PHONE BANKING IN HBL:

Mobile / Phone banking has become really popular owing to the convenience that it gives its customers. You can access your account, pay bills, and make cash transfers through cell phone banking. It offers many benefits over internet banking and banking in person. With the wide range of mobile connectivity, mobile banking through cell phone can be accessed by anyone

HBL PHONE BANKING OFFERING:

Banker's Cheque request Mobile Prepaid Vouchers - Mobilink, Ufone, Warid, Telenor, Zong, V-PTCL Balance inquiry Account information Stop cheque payment request Cheque book request Debit Card activation & de-activation Credit Card activation & de-activation Internet Banking support Account or service settlement request

Benefits of phone banking

Anywhere you can get to a phone, you can do your banking.

Convenience plus, with 24-hour access from anywhere. Save time - no more waiting in queues. No transaction fees. Perform account balances on your accounts. Pay bills in one quick call using BPAY. Instant transfers between your accounts. Report your cards as lost or stolen. Order a cheque book. Hear interest earned for the last financial year. Request a statement. Hear the details of your last five transaction

Advantages Of Mobile Banking

Mobile banking through cell phone offers many advantages for customers as well as banks. Some of them are as follows:1. Mobile banking has an edge over internet banking. In case of online banking, you must have an internet connection and a computer. This is a problem in under developing countries. However, with mobile banking, connectivity is not a problem. You can find mobile connectivity in the remotest of places also where having an internet connection is a problem. 2. You can make transactions or pay bills anytime. It saves a lot of time. 3. Mobile banking thorough cell phone is user friendly. The interface is also very simple. You just need to follow the instructions to make the transaction. It also saves the record of any transactions made. 4. Cell phone banking is cost effective. HBL bank provides this facility at a lower cost as compared to other banks in the country. 5. Banking through mobile reduces the risk of fraud. You will get an SMS whenever there is an activity in your account. This includes deposits, cash withdrawals, funds transfer etc. You will get a notice as soon as any amount is deducted or deposited in your account. 6. Banking through cell phone benefits the banks too. It cuts down on the cost of tele- banking and is more economical. 7. Mobile banking through cell phone is very advantageous to the banks as it serves as a guide in order to help the banks improve their customer care services. 8. Banks can be in touch with their clients with mobile banking. 9. Banks can also promote and sell their products and services like credit cards, loans etc. to a specific group of customers. 10. Various banking services like Account Balance Enquiry, Credit/Debit Alerts, Bill Payment Alerts, Transaction History, Fund Transfer Facilities, and Minimum Balance Alerts etc. can be accessed from your mobile. 11. You can transfer money instantly to another account in the same bank using mobile banking. .

RECOMMENDATIONS

The following aspects need to be addressed to offer a secure infrastructure for financial transaction over wireless network : 1. Physical part of the hand-held device. If the bank is offering smart-card based security, the physical security of the device is more important. 2. Security of any thick-client application running on the device. In case the device is stolen, the hacker should require at least an ID/Password to access the application. 3. Authentication of the device with service provider before initiating a transaction. This would ensure that unauthorized devices are not connected to perform financial transactions. 4. User ID / Password authentication of banks customer. 5. Encryption of the data being transmitted over the air. 6. Encryption of the data that will be stored in device for later / off-line analysis by the customer. One-time password (OTPs) are the latest tool used by financial and banking service providers in the fight against cyber fraud[7]. Instead of relying on traditional memorized passwords, OTPs are requested by consumers each time they want to perform transactions using the online or mobile banking interface. When the request is received the password is sent to the consumers phone via SMS. The password is expired once it has been used or once its scheduled life-cycle has expired.