USSD in Mobile Banking- Keystone – The use of Unstructured Supplementary Service data in Mobile banking has brought about a more convenient and reliable way of banking at ease with regards to the digital world. This changes is seen to supply customers with the ease of going to the bank to carry out some financial transactions such as money transfer, checking of account balance, purchasing airtime and data, bills payment, cable subscriptions and to mention but a few.
Customers can stay at their comfort zone to carry out any of the listed activities and fortunately, there is no fee involve in the registration process as the only criteria for this usage is having an account and using the phone number linked to the account. Generally, any dialed number that comes in this format: beginning with * and ends with # is a USSD code. It is one of the communication techniques between two users or network that allows you to input command or query to a system and get feedback(s) or immediate response(s). They are used for various purposes like network configuration, market surveys, callback services, coupons and voucher and also employed in Mobile Banking.
The use of USSD and mobile bank apps are the two commonest ways of carrying out bank transactions offline and online respectively. Unlike the mobile app that needs to be operated on an android device and also requires data, the USSD system can be used on any device provided there’s internet access and does not also requires data for it’s operation. Customers who make use of this system are expected to dial the USSD code on the phone number they used to open their bank accounts and also ensure there’s internet access.
The introduction of this system has greatly improved the communication system in banks between their customers as it provides an interface for them to input their command and receive feedback from the bank. Keystone and other banks has different USSD codes that allows to provide a good communication strategy between their customers to make queries, enquiries, or request on their device at their comfort zone and receive immediate response. Aside from checking of balance, money transfer, paying electric bills, recharging and subscriptions, the most interesting part of this system is that it offers an outsider to create an account with the bank even without visiting the bank provided he/she has a valid BVN and can carry out transactions immediately. But for those who haven’t enrolled for BVN are to visit the bank in subsequent time before they can perform transactions.
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In recent times, using the USSD code is preferred over the bank’s mobile app to perform transaction owing to the fact that the bank app is operated on an Android device and requires data whereas the other can be done on any device provided there’s internet access and does not require data. A general disadvantage to the use of these communication system is tied to network issues either from the sender or directly from the bank. This may seem to create delay in processing requests, transactions or reversal in any transaction carried out and will bring about late responses. The USSD code for Keystone Bank is *7111#. Once dialed, follow up the series of instructions and get your required feedbacks.