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Mobile Banking: an introduction
Introduction to Mobile Banking
For Paramantapa Dasgupta
After Internet Banking Mobile Banking or M-Banking has become the buzzword in the industry. The fact is that Internet banking has been a boon and has successfully demonstrated to regard it as a good alternative procedure against physical bank branches. So wherever you are, you can access your bank account and you can do many more things like control account balance, transfer money to other accounts, pay their utility bills online and so on, just by sitting comfortably in your home or office. But the technical disadvantage of Internet Banking, you must have an Internet connection and a computer. Definitely not a big obstacle in the U.S. or Europe or in other developed countries, but taking into account the developing economies, it's a real problem and, more specifically, at the level of cities II.
Mobile Banking And here enters the scene to tackle the basic limitation of Internet banking. If we consider only the developing countries of Asia, the availability Mobile connectivity is really huge. When you can not find a telephone landline or an Internet connection, but even in these remote locations to obtain connectivity motive is not a major issue today.
Thus, Mobile Banking has given the traditional banking a newer "Anywhere Banking". Now you do not need a PC or laptop with Internet connectivity, you only need your cell phone with you. Taking into account the economies of countries Asia such as China, India and Korea have seen the rise of mobile in the last decade. A projected value of wireless connectivity in India shows that 180 million touch subscribers at the end of 2008, which was set at about 2 million in 2000. In Korea, over 70% of the population is carrying mobile devices.
The biggest advantage of Mobile Banking offers banks is that it helps reduce costs because it is even cheaper than providing tele-banking facilities where banks have to maintain hundreds of tele-callers. In addition, Mobile Banking helps banks to improve service quality and nature of management relationships with customers. Using Mobile Banking, banks can communicate with the defined group of customers. Tenders can be customized and this customization can give the banking industry, a huge mileage, even at a lower cost. Again, by using the same mobile channels, banks can increase sales and cross-selling very complex financial products to the specific set of clients that may be associated with selling strategies credit cards Mortgage Loans Personal, etc. In contrast, service providers can also get more business by offering mobile banking services to its customers. Countries like Japan, Korea or Singapore, where mobile connectivity has already reached saturation, service providers can do business bet for the provision of additional banking services the same static customer base.
In front of the services, the different banking services can be provided, according to banking regulations in the respective countries consultation may include account balance, check status of account, credit / debit alerts, bill payment alerts, check book ordering, transaction history, Minimum Balance Alerts, Fund Transfer Services, etc.
Mobile Banking activities can be classified in two ways.
1. Because of the nature Service: Can be either, either query the database or transaction-based. For example, Account Balance Inquiry or a request for check books can be good Examples of consultation Based Services Fund Transfer or Bill Payment is a transaction based activity.
2. Depending on the payer: Again there can be two types of services, Push and Pull, depending on the nature of the issuer. A Push-based service for the customer of the Bank and vice versa. For example, bill payment warning may be a push service, by making the recent history of the account is a pull based.
In different countries, mobile banking has gained popularity. For example, in the Telecom Market in South Korea joined LG Kookmin Bank to provide its mobile banking services in 2004 and since then have been a good and steady growth. In India, Reliance Infocomm has started providing mobile banking services to ICICI Bank and HDFC through its environment: R-World.
Mobile Banking services become more popular once the availability of smartphones or PDA phones will increase as smart phones come with larger screens and larger memory size. In the face of application development, J2ME and BREW both have done an excellent job and the industry expects to 2012, over 80% of mobile phones will be able to run applications unique mobile banking and the weather being "anywhere banking" in the real sense.
About the Author
A student of Economics.
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