Mobile Banking

Topics: Mobile banking, Bank, Mobile phone Pages: 45 (13303 words) Published: April 29, 2013
Mobile banking
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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 the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers[1]. Mobile banking has until recently (2010) most often been performed via SMS or the Mobile Web. Apple's initial success with iPhone 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. Contents [hide]  * 1 A mobile banking conceptual model * 2 Trends in mobile banking * 3 Mobile banking business models * 3.1 Bank-focused model * 3.2 Bank-led model * 3.3 Non-bank-led model * 4 Mobile banking services * 4.1 Account information * 4.2 Payments, deposits, withdrawals, and transfers * 4.3 Investments * 4.4 Support * 4.5 Content services * 4.6 Future functionalities in mobile banking * 5 Challenges for a mobile banking solution * 5.1 Handset operability * 5.2 Security * 5.3 Scalability and reliability * 5.4 Application distribution * 5.5 Personalization * 6 Mobile banking in the world * 7 See also * 8 Notes * 9 References| [edit] A mobile banking conceptual model

In one academic model,[2] mobile banking is defined as:
Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices.The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customised information." According to this model Mobile Banking can be said to consist of three inter-related concepts: * Mobile Accounting

* Mobile Brokerage
* Mobile Financial Information Services
Most services in the categories designated Accounting and Brokerage are transaction-based. The non-transaction-based services of an informational nature are however essential for conducting transactions - for instance, balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module. Mobile phone banking may also be used to help in business situations as well as financial [edit] Trends in mobile banking

The advent of the Internet has enabled new ways to conduct banking business, resulting in the...

References: * Owens, John and Anna Bantug-Herrera (2006): Catching the Technology Wave: Mobile Phone Banking and Text-A-Payment in the Philippines
International Refereed Research Journal ■ www.researchersworld. com ■ Vol.– III, Issue –1,Jan. 2012 [47]
-Journal of Arts, Science & Commerce ■ E-ISSN 2229-4686 ■ ISSN 2231-4172
E-business has been continuously growing as a new industry during the last decade (Van Hoeck, 2001). The
banking industry has been leading this trend in recent years, and now all banking transactions completing
through internet applications is sometimes called e-banking (Boss et al., 2000; Smith, 2006; Hwang et al., 2007;
Shin, 2008)
stored value cards, and debit cards (Servon and Kaestner, 2008).
Consumers are attracted to these technologies because of convenience, increasing ease of use, and in some
instances cost savings (Anguelov et al., 2004)
electronic delivery systems to open new business opportunities for the banking industry (Ebling, 2001).
financial service sector (Byers and Lederer, 2001). In the search for sustainable competitive advantages in the
technological financial service industry, banks have acknowledged the value to differentiate themselves from
other financial institutions through new service distribution channels (Daniel, 1999).
functions that would traditionally be carried out over the counter (Giannakoudi, 1999). The rise of electronic
payments media such as debit and credit cards has caused the value of paid in the USA to fall to – from about
$49 billion in 1995 to about $42 billion in 2002 (Gerdes and Walton, 2002).
Hudgins, 2005).
A more recent e-banking development is wireless internet applications of banking sometimes called m-banking
(mobile banking) (Choi et al., 2006; Scornavacca and Hoehle, 2007)
Corbitt, 2003). It is believed that m-banking will provide another new channel for banking services, especially
for certain remote areas where online internet is still unavailable
perception of m-banking services are explored (Laukkanen and Lauronen, 2005) with a focus on the consumer
value creation and a better understanding about the customer-perceived value of m-banking services
instance, mobile internet service has been quite popular in Japan (over 60 millions users in 2003) especially for
those young and single (i.e., unmarried) consumers (Scornavacca and Barnes, 2004).
requirement anymore; accessing accounts can occur while users are waiting their turn at the dentist clinic or
relaxing at the beach! (Al-Akhras and Qwasmi, 2011).
banking culture. The barriers to mobile banking adoption were lack of awareness and understanding of the
benefits provided by mobile banking (Laforet, 2005).
International Refereed Research Journal ■ www.researchersworld. com ■ Vol.– III, Issue –1,Jan. 2012 [48]
-Journal of Arts, Science & Commerce ■ E-ISSN 2229-4686 ■ ISSN 2231-4172
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