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MOBILE BANKING
Technology has reached such heights that
the banking services are available even
through our mobile phones. We have
witnessed how mobile phones have been
spread all over the world in a very
short period. Today, almost 90% people
have mobile phones. Banking services
have been made available on mobile
phones in the recent years. This
facility is also growing fast and wide
like the mobile phones.
It has been made easy to access your
bank accounts from any location using
your mobile phone. Money transfers can
also be done through mobile banking.
Mobile banking is known as m-banking.
Various transactions like money
transfer, making payments and balance
enquiries can be done through mobile
banking services. The introduction of
internet has made an ascending impact on
the banking sectors and in other fields
and industries too. Telecommunicating
devices are connected with the GSM
network and mobile banking has been made
possible.
According to a survey, about 70% of the
people will be using the banking
services from their mobile phones by
2012. It is a secure and easy method of
using the services of the bank. It is
proved to be time saving as well as an
energy saver.
One may not take trouble of going to the
bank for making various transactions.
The services in mobile banking are easy
and quick. One can stay at home and send
money to anyone in the world through
mobile banking services. By this
innovation, many financial institutions
have been able to get an opportunity to
provide their services far and wide.
Because of these services many
commercial and new banks have evolved in
the market today. The production of
mobile phones has also gone up. The new
mobile phones that come in the market
are loaded with banking software. This
type of phone is heading to capture the
market in a huge way. The introduction
of mobile banking systems has uplifted
the mobile phone manufacturing business
too. Some of them are already on the
verge of booming too.
Various banking models are used by the
bankers in order to find the cheapest
way to reach their customers. Different
models have different expenditure
incurred to make the mobile banking
system available to the customers. The
IT sector has been able to prepare and
tackle the unforeseen revolution in the
banking sectors. People may use very
expensive mobile phones or very cheap
ones. Expensive phones are pre-loaded
with various software which are useful
in our daily activities and also support
internet networks. The cheap ones have
SMS facilities only. Accordingly, the
mobile companies manufacture devices
suitable for the banking services. The
bankers also try to reach their
customers in every way possible, either
through SMS or through GPRS networks.
There are a few limitations with the
mobile banking services too. Certain
software are compatible with certain
types of phones only. These services are
available with mobile devices that have
compatibility with the software.
Internet must be connected to the phone
through GPRS services. A cost is
applicable to use these services.
The mobile banking service has created a
great impact on the lives of people
today. |
