management information
oi
Objective
This report focuses on the role of Mobile Banking and its potential to provide basic banking services to the vast majority of unbanked people in world. The rationale for M- banking as an appropriate tool for transforming banking stems from two observations; traditional retail banks do not deliver services tailored to fit the currently unbanked which has led to a gap in the market. Further, the fast diffusion of mobile telecom networks has enabled M-banking service operators to draw on the geographic coverage of mobile networks and diverse needs of the client base. Hence, the common assumption behind M- Banking ventures is the potential of mobile phones as a channel for undertaking financial transactions. The objective of the study is to take a fresh look at the current M-Banking experience in a selected number of countries using primary and secondary data from the existing pool of literature.
Introduction
Mobile Banking:
Mobile banking (also known as M-Banking, m-banking, SMS Banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA). The earliest mobile banking services were offered over SMS. With the introduction of the first primitive smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers. Mobile banking has until recently (2010) most often been performed via SMS or the Mobile Web. Apple's initial success with I -Phone and the rapid growth of phones based on Google's Android (operating system) have led to increasing use of special client programs, called apps, downloaded to the mobile device. A mobile banking conceptual model:
In one academic model, mobile banking is defined as:
Mobile
Objective
This report focuses on the role of Mobile Banking and its potential to provide basic banking services to the vast majority of unbanked people in world. The rationale for M- banking as an appropriate tool for transforming banking stems from two observations; traditional retail banks do not deliver services tailored to fit the currently unbanked which has led to a gap in the market. Further, the fast diffusion of mobile telecom networks has enabled M-banking service operators to draw on the geographic coverage of mobile networks and diverse needs of the client base. Hence, the common assumption behind M- Banking ventures is the potential of mobile phones as a channel for undertaking financial transactions. The objective of the study is to take a fresh look at the current M-Banking experience in a selected number of countries using primary and secondary data from the existing pool of literature.
Introduction
Mobile Banking:
Mobile banking (also known as M-Banking, m-banking, SMS Banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA). The earliest mobile banking services were offered over SMS. With the introduction of the first primitive smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers. Mobile banking has until recently (2010) most often been performed via SMS or the Mobile Web. Apple's initial success with I -Phone and the rapid growth of phones based on Google's Android (operating system) have led to increasing use of special client programs, called apps, downloaded to the mobile device. A mobile banking conceptual model:
In one academic model, mobile banking is defined as:
Mobile