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CASE STUDY ON IMPORTANCE OF MOBILE BANKING

ABSTRACT :

Banking is the backbone of every industry and technology plays an important role in every industry. The role of technology is increasing very rapidly day by day, which is also promoting the banking industry. Banking is one of the largest financial institutions which regularly explore the opportunity of technology to provide better customer services. In today’s business, technology has been the largest indicators of growth and competitiveness. The banking industry today is in the era of its revolution. The increased dominance of mobile phones provides exciting opportunities for the growth of mobile banking. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile banking is a revolution that is driven by the world’s one of the fastest growing sector, mobile communication technology. This paper examines the need and importance of mobile banking in modernize era of technology.

Introduction

The mobile banking is defined as the provision of banking services to customers on their mobile devices. Mobile Banking refers to provision and usage of banking and financial services with the help of mobile telecommunication devices. Mobile banking is a system that helps the customers to conduct a number of financial transactions with the help of their mobile devices. Mobile commerce is a natural successor to electronic commerce. Where a mobile device is used to initiate, authorize and confirm an exchange of financial value in return for goods and services. Mobile devices may include mobile phones, PDAs, wireless tablets and any other device that connect to mobile telecommunication network and make it possible for payments to be made. The bank provides mobile banking services to their customers, wishing to increase their customer share by removing all the hurdles in the way of adoption of mobile banking services The role of banking is very important in operating the business as well as industry functions. As the Internet banking is still in its growing stage, mobile banking has emerged as the next advance way of doing banking. The scope of offered services may include facilities to conduct bank transactions, to administer accounts and to access customized information. In the broader sense mobile banking as that type of execution of financial services in the course of which, within an electronic procedure the customer uses mobile communication techniques in conjunction with mobile devices. Mobile phones have become an essential communication tool for almost every individual worldwide. Technology plays an important role in banking sector. Mobile phone is a common technology device that became part of every individual in the information era. Mobile Banking is an emerging alternate channel for providing banking services.

Objectives:

Importance of Mobile Banking

1. Easy Accessibility:
Mobile Banking provides the customers to anytime and anywhere banking with the help of mobile telecommunication services. This facility is very easy accessible by each mobile internet users. It also saves a lot of time.

2. Security:
Mobile Banking is very safe and secure with the help of mobile pin (m-pin). Each user of mobile banking is secured by pin number which was firstly issued by the bank but we can change it many times as per the needs of the customers. All the transactions through mobile banking can be easily operated by the customers and all records will be safe in the account details.

Less Cost:
Mobile Banking is less expensive comparative to other modes of banking. There are various types of charges imposed by the banks when we use other modes of banking likes ATM facility, but through mobile banking there are very less or no charges will be charged by the banks.

Speed:
With the help of new technology like 3G services, the customers make their banking transactions in the fraction of seconds. Mobile Banking is done by the mobile internet users in a very fast speed as compare to another mode of banking. For Example: If we want to deposit the money in branch, firstly we have to wait for our turn in a big queue to reach the counter but these hurdles can be easily removed by the usage of mobile banking.

Universally Accepted:
Mobile Banking is universally accepted by the each bank. The customer operate their bank account at anywhere in the country with the usage of mobile internet. It is widely accepted by the banks at anywhere and anytime.

Account Statement:
If we need our account details immediately, it is only possible with the online and mobile banking. Mobile Banking provides us immediate effect of banking transaction on our mobiles with SMS and Mini statements on our mobiles.

Increasing Customers: Mobile Banking helps the banks to increase their customers. We know that the frequency of mobile users is increasing at very high speed but the frequency of banks account holder is very less. So, mobile banking is a new technological platform to the banks to increase their customers. ♣

Always Connected:
Mobile Banking gives us an option to always connect with their bank accounts for getting the updation of every minute. Some account holders have large transaction per day. With the help of downloading the mobile banking application and software of their banks, they can get the update of their account by every minute or second.

Economic Development:
Today, still there is large portion of our population which has no bank account but with the help of mobile banking awareness especially young account holders will open the bank account and helps in economic development.

Some of local banking industries offered Mobile Banking Services

BDO Moblie Banking
Enjoy hassle-free banking with the BDO Mobile Banking app. You can monitor your deposit accounts,credit card, and loans, pay your utility (electric, water, cable, postpaid phone, etc.) bills and otherf requently paid services, transfer funds, reload your prepaid mobile, locate the nearest BDO branchor ATM, and a lotmore while you are on the go. It's like having your own BDO branch on your gadgets.
If you are already enrolled in BDO Online Banking, simply install the Mobile App on your iOS (iPhone, iPad, iPod Touch) or Android smartphones. Search for "BDO Mobile Banking" from the App Store or Google Play and make sure that the name appearing under the app thumbnail is BDO Unibank, Inc.

BPI Moble Banking

When everything can be accessed through the internet, why still line-up to do bank transactions? With BPI mobile app now ready for downloads through IOS and Android, the banking experience is now made faster and more convenient. Do banking transactions anytime, anywhere in just one tap on the app.

It’s secure! Stop worrying today! Transactions using the BPI mobile app are guaranteed safe and secured. The 2-factor authentication system protects the clients’ accounts from unauthorized access. Transfer-To-Anyone feature entails daily transaction amount limits, to reduce risk. It is linked to the device and requires pre-activation via the ATM.

It’s innovative! BPI is the first to introduce the capability to transfer funds to an unenrolled BPI account, making this transaction easy and hassle-free.

You can also enroll in the SIM banking facility whether you are a Globe or Smart subscriber. Get instant access to a quick and easy banking experience. Without travelling to the bank and lining up once inside, anyone can check their balance, pay bills, reload mobile phones and transfer funds.

Aside from saving money, save time too!

PNB Moble Banking

Banking just got better. Now you can do your banking transactions anytime you need to, from wherever you happen to be. Using your mobile phone, you can enjoy the convenience and security of PNB’s Mobile Banking service.

What you can do

• Inquire on your account balances and last transactions/remittances • Transfer funds to family and friends • Pay your bills

Global Mobile Banking Users
Source: Juniper Research; KPMG analysis Number of mobile users set to rise from 0.8bn in 2014 to 1.8bn

Global user adoption trends and growth projections. There are little doubt that mobile banking, defined as the execution of banking services and transactions using a mobile device, such as a telephone or tablet which has been extraordinary adoption rates since the earliest SMS and WAP offerings. However in the period 2000-2005 these services remained fairly marginal and were highly limited in the terms of the scope of the functionality offered ( typically just balance enquiries and ministatements).
Today almost all banks have some kind of moble banking offering, either developed in house or by making use of third party specialist vendors, such as monitise or clairmail (now merged). In the develop world, the rapid proliferation of smartphones, and latterly tablets has poured fuel on the mobile banking fire, such that in 2014, Junniper research reported total global mobile banking user’s standing at 0.8 billion. A startling finding is that this already impressive level of adoption is set to continue growing very rapidly over the coming years with junniper predicting a global mobile banking user base of some 1.8 billion people by 2019 (source: Junniper research,KPMG analysis).

Impact of bank costs of transactions to mobile channel.

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Source: Jevelyn Strategy and research, 2013; KPMG analysis

Conclusion

The role of technology is increasing day by day.Mobile banking is also a big mobile telecommunication platform of new technology. Mobile banking also helps the banks to increase their customers. Today, everyone has a mobile phone in his hands. The increasing frequency of mobile internet users gives the boost energy to the mobile banking. This paper explores the importance of mobile banking in the new era of technology which helps the banking industry to grow at higher speed.

References:

www.worldwidejournals.com,www.google.com.ph, youtube, Book statistics made easy.…...

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