Introduction

A bank is a financial institution or body where transactions are carried out. These transactions include, transfers, deposits, withdrawals, loans etc.
Before the introduction of banks, individuals had to travel far distances in order to do cash exchange and other transactions.
The introduction of banks and other financial bodies has made human lives easy because transactions can be made at the comfort of our homes which has helped reduce the issue of theft in our society.
Banking system became a reality with the help of modern technologies and computer systems.
Some of the banks in my locality includes UBA, AccessBank, Unitybank, Firstbank, Gtbank etc

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Advantages of banks

1• Before the introduction of banks, people used to save money in weird places such as in pits,in calabash, in lockers and at the end of the day, huge amounts of money end up been destroyed by rats and other rodents, but the introduction of bank has made savings much easier and convenient.

2• It saves times; with the use of computers and mobile phones, transactions are being made to different parts of the world, which helps save time and relieve stress.

3• Banks sometimes issue loans to its customers which could actually help an issue start up a business for his or herself.

Disadvantages of banks

1.Banks has increased the rate of cybercrimes, whereby debit cards and other prominent informations such as the bank verification number (bvn) are being used to make withdrawals from another persons account.

2.Internet fraud has also been made easy because an individual is likely to be convinced by a fraudster and he or she might end up making transfers without realizing it.

Mobile banking

Mobile banking is the use of mobile phones to make transactions without going to the bank.
Transactions like making of transfers, purchase of recharge cards, online shopping and payments can be done with the use of mobile phones.

The mobile banking can be done using two methods which includes;

1. Mobile banking applications
2. ussd codes

How to Use Mobile banking applications to make Transfers

Step 1
Go to the playstore or AppStore in your mobile phone to download the mobile application
Note that, each bank has its own mobile app, so your bank would determine the bank app you download.

Step 2
Sign up and register on the mobile app, using your bank details as well as your debit card details.

After you must have registered, login your bank app using your mobile number and password.

Click on the banking option and proceed to the next stage.

Select the beneficiary bank, input account number, confirm receiver, add amount and state narration and click on transfers.

Input password and click on Ok
Then finally click on proceed, then transfer would be made successfully.

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How to Use Ussd codes to make Transfers

Go online and browse your bank ussd code.
For instance;
UBA dial *919#

Click on transfers input beneficiary details Input your password and click send

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Conclusion

Conclusively, the bank has been of great help to the society. And this banking system was put together with the help of computer and technology.

Thanks for reading through my post

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