Mobile Banking Apps
June 3rd, 2013
Mobile Banking Apps
Mobile banking apps have changed the way society banks these days. The days of having to go to the bank to make a withdrawal or deposit are long gone. With features of being able to check your balance, deposit a check, transfer funds, and even pay bills, mobile banking has become increasing popular over the past few years. History of Mobile Banking
According to Wikipedia, mobile banking began in 2009 and was done through SMS or text messaging. For example users could text "BALANCE" to their bank and would get a reply with balance of an account. With Apple's success of the iPhone and Google's emergence of the Android based phones, mobile banking has grown exponentially since 2010. The number of mobile banking users has grown from 17.8 million in 2010 to 53.1 million in 2013 (Vaidya, 2011). This increase can be attributed to the growth in Smart phones and banking apps that have been written by different banks. USAA Mobile Banking App
USAA is a bank/insurance company that caters specifically to military personnel and their families. Its online banking has many different features, that go beyond just being able to see your account balance. In addition to being able to view information about your account and transfer funds, USAA offers that capability to deposit checks from your mobile phone. To deposit a check from a mobile phone, users access the app, and will take a picture of the front and back of the check, " and once you hit the send button, that image is going into our deposit-taking system as any other check would" (Maesto, 2009, para. ). USAA was one of the first banks to do this, although it was not part of the top 20 banks largest banks in America. The USAA banking app is also able to be linked to other accounts. Users may import other accounts from different banks or even mortgage companies to view...
References: Maesto, M. (2009, August 10). iPhone App Allows USAA bank check deposits. Eweek. Retrieved from http://www.eweek.com/c/a/Mobile-and-Wireless/Latest-iPhone-App- Allows-for-Bank-Check-Deposits-437001/ Mobile Banking. (N.D). In Wikipedia. Retrieved from http://en.wikipedia.org/wiki/ Mobile_banking#cite_note-2 Turban, E., Volonino, L., & Wood, G. R. (2013). Information Technology for Management (9th ed.). Retrieved from The University of Phoenix eBook Collection database. Vaidya, S.R. (2011, January). Emerging trends on functional utilization of mobile banking in developed markets in next 3 - 4 years. International Review of Business Research Papers, 7(1), 301-312.
Please join StudyMode to read the full document