the required information by using hand set. This service often provides information of new products & services of that specific bank which has launched mobile phone banking. Other banks are also trying to launch the same programmes in coming future.