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Mobile Banking Technology

If technological revolution is at itsbiggest limitation of Internet banking
peak, One of the notable sectors of theis the requirement of a PC with an
economy where technology is at it helmInternet connection, not a big obstacle
of affairs with respect to customerif we look at the US and the European
service is BANKING. Over the years hascountries, but definitely a big barrier
banking transcended from a traditionalif we consider most of the developing
brick-and mortar model of customerscountries of Asia like China and India.
queuing for services in the banks toMobile banking addresses this
modern day banking where banks can reachfundamental limitation of Internet
at any point for their services. Inbanking, as it reduces the customer
today's business, technology has been onRequirement to just a mobile phone.
the predominant indicators of growth andMobile usage has seen an explosive
competitiveness. Entry of new banksgrowth in most of the Asian economies
resulted in a paradigm shift in the wayslike India, China and Korea. The main
of banking. The banking industry todayreason that Mobile banking scores over
is in the midst of an IT revolution. TheInternet banking is that it enables
combination of regulatory and'Anywhere Banking'. Customers now don't
competitive reasons have led toneed access to a computer terminal to
increasing importance of total bankingaccess their banks, they can now do so
automation in the banking Industry. .on the go - when they are waiting for
Information Technology has basicallytheir bus to work, when they are
been used under two different avenues intraveling or when they are waiting for
banking. One is Communication andtheir orders to come through in a
Connectivity and other is Businessrestaurant.The scale at which Mobile
Process Reengineering, both basicallybanking has the potential to grow can be
focusing on increasing its customergauged by looking at the pace users are
reach. Information technology enablesgetting mobile in these big Asian
sophisticated product development,economies.
better market infrastructure,Revolution of Mobile phones in banking
implementation of reliable techniquesservices:
for control of risks and helps theAccording to the Cellular
financial intermediaries to reachOperators'Association of India (COAI)
geographically distant and diversifiedthe mobile subscriber base in India
markets The latest revolution seems tocrossed the 50 million mark in October
happen with respect to mobile banking an2005, which stood at 50.87 million. The
attempt to leverage on the synergies ofexplosion as most analysts say, the
mobile banking technology in telecom andworldwide number of cellular subscribers
information technology in the bankingwill surpass 2 billion in 2005-up from
services.Today, Banks have welcomed11M in 1990 and 750M in 2000. Worldwide
wireless and mobile technology intocellular subscribers are forecasted to
their boardroom to offer their customersreach 3.2B by the end of 2010.Among the
the freedom of paying bills, planningleaders in mobile technologies, most
payments while stuck in traffic jams, toaggressive being Korea which is now
receive updates on the various marketingwitnessing the roll-out of some of the
efforts while present at a party tomost advanced services using 3G
provide more personal and intimatetechnologies, like using mobile phones
relationships. Mobile banking can beto pay bills in shops and restaurants.
classified as Push vs. Pull andThe growth of mobile technology over the
Transaction vs. Enquiry that is brieflylast few years has enriched the progress
given below:o Push Basedo Pull Basedoof the mobile banking services.
TransactionTechnologies like IVR, SMS, WAP, J2ME,
Some of the other features where mobileand J2EE & BREW have revolutionized the
banking has lent its hand are Funduse the mobile phones in banking
Transfer & Bill Payment where theservices. Though all the above
customers have the freedom ofpredictions on cellular base, the Use of
maintaining account through mobile.mobile technology with respect to
Mobile banking has also welcomed otherbanking services is at a very infant
financial services likeshare trading.stage.
The latest Information technologyThere are a lot of challenges and issues
revolution enables sophisticated Enquiryrelating to content, security, coverage,
Based banking services for Credit/Debittechnology and connectivity speed are to
Alerts.be sorted out with respect to mobile
Some of the other outcomes of thebanking technologies.
Revolution in the banking industry areObjectives of the Report:
Minimum Balance Alerts, Account Balance1. To study the technological readiness
Enquiry, Account Statement Enquiry,in relation to the challenges faced by
Cheque Status Enquiry, Cheque Bookthe players particularly the banks with
Requests and Bill Payment Alerts. Therespect to mobile banking in order to
last time that technology had a majorenhance global competitiveness by
impact in helping banks service theirembracing technology and banking
customers was with the introduction ofservices.
the Internet banking. However the2.



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