Professional Banker Magazine

Professional Banker Magazine:

Mobile Banking

Article Details

Pub. Date	:	February, 2010
Product Name	:	Professional Banker
Product Type	:	TECHNOLOGY
Product Code	:	PBTE21002
Author Name	:	S Anitha
Availability	:	YES
Subject/Domain	:	Finance
Download Format	:	PDF Format
No. of Pages	:	4

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	Abstract
	Banks have introduced a new, lucrative technology called mobile banking, which is the usage of mobile phones as a medium for extending banking services to target a large number of customers. With the advent of this new channel, it is possible to bank from anywhere, at anytime and in any condition, either through SMS or WAP, by linking one's bank account to a mobile phone. The cost of transaction is also low.

Description

Areport by the global consultancy firm, Celent, reveals alarming news that only about 7% of the total users have registered for mobile banking in India, out of which just 10% actively use this service. Hence, it can be safely said that bank customers have not come around to using mobile banking services due to lack of awareness, as well as their fear related to this new concept of banking.

Mobile banking means the usage of mobile telecommunication devices for carrying out banking and financial transactions. In the banking sector, it is considered to be the hottest area of development as it has a great potential to offer better financial services to the clientele at a very low cost. With the help of this, clients can carry out their transactions from anywhere and at anytime, through Short Message Service (SMS) or Wireless Access Protocol (WAP). Banks in India offer the following services through mobile banking.

Mobile banking provides ease and convenience in executing transactions. The advantages of mobile banking are provable and immediate.

Keywords

Professional Banker Magazine, Mobile Banking, Mobile Telecommunication Devices, Short Message Service, SMS, Wireless Access Protocol, WAP, Banking Sector, Internet banking, Banking Transactions, Private Sector Banks, Global Consultancy Firms, Value-added Services.