Published: August 2007
Author: Infogile Technologies
As mobile networks are upgraded with WAP, GPRS and UMTS to deliver next-generation multimedia services, the banks are getting ready to unleash services on mobile phones. Customers will be able to view their account statement, transfer funds between accounts, be notified of large payments or get notified of transactions above a pre-defined threshold, and will have immediate and full control over their finances. Next-generation mobile banking services will deliver significant improvements with user-friendly icon driven instructions, instant access, security and immediate transaction processing all at a lower session cost. Banks will attain higher levels of customer satisfaction and increased loyalty by providing anywhere, anytime banking. They will benefit further from lower administrative costs, lesser number of branches, reduced headcount, streamlined call centers and lower handling charges savings which, hopefully, will be passed onto customers.
White Paper Overview
Abstract This paper describes the basic concepts, services offered, market survey and technology which enables Mobile Banking. Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. This opens up huge markets for financial institutions interested in offering value added services. With mobile technology, banks can offer a wide range of services to their customers such as doing funds transfer while traveling, receiving online updates of stock price or even performing stock trading while being stuck in traffic. Mobile devices, especially smart-phones, are the most promising way to reach the masses and to create “stickiness” among current customers, due to their ability to provide services anytime, anywhere, with high rate of penetration and potential to grow.
Introduction to Mobile Banking