Mobile-banking (M-banking) is the latest trend in the banking sector. This channel of providing banking services has many advantages. The author highlights these advantages and focuses on the challenges and opportunities that M-banking has in today's techworld. This article argues that the banking industry should effectively use this channel and should educate the consumers about the huge scope of this new channel.

In this era of liberalization and globalization, quality and innovation have become the major mantras for success of the Indian organizations. It is well-known that among all the sectors, the banking is the largest sector which caters to the needs of different strata of the society. Technology is a powerful tool that can enhances the quality of banking services provided and has turned the pace to gain a strategic position in shaping up banking sector. Technological innovation has not only offered consumers a greater array of services but has also enabled banks to devise new approaches to business transactions. Most banks have migrated to core banking solutions, introduced e-banking products and set up onsite and offsite ATMs. Banks have used technology to upgrade their services to their existing customers and also exercise control over costs.

This is the latest trend in the banking sector. It has brought about a new revolution in the way banks interact with their customers and offer them services. Financial services companies are now working with mobile payment players like mChek to offer innovative mobile banking solutions to the urban and rural Indian population. M-banking is the latest chip in the block which makes access to services faster and easier. The rapid growth in the number of mobile users and wide coverage of mobile phone networks have made this channel an important platform for extending banking services to customers. With the rapid growth in the mobile phone subscriber base in India, banks are exploring new ways of providing their services to customers through the mobile phones. Mobile banking has the ability to bring all the customers on one common electronic platform. With the increase in the number of banks offering M-banking services, one can soon expect to transfer funds from his/her bank account to another account on a real time basis irrespective of the mobile network. This would, however, require proper coordination between mobile service providers and banks.

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