Mobile Bankin of Bangladesh

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Definition of Mobile Banking:
In many developing countries transferring prepaid mobile phone (cell phone) credits are being used as a way to move money more swiftly and securely than the antiquated and inconvenient banking, postal and transportations systems in these countries would otherwise allow. These prepaid mobile phone credits thus represent an alternative currency that underlies an alternative banking system. Thus, the most efficient funds transfer and payment method over long distances in much of the developing world involves transferring funds by moving prepaid calling credits between mobile phone accounts. If the ultimate recipient either does not have a mobile phone or desires a cash payment, third parties often stand ready to accept calling credits to their own mobile phone accounts, then to tender the cash to that recipient, minus a commission, often in the range of 10-20%. See "A special report on telecoms in emerging markets" in the September 26, 2009 issue of The Economist.

History of Mobile Banking
Mobile banking customers now enjoy a more user-friendly service compared with the service's beginnings in the early 2000s. The decade has been a time of trial and error, as financial institutions struggle to meet consumer preferences for mobile banking features.

Early 2000s

• Banks faced mobile banking challenges in the early part of the decade. Consumers found it difficult to view their financial information on the small cell phone screens that were common at the time. Some banks offered the service, only to soon discontinue it; in 2002, Wells Fargo developed a mobile banking service and only 2,500 customers enrolled in it. Because of the poor response, they soon withdrew the offering.

Mid-2000s

• As the size and capabilities of mobile devices increased, so did the effectiveness of mobile banking. Banks introduced services that accommodated more types of cell phones and mobile devices, including smart phones. Consumers preferred the easier navigation and improved images and graphics offered by updated, technologically advanced mobile services.

2008 and Beyond
• In 2008, smaller banks began to offer mobile banking. More customers of large banks were also using the service. As of February 2009, over 1.9 million customers were using Bank of America's mobile service in the U.S. Other industry players also entered the market; AT&T offers a mobile banking application that allows customers from different banks, with different types of mobile devices, to more easily conduct transactions.

Mobile Banking Services
• Online Banking Account
• Small Personal Loans
• Application Low
• Home Loans from 5.99%
• Loan Reduce
• Check Access
• Internet banking
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Advantages of Mob Banking
Mobile banking provides banking services to inaccessible (mountainous and remote) areas. It provides financial services to clients, allowing them the flexibility of accessing their account details from anywhere in the world. According to Michael J. O'Farrell, John R. Levine and Jostein Algroy in the book “Mobile Internet for Dummies,” mobile banking is safer than Internet banking, with fewer reported frauds. Access to mobile bank accounts requires a PIN (personal identification number) and a secure password every time a user wishes to log in. All information sent from and received by a mobile phone has 128-bit encryption that protects the information during its broadcast. Nielsen expects one out of every two Americans will have a Smartphone by the end of 2011. A smartphone is a mobile telephone that offers advanced computing ability and Internet connectivity. Banks across America have recognized the trend and have invested millions of dollars into mobile applications that...
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