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Mobile Banking Technology

If technological revolution is at its peak,the US and the European countries, but
One of the notable sectors of the economydefinitely a big barrier if we consider most
where technology is at it helm of affairsof the developing countries of Asia like
with respect to customer service is BANKING.China and India. Mobile banking addresses
Over the years has banking transcended from athis fundamental limitation of Internet
traditional brick-and mortar model ofbanking,  as  it  reduces  the  customer
customers queuing for services in the banks
to modern day banking where banks can reachRequirement to just a mobile phone. Mobile
at any point for their services. In today'susage has seen an explosive growth in most of
business, technology has been on thethe Asian economies like India, China and
predominant indicators of growth andKorea. The main reason that Mobile banking
competitiveness. Entry of new banks resultedscores over Internet banking is that it
in a paradigm shift in the ways of banking.enables 'Anywhere Banking'. Customers now
The banking industry today is in the midst ofdon't need access to a computer terminal to
an IT revolution. The combination ofaccess their banks, they can now do so on the
regulatory and competitive reasons have ledgo - when they are waiting for their bus to
to increasing importance of total bankingwork, when they are traveling or when they
automation in the banking Industry. .are waiting for their orders to come through
Information Technology has basically beenin a restaurant.The scale at which Mobile
used under two different avenues in banking.banking has the potential to grow can be
One is Communication and Connectivity andgauged by looking at the pace users are
other is Business Process Reengineering, bothgetting  mobile in these big Asian economies.
basically focusing on increasing its customer
reach. Information technology enablesRevolution of Mobile phones in banking
sophisticated product development, betterservices:
market infrastructure, implementation of
reliable techniques for control of risks andAccording to the Cellular
helps the financial intermediaries to reachOperators'Association of India (COAI) the
geographically distant and diversifiedmobile subscriber base in India crossed the
markets The latest revolution seems to happen50 million mark in October 2005, which stood
with respect to mobile banking an attempt toat 50.87 million. The explosion as most
leverage on the synergies of mobile bankinganalysts say, the worldwide number of
technology in telecom and informationcellular subscribers will surpass 2 billion
technology in the banking services.Today,in 2005-up from 11M in 1990 and 750M in 2000.
Banks have welcomed wireless and mobileWorldwide cellular subscribers are forecasted
technology into their boardroom to offerto reach 3.2B by the end of 2010.Among the
their customers the freedom of paying bills,leaders in mobile technologies, most
planning payments while stuck in trafficaggressive being Korea which is now
jams, to receive updates on the variouswitnessing the roll-out of some of the most
marketing efforts while present at a party toadvanced services using 3G technologies, like
provide more personal and intimateusing mobile phones to pay bills in shops and
relationships. Mobile banking can berestaurants. The growth of mobile technology
classified as Push vs. Pull and Transactionover the last few years has enriched the
vs. Enquiry that is briefly given below:oprogress of the mobile banking services.
Push Basedo  Pull Basedo  TransactionTechnologies like IVR, SMS, WAP, J2ME, and
J2EE & BREW have revolutionized the use the
Some of the other features where mobilemobile phones in banking services. Though all
banking has lent its hand are Fund Transfer &the above predictions on cellular base, the
Bill Payment where the customers have theUse of mobile technology with respect to
freedom of maintaining account throughbanking  services  is at a very infant stage.
mobile. Mobile banking has also welcomed
other financial services likeshare trading.There are a lot of challenges and issues
The latest Information technology revolutionrelating to content, security, coverage,
enables sophisticated Enquiry Based bankingtechnology and connectivity speed are to be
services  for  Credit/Debit  Alerts.sorted out with respect to mobile banking
technologies.
Some of the other outcomes of the Revolution
in the banking industry are Minimum BalanceObjectives  of  the  Report:
Alerts, Account Balance Enquiry, Account
Statement Enquiry, Cheque Status Enquiry,1. To study the technological readiness in
Cheque Book Requests and Bill Payment Alerts.relation to the challenges faced by the
The last time that technology had a majorplayers particularly the banks with respect
impact in helping banks service theirto mobile banking in order to enhance global
customers was with the introduction of thecompetitiveness by embracing technology and
Internet banking. However the biggestbanking  services.
limitation of Internet banking is the
requirement of a PC with an Internet2.
connection, not a big obstacle if we look at



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