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Mobile Banking

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  • November 24, 2012
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Introduction
Many banks have established presence on the Internet and many others are in the process of doing so. Using telecommunication systems and networks, a bank can reach out to customers and provide them with not only general information about its services but also the opportunity of performing interactive banking transactions. In electronic banking, bank customers can request information and carry out most banking services (e.g. balance reporting, inter-account transfers, and bill payment) via a telecommunication network without the need to go at the bank’s branch offices. Electronic banking comprises all electronic channels customers use to access their accounts, including the Internet and recently mobile phones (WAP- Wireless Application protocol, SMS- Short Message Service, SIM Toolkit, PDAs-Personal Digital Assistants). The cell phone handset can be used as a terminal in much the same way as an ATM (Automatic Teller Machine). Currently, almost everyone in the developed countries carries a mobile phone. So, customers can access their bank accounts through the bank’s website using not only a computer but also mobile devices. M-banking is not only another channel for banking services, but there is the possibility for becoming the primary channel.

What is Mobile Banking?
Mobile banking is a Banking process without bank branch, which provides financial services to unbanked communities efficiently and at affordable cost. To provide banking and financial services through mobile technology device by mobile phone is called Mobile banking. Mobile banking (also known as M-Banking, mbanking, 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...