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Typical mobile banking services may include:

Account information

Mini-statements and checking of account history
Alerts on account activity or passing of set thresholds
Monitoring of term deposits
Access to loan statements
Access to card statements
Mutual funds / equity statements
Insurance policy management

Transaction

Funds transfers between the customer's linked accounts
Paying third parties, including bill payments and third party fund transfers(see, e.g., FAST)
Check Remote Deposit

Investments

Portfolio management services
Real-time stock quotes
Personalized alerts and notifications on security prices

Support

Status of requests for credit, including mortgage approval, and insurance coverage
Check (cheque) book and card requests
Exchange of data messages and email, including complaint submission and tracking
ATM Location

Content services

General information such as weather updates, news
Loyalty-related offers
Location-based services

A report by the US Federal Reserve (March 2012) found that 21 percent of mobile phone owners had used mobile banking in the past 12 months. Based on a survey conducted by Forrester, mobile banking will be attractive mainly to the younger, more "tech-savvy" customer segment. A third of mobile phone users say that they may consider performing some kind of financial transaction through their mobile phone. But most of the users are interested in performing basic transactions such as querying for account balance and making bill payment.

Future functionalities in mobile banking

Based on the 'International Review of Business Research Papers' from World business Institute, Australia, following are the key functional trends possible in world of Mobile Banking.

With the advent of technology and increasing use of smartphone and tablet based devices, the use of Mobile Banking functionality would enable customer connect across entire customer life cycle much comprehensively than before. With this scenario, current mobile banking objectives of say building relationships, reducing cost, achieving new revenue stream will transform to enable new objectives targeting higher level goals such as building brand of the banking organization. Emerging technology and functionalities would enable to create new ways of lead generation, prospecting as well as developing deep customer relationship and mobile banking world would achieve superior customer experience with bi-directional communications. Among digital channels, mobile banking is a clear IT investment priority in 2013 as retail banks attempt to capitalise on the features unique to mobile, such as location-based services.

Illustration of objective based functionality enrichment In Mobile Banking

Communication enrichment: - Video Interaction with agents, advisors.
Pervasive Transactions capabilities: - Comprehensive "Mobile wallet"
Customer Education: - "Test drive" for demos of banking services
Connect with new customer segment: - Connect with Gen Y – Gen Z using games and social network ambushed to surrogate bank's offerings
Content monetization: - Micro level revenue themes such as music, e-book download
Vertical positioning: - Positioning offerings over mobile banking specific industries
Horizontal positioning: - Positioning offerings over mobile banking across all the industries
Personalization of corporate banking services: - Personalization experience for multiple roles and hierarchies in corporate banking as against the vanilla based segment based enhancements in the current context.
Build Brand: - Built the bank's brand while enhancing the "Mobile real estate".

https://en.wikipedia.org/wiki/Mobile_banking