The modern technology has gained such heights that the banking services are available even through the mobile phones that we use. We have also seen how the use of mobile phones has spread throughout the world within a very short period of time. In the recent scenario, almost 70 to 80% of the people have their own mobile phone. Banking services have been made possible as well as easily available on the mobile phones in the recent years using the internet as a main medium. This service is also growing fast and has reached world-wide like the mobile phones marketing.

Banking services through mobile phones is also known as m-banking services. Many transactions can be done like fund transfer, paying bills and balance enquiries can be done through the banking services through mobile phones. The introduction of internet banking system has given an ascending force towards all the banking sectors as well as in other fields and business industries also. Telecommunicating devices are directly connected through the GSM network and that is how the banking services through mobile phone are made possible.

According to the market survey that had been conducted, it is predicted that 70% of the people will be using the banking services through mobile phones by the year 2012. It is also considered as a time saving factor as well as energy saver.

The trouble of going to banks to make transactions has been completely eliminated. The mobile banking services are easy as well as quick. A person can stay at home and transfer fund to anyone in the world using banking services through mobile phones. Many financing companies have got a chance in providing their valuable services far and wide to the people. Due to these services, many commercial institutes and new banks have emerged with their services in the recent market strategy. The latest mobile phones that have triggered the market are preloaded with the latest banking software. The introduction of the banking services through mobile phones has uplifted the companies which manufacture mobile phones. Some of them are already reached the climax of popularity too.

The banks use different mediums of the banking models in order to find the best and the cheapest way to reach the final customers. Different banking models have separate expenditures that are incurred to make the banking services through mobile phones available to the common masses. People use very expensive mobile phones to very cheap ones and it all depends upon the choice of the people. Expensive phones are pre-loaded with the banking software which can be used for the banking facilities as well as it supports internet networks or GPRS services. The cheap mobile phones have only SMS facilities. The bankers reach their customers either through SMS or through GPRS networks, whichever is possible.

There are some disadvantages of the banking services through mobile phone too. Some of the mobile phone supports only certain software. These services have been made possible and available to those mobile phones that are compatible with the software. Certain charge is applicable for using these services.

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